All Forum Posts by: David Torres

@Matthew Brito welcome to the forum.  BP is a great place to learn.  What town do you live in?  I know @Katharine Chartrand is in Los Alamos as well.  

If there is anything I can do to help please reach out.  I am in ABQ but I did a deal in SF recently.  

I will be there!

@Marc C. we just sold our first flip in Santa Fe on Monday!  Exciting times and a much different market than Albuquerque.

The "Lower" priced inventory moves at lightning pace.  We sold an 875 SF house for $188 PSF.  

The contractors up there are also at least double what contractors are in Albuquerque.  I interviewed 10, and only got 3 bids back.  Crazy.

 Starting a new thread dedicated to this topic HERE

@Marc C.Live the idea of a mastermind.  Send me your info and we can get something set up.

Cameron,

I have one property in Rio Rancho that I am wholesaling and some others in ABQ that I am working on.  Send me a message with your contact info and I will get you on my list.

Dave

 I sure am selling it as a Realtor.  I did my first 7 with a Realtor and happily paid him $40-50K over the course of those couple of years.  If you are doing less than 5 flips per year, I don't think it makes a whole lot of sense to get your license.

 I will have the final numbers after the sale, but these are some ball park figures for now:

Purchase Price: ~$140K

Rehab: ~$18K

Closing Cost: ~$10K

Holding Cost: ~$10K

Sale Price: ~$195k

Holding cost on this one killed me.  I closed around July 1 and I priced it too high and it sat on the market.  I am ok with the smaller profit because it was a quick and easy flip (carpet, paint, kitchen remodel)

Don't give up so easily, I still want to get a Santa Fe meet up going and I would love to do more deals up there.  Maybe we can coordinate something.  Evenings probably work best for people, lets pick a place and go for it!  Even if its just the two of us.  

I am supposed to close on the sale of the Calle Margarita House on Wednesday, I could run up there and we could do a meet up and tour the house in the afternoon if anyone is interested.  

Welcome @Brandon Montoya!  There was some talk about getting a BP meetup together in Santa Fe.  What do you do for the GC?  Make sure to come down to Albuquerque for the ACRE meeting (https://acrenm.com/wp/).  

We close on the sale side of our Santa Fe flip in less than a week!  Feel free to do a drive by and check it out, the address is 1019 Calle Margarita, 87507.

We had a very interesting experience working up in Santa Fe.  Everything is more challenging up their.  For example, in for service upgrades in ABQ, only 2 ground rods are required.  In SF, they required a cold water ground.  The division of PNM that works in SF has no sense of urgency.

Good luck and please let me know if you need any help.