All Forum Posts by: David Torres

Nice house!  It is nice that it has a pitched roof and a garage and it is in a good area.  

Option A: If you want to flip it you will definitely need to redo the kitchen and the baths.  You will easily spend double to triple the $10K to get it flip ready depending on how much of the work you do yourself.

Option B: If you want to keep it as a rental, I would say you could get by for under $10K if you are doing the work yourself for a rental.  I would keep the kitchen and existing bath, paint it, put in new flooring where needed and rent it out.  Your rent estimates seem reasonable.

So the real question is, does this meet your goals and metrics as a long term rental?  It looks like it would really depend on the long term financing you are able to put in place.  It is a simple equation:

Rent - Expenses (capex, vacancies, maintenance, utilities and management, etc) - Mortgage  => $200

If it falls within your guidelines I would consider keeping it and refinancing out your capital.

Let me know what I can do to help, I have some great subs that I work with that can help with flooring.

@Matt Gee congratulations on your first purchase!  It is an extremely gratifying feeling.  With your narrative on condition, I think you will have a hard time getting it flipped and ready as a flip for market for $10k unless you are doing a substantial portion of the rehab yourself.  

Get some pictures up and that will give us some more information.

What part of town is this in?

Again, congratulations and let me know if I can do anything to help.

Ryan,

Welcome to BP!  I have a brother up in Dayton currently serving.  When you make it down to Abq, make sure to look me up and let me know how I can help you get started.  If you love the outdoors then you are going to love it here.

Welcome @James Morehead!  It seems like there have been a lot of Los Lunas folks coming on to BP lately.  It is good to see another NM investor.

As far as your situation goes, there are a lot of factors that are going to play into your decision.  What is your experience with Real Estate?  How much capital do you have?  Do you want to be a more active or passive investor?  Read up and reach out to get some additional help.  It seems like a great first step for you would be to narrow down your focus to one or two areas.   Then focus your attention on those two areas. 

There are a few awesome resources available to you that should help expose you to different areas of real estate.  My absolute favorite are podcasts (Biggerpockets and AskBP).  Also, consider attending the local REIAs.  NMREIA and ACRE.  ACRE meets tomorrow.

Good luck on your investing adventure.

@Fiona S. I would find a knowledgeable local real estate investor to help you out.  My first reaction is that it may make a good rental.  Without knowing additional information, it is difficult to say.  Let us know how we can help you out.

Welcome to Biggerpockets!  It is great to see more New Mexicans on the site.  I would recommend interviewing several real estate agents and see which is the best versed in the type of investment property you are interested in.  In addition, take time to go and visit the local REIAs to network.  We have two REIAs, NMREIA and Albuquerque ACRE.  If you need any help, feel free to reach out.  Good luck on this exciting journey.

@Account Closed, this is a little late, but it was great to meet you.  I am so glad we were able to connect.  If you ever get stranded in the Land of Enchantment again, look me up.

@Chad Boetger

 we hope you come to the Land of Enchantment.  Like in any market, there are plenty of opportunities for flips and or rentals, if you know what you are looking for.  There are a handful of active investors, myself included.  We have 4 flips in progress, 1 that just sold, and 1 that is under contract to sell by the end of the month.  We also have a small, but growing buy and hold portfolio.    I am always happy to sit down and talk real estate.  Reach out and connect and let me know what I can do to help.

still in town?  I have some stuff going and would be happy to meet a fellow bp guy.  Contact info is in my profile.

 So, can you please fill us all in on the details.  We are all here to share and learn, the community would get a lot of value out of some further explanation from you (I.E. how we can get involved, what the structure looks like, what your clients needs are, where your industry is going).  Thanks again for sharing your knowledge.