All Forum Posts by: David Torres

You know what the old saying is, if it sounds too good to be true, then it probably is.  Earning 25% over 3-4 months sounds way too good to be true.  If this "potential funding source" can't find money for cheaper than that, i would be extremely leery of doing business with them.  

What position are you going to be in?  Will this be a non-recourse loan?  My guess is they will not want you to record a mortgage, so they can get traditional construction financing using the land they buy with your money as collateral.

Make sure to do your due diligence, keep posting up details and we can analyze the deal further.

@Charles Hinson welcome to biggerpockets. There is a ton of great information on the site. However, My favorite content comes from the podcasts. There are a wide variety of guests on the show, and I always learn something.

Also, don't forget about our local REIA's. They are the NMREIA (http://www.meetup.com/NMREIA/) (meets this Thursday) and the Albuquerque ACRE (https://www.facebook.com/pages/Albuquerque-Congress-on-Real-Estate/158307277539164)

Good luck and let me know if I can help you out in any way.  I am having a great deal of success in our market and I am always happy to help.

i would start by going to the local Lubbock REIA. What are your long term goals?

@john 

@John D. undefined I will say the margins on these are a little thinner than I would like, but we also sold  them with very few DOM.  Deal flow seems to be faiirlygood in these parts and the margins on my next two flips are projected to be better.  These are all mls purchases.   I went to UNR and have family in Reno, and I can tell you the market is very different in NM.

I havent done any other marketing, but the we buy houses sign is a great idea.

do you have any assets you can sell?  When we started out, we basically sold everything that wasn't bolted to the floor.  It was tough to get rid of things that you thought were needs, but when you sit back and truly evaluate are just want.  I will give you a few examples...for me, it was my dirt bike and guns.  For my wife it was her $1k+ sewing machine.  These were toys that were very important to us, bit we realized that our financial could be greatly improved by separating needs and wants.  Good luck and let me know of this fellow new Mexican can help out.

@lorraine 

@Lorraine Pennington undefined welcome to the board.  Let me know if I can help you out on the nm front.

Dave

Welcome Sam.  Are you looking for buy and holds or flips?  How do you plan to finance them?  Let me know if I can help.

I find deals mainly through my Realtor, however I have my first deal from a wholesaler under contract.

I found my contractor through a referall and he provides the cabinets. I don't recall the brand, but they were a ready to assemble (RTA) model   They are fantastic quality (3/4" plywood boxes, semi custom) and reasonably priced.

If you make it up my way, make sure to drop in.

More success in New Mexico!  This one was a tough one.  The previous owner painted all of the tile floors black and the kitchen had a non function layout.  Whoever put the tile down did a GREAT job (not a good thing for us). We ended up having to grind down all of the old thinset, which added about 1 week to the job.  We opened the kitchen by taking down some walls and redid the layout.  Turned out great.

Can you guys give me some input on my finish out level (too high, too low, too much laminate, etc)?

• Purchase Price $95K
• Rehab costs $29K
• Fixed Costs $19K
• Sales Price $160K
• Profit $16K
• Key to Key 78 Days

On to the pictures...

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Master Bath Before

@John Myers  welcome to biggerpockets. There is a ton of great information on the site.  However, My favorite content comes from the podcasts. There are a wide variety of guests on the show, and I always learn something.

Also, don't forget about our local REIA's. They are the NMREIA (http://www.meetup.com/NMREIA/)and the Albuquerque ACRE (https://www.facebook.com/pages/Albuquerque-Congress-on-Real-Estate/158307277539164)

Good luck and keep investing!