All Forum Posts by: David Torres

@Manuel Reyes, be careful and be sure to consult your tax professional.  There are huge tax implications for an investor that also has their contractors license.

What county?

Nick,

I have done dozens of these deals.  For your first few, I would recommend finding an attorney to walk you through the process.  They can make sure you have the right paperwork in place, meet deadlines, etc.  

@Neil Lambert Depending on how you redeem, you may be able to skip step 5.  

For step 6 - we generally do 2 documents an Assignment of Redemption and an agreement.  The assignment is what gets recorded, the agreement spells out the terms of the deal.  

For step 7, from the date of auction you are at a minimum 2 months from getting the deed.  I have seen it take much longer.  Typical is 4-6 months.

I did a presentation on this, send me a message and I will send you my slide deck.

@Dana Swanson you bet

 @marco, I have just the attorney

meetup.com/abqreia

Our meetup is the third wednesday of each month.  happy to have new members

@sean remington is the man for this. He does lots of HUD homes.

Most of my insurance is with Safeco or travellers.  By far the cheapest in NM.  Happy to refer an agent

The best way is to find a trusted real estate agent and have them run comps for you.  Zillow and Trulia can be accurate if they have plenty of data to pull from.  In the smaller towns it is tougher.  Check out this FB group of southern NM investors (no affiliation), maybe you can find some help there.  

https://www.facebook.com/groups/1010954835648891/