All Forum Posts by: David Torres

Welcome @Ricardo M. the local REIA meets every month. This month's meeting is on January 16th. You can RSVP at http://www.meetup.com/NMREIA/. Good luck and I hope to see you around.

Welcome on board. Drop by the local REIA (http://www.meetup.com/NMREIA/) if you get a chance. I will have to drop by La Salita, never tried it before.

Welcome to bigger pockets. There is a wealth of information here on how to be successful at REI. Read the forums, look at the blogs, and I highly recommend listening to the podcasts.

Welcome to the site. I am a relatively new investor in the area in the process of purchasing my first bank owned property. The is a lot of great information on the website, check out the blogs for some good content. I think your first step should be to figure out what kind of investor you want to be. Checkout Brandon Turner's article on Top 100 Ways To Make Money In Real Estate. Good luck!

Overall, the house is in good shape and only needs minor repairs. The 4000 in initial repairs will cover paint, finishing the drywall in the converted garage, termite treatment, fridge, stove, blinds, a few shingle and some gutter repair. The 16% maint and repairs Is intentionally high. It will be my safety net for getting the house rent ready, unexpected capital expenses, etc. My plan is to save that money up until I get about $5k in reserves then roll the rest in to accelerated pay down on the loan.

As far as utilities go, I was planning on having the tenant pay for all the utilities. The only one I am not sure of would be the trash which is about 160 per year. Keep the feedback coming.

New member here closing on my first SFH rental in less than a month. I have run the numbers several times, but I wanted to get a second opinion to ensure I am not missing anything. First off a little bit about the property. It is a 4 Bedroom (one of the bedrooms is a converted garage), 2 bath, 1400 Square Foot home. It has tile floors, solid surface countertops, central air (big deal in the southwest), and W/D hookups. It is also painted like a taco bell. Market rents are between $1000 and $1300 for my city. Since it has no garage and is in a less desirable location, I am thinking it will rent for $1050 fairly easily. First some pictures, everybody loves pictures!

I have run through the numbers several times and I want to make sure I am not missing anything. I will be doing all of the management myself.

Buying an REO has been a challenge. We have gone back and forth with the seller several times and the closing was initially supposed to be on September 4th. Now closing is going to be around September 20th. They also pay virtually no closing costs. This is causing my closing costs to be substantially higher than estimated. Thanks in advance for the advice.

Thanks for the welcome guys! I am going to be posting a rundown on my deal in the deal analysis forum. Thanks for the warm welcome.

I wanted to make a quick introduction. I live in Rio Rancho New Mexico (Suburb of Albuquerque).

I have always been interested in real estate. Some of my earliest memories are going to collect rent with my late Grandfather and helping him fix up his rental units.

I went off to college, got married, and we bought our first home while my wife was in law school in Lubbock, TX. It was a good home, but the previous owners were 3 single college guys. It needed some work (paint, flooring, landscaping etc), so we went to work on fixing it up. In the process, we learned a tremendous amount. In the end, we sold it for a profit and it was only on the market for a few days! It was so gratifying to see the transformation and know that someone else could appreciate the value that I brought to the home.

We moved to NM, built a house, and had our first baby boy. Life seems like it keeps moving faster and faster, but in this political climate, I felt that my families financial future was not certain.

I decided it was time to get involved in real estate. I met with my uncle in Utah who owns 15 units. I wanted to learn from his mistakes. He taught me that being a landlord does not have to be a headache and that while there is some risk involved in RE, you can minimize it. He looked at my finances and we came up with a game plan.

Today, I am under contract on a REO 4 bedroom, 2 bath, home that will be my first rental.

I lurked for a long time on this website. Through reading the bigger pockets blogs, listening to the podcast and reading the forum I have been able to learn from your experience and gain the confidence to do my first deal. Thanks again for taking time to post, without you my learning curve would be much steeper.