All Forum Posts by: Eddie Flores

Hey Riley,  

@Adrian Silva is a great agent out here in El Paso. He has tons of knowledge and can definitely help you out with all that. If you have any lending questions, don't hesitate to reach out. 

@Miguel VazquezI would account for some vacancy. Definitely would get the numbers on the current lease agreements. I'm very familiar with the area and can say its in a decent part of town across from Hanks High school. These units inside do look a little older, and may be in need some future repairs to account for. I noticed there was dumpster between the two units. Is that shared, or is that the other landlords responsibility?  Does your lender offer you a better interest rate going 25% down vs 20%? 

Welcome to El Paso Michael, hope you and your family find it to be a great place to live. Whenever you feel the time is right. The time crunch wont be so bad, if planned correctly. In the market were in, it takes about 25-35 days to close. So you'd want to be under contract to close your home at lease 30-45 days prior to your lease expiring. With the likeliness of using the VA loan, a down payment isn't required. Most sellers here are starting to provide closing cost contributions, as well almost all the builders are providing large closing incentives at the moment. This can helps you come in with minimal funds, then possibly refinance down the road when the rates normalize. Otherwise, it does make sense to take a lease 6 months to 1 year and learn the city before you commit. Feel free to shoot me a message or call me with any questions on the local market.

Hi @Will F., I'm a local lender in El Paso ready to help. 

What's up Chandler, 

I'm a local lender here in El Paso. So feel free to reach out whenever you have any questions. As far brokerages, I would say to interview with a few and see which fits you best. Clearview, KW and EXP are popular around here. Biggest thing is having a good mentor or team that will help you grow your knowledge. Ask about the brokerage's commission splits, training and workable leads, if you have trouble harvesting your own.  

El Paso is a great market other then the high property taxes. It does seem like more people are looking to invest here, as I'm doing more investment loan applications for people from Seattle and California. Property values are continuing to rise like the rest of the market. Rents have increased signigcantly as well. El Paso has low crime compared to larger cities. We have one of the largest Army bases in Ft Bliss, which depending on where you purchase may attract additional tenants who are stationed here for a few years. Traveling to Mexico is about 10 minutes away. Many new places have started to pop up in El Paso. Triple A baseball under the San Diego Padres was brought a few years ago. A large amount of large chain hotels have started to pop up as the city has a push to revitalize downtown El Paso to give it the big city feel you get in Dallas or Austin. Buying homes in that area also has potential, as many homes in that area are older and can use some renovating. El Paso doesn't have a large amount of apartment/condo developments like you see in other cities so homes and duplex's are sought after. Driving to the complete opposite side of town is only about 45 minutes away which makes commuting a breeze compared some places. Amazon is about to open a new facility here among many other developments popping up all over town. I recently opened a restaurant myself, so definitely feel the growth for buy and hold homes in El Paso is great. I'm also currently working on getting my first rental through the BRRR method.

Hi Amy, 

Its unfortunate to hear about the issues with your tenants after so long. The home looks beautiful from the outside and I'm sure has built some good equity throughout the years. If you need help with the cash out refinance, I'm a local lender here in El Paso. If you are considering selling I would suggest getting a cost market analysis from a realtor to see what you can sell the home for is this market in comparison to the cost of the repairs etc. Then from there, you can weigh your options on the repairs vs sale of the home.

What's up Anthony, 

I'm a mortgage lender in El Paso and I'm also licensed in NM. If you plan to invest in any 1-4 unit properties, my company offers 15-20% down loan options that don't require us to verify income, tax returns or employment. Don't hesitate to reach out with any questions.  - Eddie

@Gabriel Escamilla what’s up Gabriel, there’s classroom setting education available at the Academy of Real Estate in El Paso. It’s off Montana. Other than that there’s several online ones. Just depends on which one fits your schedule. I believe Keller William also has a training program.

Hey Miguel, 

I'm a local mortgage lender in El Paso and can help answer your VA loan questions, if needed. Shoot me a message and we can meet up.