All Forum Posts by: Eric Schalk

I am looking for recommendations for an SEC attorney that can work in New Mexico. 

Thank you!

*wholesaling ;)

I am curious if any brokers out there are collecting an assignment fee and a commission? I am licensed in New Mexico and Texas and I have not looked into licensing regulations against it, so I figured I would ask here first. 

I had a large remodel project going on and stopped looking for deals, but then realized I was missing a lot. Even if I can't buy it I know a good deal when I see one, and instead of calling investors it would be a lot easier to put the offer in myself and find an assignee once I have it under contract... and collect two checks instead of one.

Thoughts?...

I may be able to add a little insight. I have lived and worked in Las Cruces going on three years now. I have had great luck finding smaller multi-families. The "flip" market is there also for the reason you pointed out, the inventory. Foreclosures are popping up everyday, and it is obvious buyer confidence is also on the rise. Things are moving a lot faster than last year, and it appears there is no sign of slowing down. Las Cruces is no where close to being on pace with El Paso, but the low property taxes is why I love and will continue to buy there over El Paso (for now). One of what I believe to be the most interesting things about this El Paso-Las Cruces market is the opportunity in between. What I mean by this is that El Paso is becoming land-locked on the West Side (where all the new devlopment is occuring). Bordering El Paso on the West is Santa Teresa, Sunland Park, and Anthony, NEW MEXICO. These little "used to be nothing" towns are growing, and are what seperates El Paso and Las Cruces. People want to live on the West side, and these little towns are making it affordable. Also, the new Santa Teresa Port of Entry will play a huge role, but that is a whole different conversation. Anyways, there is opportunity and plenty of success stories. If you have any more specific questions I will be more than willing to answer what I can. I have been engulfed the El Paso market for the past few months (not so much residential) and it is exciting to see all the action and how it is affecting the southern New Mexico areas. People better start getting used to hearing El Paso-Las Cruces, (just like Dallas-Fort Worth), because they are growing together. 

My strategy has changed over the last couple years being in this. I've learned that efficiency is everything. I personally, do not want another duplex or small multifamily. Managing 20 units on the same property is much easier than managing them all over town. With that kind of down payment a commercial loan should not be hard to acquire. The fun thing about commercial, in most places, is that they tend to look at the potential of the property more than the financial position of the borrower. If I were you, I would look at apartment complexes. Retiring early is about planning now, building the most efficient business possible. Talk to a commercial lender, look for that perfect property, and remember that 'E' word. Welcome to BP, and good luck!!

Perfect, that's close to what I had in mind. Thank you!!!

I'm going in on a flip with a friend and we're borrowing all the capital from her dad. Probably about $120,000 all together. What's a fair return we should pay him or what's fair for him to charge? Sorry I'm sure this is around somewhere, but hopefully we'll be under contract tomorrow and this is most pressing right now moving forward. THANK YOU!!!

Right, the issue is getting a roofer to agree to that. We are talking to the in house lender at the bank, I'm thinking that will be the best way to go! Thank you!

You are going to have to talk with the seller and find out their situation. If title changes and the property is sold to you, most mortgages have a "due on sale" clause, meaning their loan must be paid off when the property is sold. 

I currently have two townhomes under contract that were being sold together. I am planning on holding these long term. One building, but parcelled separately. They need a roof, and the owner is unwilling and possibly unable to pay for one. The bank will not allow cash to be escrowed at closing for repair, loan is conventional. I can replace the roof myself, but I am obviously not going to do it before I own it, and really don't want to put the cash up to pay a roofer, even if he did agree to be paid at closing. Fear is the appraisal will probably call for a roof before closing. We are holding off on the appraisal for now to see if the current owners insurance company will pay for a roof due to recent hail damage. If all this backfires, I need a strategy to get a roof on the building either before closing, or need a way to get passed an appraisal. I know this sounds crazy, and hopefully I've given you all adequate information to understand my dilemma. ANY advice would be greatly appreciated!