All Forum Posts by: Isaac Ramos

@Christopher Griffin,

Welcome to the site! I too started out with two buddies (all engineers) investing in Albuquerque real estate. That company is still going strong! Working with your friends as investors has, and continues to be, one of the most exciting experiences I’ve encountered! Let me take a stab at your questions, I’m only able to advise on some of them …

• 1)Yes, this is usually pretty straight forward. Biggest requirements for the loan are that you have the income to cover the debt. Keep in mind, cash is king in real estate and taking a loan for a property will often not allow you to offer on the properties with the highest value.
• 2)Credit scores are typically (in my experience) tied to interest rates as opposed to loan amounts, unless the scores are exceptionally low.
• 3)I did! The LLC afford all sorts of protection for real estate investors. Some investors even form a separate LLC for every project to develop project to project protection. A local NM attorney helped us form our LLC (PIJ Properties). His name is John Budagher III with Budagher and Associates, look him up if you decide to peruse an NM LLC! Mention my name (Isaac) and he'll probably be able to just copy our LLC docs over to you!
• 4)I am not too sure, I only invest in NM, but the market is great here. We usually average 20%+ ROI on rehab (flips) and 18% Cash-on-Cash for financed rentals. High 9/10 CAPs can be found all over.
• 5)No idea.
• 6)^^

Hit me up if you’re ever in NM and want me to shoot some deals your way, we’ve got several currently under contract with great value.

Best of luck investing with your buddies!

Isaac

@Ted Akers @Duane Ortega 

Thanks for your responses fellas, definitely quite helpful.  In case your interested we crafted a unique solution for this one, outline below.

We revised our contract with the Seller to $90k purchase with an extended timeframe (luckily they were open to this) to accommodate the traditional buyer.  Part of this agreement was also having them agree to a 10% realtor commission back to us.   

We then had our buyer agree to cover the maximum amount of closing costs possible.  We also were able to convince our buyer to kick us back $5k right after closing as a "cleaning and touch up fee," and told them that we'd paint the place and replace all carpet for doing so.  This is not in writing but we have built solid rapport with the buyer and have no reason not to expect them to come through, and if not, we'll still make the majority of the profits on the comish.

Lesson learned here for me (us) was the following.  Always be totally transparent with both the buyer and seller, if you can find a way to meet everybody's goals (in this case, $80k to seller, and $95k to buyer with small renovation), then they're often willing to work with you to make things happen.

Thanks again for all the thoughtful responses.

@David TorresThanks for the response. Buyer isn't FHA in this case so anti-flipping shouldn't be a problem on that end. We'd definitely be interesting in chatting about your local funding sources, I'll send you a PM to get your phone #. We're looking to have this one at a conservative 73% LTV with a contract already in place and large buyer escrow. Logic says it shouldn't be too difficult, but if there any other suggestions, all's much appreciated.

IJR

Hello,

I'm recently gotten a property under contract at $80,000 with an ARV of $110,000, it needs very minimal repairs (paint, carpet, etc.). Furthermore, I've found a (traditional) buyer who's highly interested in the property and agreed to enter contract with me at $95,000.

I am trying to figure out the best way to bridge the gap between the seller and my buyer.  I know that if the buyer was cash, I'd double close this one and be done.  However, being that the buyer is traditional, I don't think I'll be able to use "same-day" transactional funding.  Should I be persuing a hard-money option for the 30 days or so it will take my buyer to close?  Obviously I could just assign my PA with the seller, but then I'd have to disclose the assignment fee, which I'm not inclined to do in this case for obvious reasons.

Can somebody here offer some advice on what'd they'd do / have done in a situation like this?  I'm also in need of a lender who is in between the "same-day" and "hard-money" areas and would be willing to lend to bridge this gap, either local or national, if anybody has suggestions.

I'm in Albuquerque, New Mexico if that's relevant...

Thanks for any advice!! :)

Isaac

Hi,

I am currently in the market to sell a property we have under contract in SW Rio Rancho, near Albuquerque New Mexico!

Rental property is currently available for 94.5k

Serious CASH Buyers Only

The manufactured home is perfect for a Landlord who wants to walk in to instant equity and great cash flow. Property would make a highly profitable Rent-to-Own or REC property to end buyer. On permanent foundation and fully financeable, though we need cash to close first due to limited timeline (contract expires in 30 days). Amazing VIEWS. Refrigerated Air. 1100ft shared well and permitted septic. Propane.

Special features of this property include:

• Nearly Turn-Key! Only needs carpet replacement / minor paint to be in perfect condition.
• Currently owner occupied, so it’s well taken care of!
• Massive 2350 sq/ft
• Manufactured Home on Permanent Foundation

The property needs almost no work (a few thousand MAX to get into prime condition), it could either be flipped OR rented, but for those investors hungry for cash flow, this one will get you very close to 10CAP!

Please email for specific property address and more details, home is non-vacant, so we’ll need to review finances and go over details (remember this is a cash-only offering) before getting you inside for inspection.  For our out-of-state investors, we're also willing to act as a landlord on behalf of the investor, and can talk more about that.

You can call 24/7 but please call soon! (505) 585-3260

Isaac

High Desert Property Solutions

www.highdesertpropertysolutions.com/buy

Hi @Sean Gover,

Welcome! I'm just getting started up on this site too. Those numbers don't seem too bad to me at all (if it in fact sells at 185k), especially for Rio Rancho. For quick flips like that, my team and I usually shoot for 20% ROI, which is what we need for it to make sense accounting for our investors, you're pretty dang close!

How did you find the process in Rio Rancho?  We've stayed away from there after a bad experience with the city (dumpster monopoly, weekly inspections, difficulty permitting, etc.)

Hopefully we cross paths someday.

Isaac Ramos

PIJ Properties

@Cameron Kloster What type of investor are you?  Are you more interested in Rehabs or Landlord opportunities?  I'll PM you our Buyer Inquiry form.

Isaac