All Forum Posts by: Jarett Tigges

@Roy Moses Thank you!

Message me your email and I can send it your way!

Hey BP community,

I'm gonna need some pretty specific advice on this one cause there are a lot of moving pieces. Let me give you my situation detail for detail. A partner and I are looking to buy our first property this year. We figure it is smart to go out and see if we can actually get a conventional 20% down loan on a property in the $150-$250k range. I'm 21 years old, I have decent income for being in school and I have no debit (besides credit cards that I pay in full every month). My partner is 22 years old, has substantial income for his age, has a relationship with a bank, but has several loans for his business. We both have great credit, but have several concerns about being able to get pre-approved for a conventional loan. 

1. My debt to income ratio is solid, but my job is "hourly pay" so it would be considered "part time" by the bank. I have been working there for 2.5 years, but once I graduate college, that could change. 

2. My partner has very high income from his job, but his debt to income ratio is pretty high because he has loans for his business. He has an established relationship with a bank, but they might be wary in lending him additional money. 

3. We don't know how banks feel about lending to entities. We will be setting up an LLC and I read that some banks won't even consider lending unless it's in your personal name.

Our game-plan right now is to start reaching out to banks to see if getting pre-approved would be possible. Our back-up plan, if no banks want to lend us money, is to find a private lender willing to take a chance on two young bucks;) 

Hopefully there are some people on BP who have gone through a similar situation and have some good advice for me. Always eager to learn.

@Jens Nielsen Hey Jens, thank you for responding, always nice to meet someone who is actually investing in Albuquerque! I'd be interested to chat about the local markets you are looking at or the ones you are already invested in. I see you're from Durango, does that mean you partner with someone here in ABQ? 

@Eddie Cottingham Thanks Eddie, and good luck to you as well. If you ever have a question or advice, don't be afraid to shoot me a message or something! 

@Mark Hughes Great advice Mark! Those are all things I have been putting a lot of thought into. I've been identifying areas of interest and narrowing down my price point, just need to get out there and start looking at deals!

@Mark Hughes I have determined several zip codes that I am going to target, based on median income, market rent, and growth projections. I still have quite a bit of learning to do about those specific areas, which is what I will be working on for the next few weeks. Based on the Albuquerque market, I will most likely target properties in the C to B- range classes. My partner and I set our goal as a 4-plex with a price point anywhere from $150k to $250k depending on market rent in that specific area. I already got access to a third party MLS site through an agent friend of mine so I have been scouring that page to analyze deals. But from what I've heard, deals aren't generally found on market and it's best to put in the extra work to find off market deals. Whats your opinion, experience with that?

Hi BP community,

I am new to BiggerPockets and thought it'd be good time to introduce myself, cause I will be here for awhile;) My name is Jarett Tigges, I live in Albuquerque, New Mexico and currently attend the university here studying Mechanical Engineering (I graduate in May). I've spent the last six months diving into the educational part of multi-family investing. I have listened to countless podcasts and read several books. Just finished Brandon Turners book on Rental Property Investing!! My partner and I compliment each other very well as he good at networking and has a background in sales, whereas I am very analytical and love the numbers side. So much so that I just spent an entire week developing an insane spreadsheet to analyze any rental property. Anyways, I'm not here looking for cheap answers and easy instructions on how to do my first deal. I know it will be challenging, and I'm excited to hunt for a deal in this market. My plan right now is to start driving around areas of interest and contacting property owners...probably through a small direct mailing campaign. If any of you have good tips that helped you find your first deal, I'd love to hear them. Or if you just want to connect and chat about real estate, I'm always up for a good chat. If you're from the Albuquerque area, or invest in this area from out of state, I'm particularly interested in picking your brain. Like it says in the title, I'm eager to learn so hit me with some knowledge! :)

Hi BP community,

I am new to BiggerPockets and thought it'd be good time to introduce myself, cause I will be here for awhile;) My name is Jarett Tigges, I live in Albuquerque, New Mexico and currently attend the university here studying Mechanical Engineering (I graduate in May). I've spent the last six months diving into the educational part of multi-family investing. I have listened to countless podcasts and read several books. Just finished Brandon Turners book on Rental Property Investing!! My partner and I compliment each other very well as he good at networking and has a background in sales, whereas I am very analytical and love the numbers side. So much so that I just spent an entire week developing an insane spreadsheet to analyze any rental property. Anyways, I'm not here looking for cheap answers and easy instructions on how to do my first deal. I know it will be challenging, and I'm excited to hunt for a deal in this market. My plan right now is to start driving around areas of interest and contacting property owners...probably through a small direct mailing campaign. If any of you have good tips that helped you find your first deal, I'd love to hear them. Or if you just want to connect and chat about real estate, I'm always up for a good chat. If you're from the Albuquerque area, or invest in this area from out of state, I'm particularly interested in picking your brain. Like it says in the title, I'm eager to learn so hit me with some knowledge! :)

Gian, 

Are you an active investor in ABQ or are you looking to break into the scene like me?

Brock,

I am a local, born and raised! It's always nice to meet another engineer who is interested in real estate and not only in science haha. What type of properties are you interested in investing in?

Hi all, 

I am new to BiggerPockets and thought it'd be good to jump into the New Mexico forum and introduce myself. My name is Jarett Tigges, I live in Albuquerque and currently attend UNM studying Mechanical Engineering (I graduate in May). I've spent the last six months diving into the educational part of multi-family investing. I have listened to countless podcasts and read several books. Just finished Brandon Turners book on Rental Property Investing!! My partner and I compliment each other very well as he good at networking and has a background in sales, whereas I am very analytical and love the numbers side. I know Albuquerque may not be the best market, but there are always deals to find and I am excited to hunt for my first one. If any of you have any specific tips for me based on our market, it'd be great to hear them. Or if you just want to chat about real estate, I'm always up for that!! 

-Jarett Tigges