All Forum Posts by: Petr Anisimov

Hello and thank you for reading this.

I am a newbie investor and currently at an education stage as well as building my local network stage. 

At my local Albuquerque REIA meetup, there was a person advertising a deal that she needed private financing for and I have decided to inquire more in order to see if I should get involved. Here is what I know at the moment.

1. It is a short sale aproved by bank. It has to be closed in the next two weeks

2. Purchase price is $179,000 for 4 BR 2 BA 2GA, 2240 sf SFH.

3. CMA gives ARV of $259,667 for moderate remodel and $310,374 for total remodel and update.

4. Realtor.com gives buy estimate of 236k while Zillow gives 206k. Zillow also shows that most of the houses on the block are at 206k range with only a couple at 259k. The only active listing in 1/2 mi radius right now is for 247.5k that was originally at 259k.

5. The person claims 25 years in real estate and construction business and estimates repair cost at 30k-40k for moderate and 50k-60k for total.

6. There will be other partners involved with individual contributions at 50k-80k range each.

7. She promises to keep us involved so that we can learn how to do this in the future.

It appears to offer 18% return on cash after 6 months.

Can you please tell me if you think that it is a good idea for me to get involved in such a project? I won't be making lots of decisions but will be observing the process.

What kind of references should I request from this person?

What are the risks of this project?

What kind of documents should be prepared signed in order to guaranty my interests in a deal?

If I decide to go ahead and participate then how should I structure the partnership to protect my assets? This project is supposed to be funded through LLC with partners being rewarded based on their original investments.

I appreciate your input.

Hello @Christopher Acevedo and @Dionicio Armijo,

I am a newbie investor residing in Santa Fe and would like to network. If you want to meet together at some time then I will be more than happy to join you guys.

Hello @Jeff Gonzales, I want to welcome you to Santa Fe! I am a newbie investor and would be interested in information that you can gather about Santa Fe. Will follow your progress. Would you be interested to meet?

Hi Joseph,

I am a newbie investor like you and want to welcome you to the community. I am sure that someone at BP can give you a great advice about what to do with this property. Yet I want to put myself out for you and give my two cents.

I work in Los Alamos but rent in Santa Fe. I am thinking about moving to Los Alamos one day in the future and buying my first property there. If you need help then count me in.

I have a friend who manages her own property here and in Florida where her son was training before deployment. She loves to deal with local contractors and supervise them closely.

On a different note. At local RE meetup, I became aware of Los Alamos real estate investor but have not had a chance to network with him. I can try getting in touch with him so that he could check the deal and give you better guidance.

I wish you success on your first investment!

@Dave Foster thank you,

I have not heard advice about looking into help from a local small business administration offices. 

I will also go to my local University and talk to professors about soliciting help of some their students.

@Shawn Torsitano thank you for such an educating post! I have been highlighting things that were valuable in your post and highlighted the whole page! It is a trough of valuable information!

@Leland Titus, and @Brendan Malone, thank you for welcoming me to the forums.

There was no contact information about either of you available on your profile page as far as I could tell so I have sent you colleague requests. Hope to hear from you soon.

My goal: I want my family to be financially independent in a foreseeable future. For that I need to have monthly income of about 4k to cover my current expenses. I think that I am comfortable with investing in Rental Properties - buy and hold. 

1. I am taking baby steps - posting at BP and reading your blogs, listening to podcasts;

2. I am looking at my personal finances. I have a good job and a great credit, I think that I do have cash reserves in addition to a down payment on property at about 100k range.

3. What areas to invest in? I am looking for resources that would provide me with definite macro indicators such as population, business growth, housing market in order to make up my mind on an area where I want to invest. I would like to analyze my local area: Santa Fe/Albuquerque New Mexico first and move from there.

4. How do I cost a deal? What are the good places to source information about costs of repairs, taxes, insurance for my area?

I think that once I have some basic financial information about area then I can start looking for deals.

My question to the BP community:

- how do I start writing a business plan?

- where do I find relevant information about specific area? 

- what would be my exit strategy?

Hi Ricco,

Thank you for replying to my post. I would love to meet and talk real estate. Need to figure out how to pm someone here.

Are you a landlord in Albuquerque? I think that Albuquerque is a more viable option for me than Santa Fe. I was looking to rent in Santa Fe a half a year ago and did not like what I saw. Prices were high and the choice were few. I think that inventory is low but do not know how to check. 

Tonight, I want to post on the forums questions about creating a plan and how to treat this educational phase as part of my business. May be you can chime in an answer there.

PS: Congratulations on your marriage! My happy wife burns through all my savings so I am not happy but want to create a happier life for both of us. 

Hi Sean, thank you for welcoming me to the forums and your words of encouragement!

I will take them to heart.

I am currently interested in buy and hold rentals as a source of passive income so I will definitely check the books out. I have not heard about Scotts' book yet so I do not know about the benefits of house flipping and how much time it normally takes.

My issue is that I am limited on free time as I have long commute to work. Audio books and podcasts are the major sources of the information for me. I am currently listening to the podcasts but they have so much cool stuff that I cannot listen at them at my usual 2.5x speeds and I wish I could take notes while driving.

I also want to make sure that I do not spend too much time procrastinating by ready stuff as mastering the real estate investing can take the whole life. I have to take a plunge at some point and would like to have support of community/mentor on my first decision.