All Forum Posts by: Ricardo M.

Reason I asked, homes in this area were built in the 40's and 50's.  They have cast iron sewer lines, underground gas lines, little to no exterior wall insulation, swamp coolers, under sized electrical service entrances, and so on...

Buyer for my property requested sewer line to be scoped, open ground receptacles be corrected, and electrical to be upgraded, among other things.   

If buyer is using FHA loan inspections can be even more stringent.

Hi @Matt Gee, 

I just finished rehabbing a property @ 10312 Propps St. NE Albuquerque and put it on the market in October.   1300 sqft, 3/2 with one car garage. So this property and yours are pretty close in proximity. Did you update the electrical, A/C, gas line, etc..?

Hi Rob,

I'm Ricardo Martinez local REI out of the NE Heights in ABQ.

One referred to me was http://www.precisebuildersnm.com/. I haven't used them myself but their BBB rating is A+ with no complaints in the last 3 yrs.

BBB has a list of accredited companies on their site.

Sorry I can't be a better help to you. Keep me posted if you find a good one.

Hi @Laura Levine,

I'm Ricardo Martinez a new investor also. One tool incredibly helpful are the podcasts. They are downloadable to your smartphone, hold lots and lots of info, and are accessible anytime. I commute 4 hrs a day so this is very helpful to me. Good luck and have fun.

Rica

Thank you all for your responses. The private lender is not willing to fund 100% of the money needed, but is willing to go in as a partner. I will still need to come up with a substantial amount on my own.

I am going to change my game plan and try to wholesale the property i had in mind. On the bright side, i now know my limitations when it comes to conventional lending.

Thank you again, much appreciated!

I made an appointment to pre-qualify with a mortgage broker to purchase investment property. On my own credits, I qualify for $260,000 loan at 5%APR and 25% down payment.

I have a private investor lined out with $70,000 for the down payment if needed, but the Mortgage Broker told me my income-to-debt ratio would be to great if I included the $70,000 in my pre-qualification.

His advice was to have the private lender deposit the $70,000 into my account for 60 days to season it, then there would be no questions asked.

How would I structure the $70k with the private lender and keep the payments off my debt, and cover the PV legally?

I appreciate any insight and alternative advice.

Thanks-

Ricardo Martinez

Thank you all for the welcome.

I appreciate your offer Robert Eddings. Are you a member of the local REIA; and, would you know when the next meeting will be?

Ricardo

Hi Mary,

Thank you for the friendly welcome and warm smile. I've been looking at the site's various avenues for a while before I decided to join. I am amazed at the amount of free information available! Happy new year and prosperous investing to you also.

Thank you,

Ricardo

Hi everyone my name is Ricardo Martinez out of Albuquerque, NM.

Starting out investor with one property being rented out near Paseo Del Norte and Louisiana area. My wife bought the property before we married. Been trying to educate myself on mostly buy and hold and buy and flip investments. Also interested in learning short term investments.

I've worked as an electrician for over thirteen years in NM, and; took on the dawnting, but educational, task of remodeling 80-90% of my own home doing roughly 75% of the work. Learned much about dealing with contractors and hidden problems in the home since the house was built in 1954.

Look forward to learning more with you guys and hope to make working and personal relationships within this community.