All Forum Posts by: Robert Swingle

 yea I agree when this post popped up on my alerts I was like yes albuquerque has rough areas but it also has alot of nice areas. I'm a truck driver and have been through most of the bad cities in the United states and can say albuquerque isnt even in the same realm. the only thing I can see that is similar is that albuquerque as a whole is a lower income area compared to other large cities and the rents are slightly lower respectively.

I am not an expert in any sense of the word, but I moved to albuquerque about 3 months ago and I've been all over the city looking for deals. Single family houses are too expensive for the amount of rent the could pull. Small multifamily could be profitable if bought for the right price. Most of them are listed to just above the 1% rule. If they exceed 1.5% you either found a good deal or it's in a very bad part of town. Now I've been seeing the numbers looking way more promising on commercial properties. All the local investors I talk to tell me I have to get the deals off market to make the numbers good. again I am no expert and this is all my personal opinion. Check out loopnet.com in albuquerque to see current commercial properties here.

I'm also in albuquerque. Was just looking at commercial property on central the old pioneer motel nd the numbers that I could see looked good especially for 450k property. It's on loopnet.  i Don't have enough for dp on bank loan but I did talk to the broker and she said the owners own it cash, was tryi g to get them to carry 20%

Well guys if it's just general repairs I can do them. I did electrical for 2 years then apartment maintenance for 3 years and I'm hvac/pool certified. I'm trying to get my first rental but can't find any deals I want to dump cash into. so I'm offering to help you fix your stuff or you can call me and I can walk you through most stuff. also if anyone is looking for a partner on a deal contact me immediately. I have some money saved for a down payment and would do all the maintenance for the property you would just need to manage and put in your half of deposit too.

Hello Steve, 

I would be willing to do this for you as long as it's just to take pictures and send you a report of status. Pm me.

So conventional financing is out of the question currently so I've been listening to podcasts, about 6-8 hours worth while I'm working at night. I keep hearing subject to and seller finance. They both sound great but in the podcasts they don't dumb it down enough and really get to the basics. I understand the principal behind those type of sales. But the very beginning is what's holding me up. Do I need to go spend the money talking to a real estate lawyer and title company before I even approach any sellers? Do I need a real estate lawyer to draft up subject to paperwork or contracts before I try to lock up a deal? Let's use fake example, I find a military member that is moving out of state to a new base. They don't have too much equity so I talk them into selling me their house subject to because they don't intend on trying to rebuy immediately.  Would I go talk to a lawyer after I get them to agree or pull a subject to contract out of my back pocket and have everyone sign it on the spot? If all that went well do I just take the signed contract to a title company and say hey I need you to put the deed in my name. I'll be making the payments on this property for the remainder of the loan, here is my contract.

So conventional financing is out of the question currently so I've been listening to podcasts, about 6-8 hours worth while I'm working at night. I keep hearing subject to and seller finance. They both sound great but in the podcasts they don't dumb it down enough and really get to the basics. I understand the principal behind those type of sales. But the very beginning is what's holding me up. Do I need to go spend the money talking to a real estate lawyer and title company before I even approach any sellers? Do I need a real estate lawyer to draft up subject to paperwork or contracts before I try to lock up a deal? Let's use fake example, I find a military member that is moving out of state to a new base. They don't have too much equity so I talk them into selling me their house subject to because they don't intend on trying to rebuy immediately.  Would I go talk to a lawyer after I get them to agree or pull a subject to contract out of my back pocket and have everyone sign it on the spot? If all that went well do I just take the signed contract to a title company and say hey I need you to put the deed in my name. I'll be making the payments on this property for the remainder of the loan, here is my contract.

Thanks for the replys,  ill have to look into it. even if it's only 3 or 4 unrelated  parties and you can keep the rooms full and hope for not too many problems. seems like the numbers could work out nicely. 

My question is, is this following situation legal? I'm not trying to get my current landlord in trouble. If this is legal it seems as if he's making pretty great returns. The property I'm renting a room in he bought for 60k and put 15k into remodel. He also segregated all of the common areas into rooms ie. Dinning room, living room. It is now a 6 room 2 bathroom. The bathrooms and kitchen are the only shared areas. The rents range 400-500 per month depending on size. I am I'm the 400 dollar one. All utilities and WiFi is included. So let's just say avg rent of 450 each unit per month is 2700. 4 of the units have been occupied for over a year each and mine I have no plan on moving anytime soon. When the final room becomes available he rents it out within a day. this is not in a very safe part of my town but people are choosing this type of rental because it's cheap. he also told me he's currently converting an area in the back of the house into 2 more rooms so he will have an additional 900 per month in about 2 months. this situation financially just seems too good to be true. what am I missing or maybe I'm not missing anything and it may be 100% illegal. 60k mortgage not including down pmt, 15k remodel monthly rental income of 2700 and soon to be 3600. utilities can't to huge because I work nightshift everyone else is Dayshift so during daytime hours there are practically no utilities being used. sorry for the long post if you have made it this far.

Thanks everyone for the posts! @Marc C. I did sign up for all of the real estate meet ups I could find today on meetup.com . I'm very excited to get started but no unfortunately I am not a veteran , but I am great at budgeting. @David Torres I wish I could make that meeting but I work tomorrow night, maybe next time. @Rayetta Chavez I am loving the podcasts. I feel like I'm learning so much and gaining confidence with everyone I listen to. there is nothing better than getting paid to do a job and have something to learn from at same time. to elaborate on my situation a little more. I would have been 90% debt free and I had a substantial down payment saved up but moving and getting a divorce knocked them both out. I do believe I can rebound fairly quickly so that's where my 6 month time line comes in, if everything goes to plan I should be 75% debt free and have enough to go try to get financing without being laughed at. also I work a nightshift truck driving job so my nights off are Monday and Tuesday. I hope I can network and meet you all sometime soon.