All Forum Posts by: Tim Zomermaand

Project is coming along well. I am ordering windows tomorrow, they are stating 12 weeks out also. Lead times on items are tough for sure.

Looking good.

Looking forward to watching this project progress. 

@John Price

I use Torres Law (505) 221-6709 in Albuquerque. Good people.

@Marco Rodriguez give me a holler and if I cannot help will point you in the right direction.

@Dana Curtis I like your ideas.

If I was looking at relocating and getting into Real Estate I would consider the following.

1. Find a good job in the city you are looking at, as your savings won’t go far if you live on it, but a personal residence and start investing.

2. Look into getting approved for a home in NM prior to quoting you Oregon job and moving as currently you have employment history and income on your side.

3. Buy a property to live in that has rentable units or rooms so you can get used to owning a home, making side $, managing tenants, looking for deals.

4. After 1-2 years in NM find another property and buy it to turn into a rental or to fix and flip using your good employment and down$$

5. Join the local REI groups. If in Albuquerque I would recommend the following as a good place to start.

Check out ABQREIA - Local, Practical, Real Estate Investing http://meetu.ps/c/2CDn9/1fYfX/a

Check out Investing in Albuquerque Real Estate Meetup http://meetu.ps/c/36G5k/1fYfX/a

Lori, Some good questions. I would start by reading everything on wholesaling. 

https://www.biggerpockets.com/renewsblog/2015/01/3...

is a good place to start, but the discussion is open whether or not you need a realtor license, do your research then do what you believe fits your risk tolerance. Attend meetup groups.

https://www.meetup.com/Investing-in-Albuquerque-Re...

https://www.meetup.com/ABQREIA/events/246422338/

both of these are good and in Albuquerque.

In the end,

1. you need to find a great deal through marketing, 

2. then lock it up with an assignable contract, which you could get from a title company (which you will need a good title company that understands wholesaling and double closes)

3. Market it to rehabers (craigslist, facebook (look up the groups above), put them on the meetup discussion boards, attend the sheriffs sale and hand property fliers to everyone there....)

5. sale the property, get paid and repeat

https://www.meetup.com/Investing-in-Albuquerque-Re...

https://www.meetup.com/ABQREIA/

are my two favorites (granted I am biased as I cohost the top one).

tim

Jens, 

Jason Wexler http://www.agh-lawyers.com/Wexler.aspx is pretty good.

Also Becky Tores http://www.torreslawnm.com/

both are good people and good attorneys, I am unsure if they are the best local Entity creation attorney. But if you end up doing a syndication a national syndication attorney might be a good choice.

I am not an attorney nor a cpa nor an insurance agent but have a few LLC's.

If your networth is  under a $million, this is your first few properties I would just buy it in your personal name, get great insurance on the property and have a liability umbrella.

1. If financing personally you might qualify for Fannie/Freddie debt which is the cheapest

2. You can always put it into a trust then make the trust beneficiary an LLC at a later date.

3. After amassing >$500,000 in rental assets you might put them into an LLC

4. I use different LLC's for different asset classes (ie mobile homes, SFH, MFH) based upon risk, and ease of taxes