Finally...Ready for my first deal!
Hey everybody!
I have a been a member for a while now and introduced myself several years ago. However, I am in the Military and with several deployments taking priority, I was unable to really start the process to begin investing in real estate.
I am currently in the process of moving out to Albuquerque, NM and I am finally ready to seriously look into purchasing a property. Here is a little background on my situation.
I purchased my first house in Belton, TX with my wife in 2008 utilizing a VA loan. I moved to Clarksville, TN in 2012 (Bought our home but will sell here shortly) and chose to rent the TX property out. In 2013 I refinanced the TX property to a 15 year mortgage and put a 32k down to make the ensure cash flow. I now have just less than 10 years left on that mortgage and over 50k in equity in that property. It is also important to add that taxes were raises in my area in TX and i am no longer have positive cash flow. I should be able to raise rent here shortly to fix that.
I am looking for a deal and hopefully we are able to pull out a equity loan to utilize as the down payment for our next property. Since I am moving to Albuquerque, I would like to look into that area and learn as much as I can in order to find a deal to buy. Currently, we are looking into a rent and hold due to the lack of funding for renovations. However, I don't want that to hold us back as we learn more about creative financing.
I wanted to share this with everyone, not just to ask for advice, but also to reach out to others who might be in the area and want to link up. I will continue to look for other investors to link up with and hopefully I am able to network with several.
Thanks,
Brian