New guy from New Mexico Next step?

21 Replies

Hello, cutting to the chase.  I work IT 40 hrs a week, I want to grow the number of rentals I have (3) and also start flipping property. I live in a small "city" and just paid of my last rental, I have some equity in the house I live in and was looking for some ideas and help on what my potential next step could/should be.  Again I want to build on the rentals but I think I want to look into a flip or two to see what potential that might have.  I have been maintaining the rentals myself for the most part.  I know there are a few different ways to leverage my rentals/assets/ equity for loans, just looking for a little guidance and maybe a partner of some sort.   I have been trolling sites like this for some time now and have done a little of my own research, I kinda have an idea of what I want to do, again just looking for a little real life "guidance". (pretty sure I did not violate any rules) 

Thank you.

@Chris Lucero good to hear from another New Mexican. I would suggest going to some of the local REIA's. It is really helpful to see what is working for other people in your market. Go to meetup.com and search for real estate meetups. There are at least 3. I host the ABQREIA meetup on the third Wednesday of the month, look forward to seeing you out there.

What kind of an idea do you have?  Maybe some people here can provide guidance as well.

Signed up on meetup last night, thanks.  So...My rentals are small but I think I want to try and refinance against them or against the bout $20K equity I have on my personal home (other than my home I have no debt).  I am pretty sure once I get some paper work together I know a person I could have loan me $10K.  pick up small flip or move on a 3b 1.5bath a co-worker was just telling me he is trying to get out from under to flip it.  He was telling me roughly 10 years ago appraised for $114K purchased for $96k owes about $80k.  He said we can talk when he gets into town.  He is going to allow me access to check it out.

I got my first rent house 19 years, about 17 years ago got my second, my Grandfather blessed me about 15 years ago and helped me with a super deal on house I lived in till about 6 years ago when I moved into the house I am buying now.  about a year ago I made my last payment on the loan I for my rentals.  

So I have been renting house(s) for 19 years, I helped my grandfather with his and my aunt with her 2 over the course of this time so I have a bit of experience as I do everything (not as much lately, i have been hiring  help) myself.  I have a mortgage on the house I have been living in now for about the past 6 years.

Hey Chris, 

Nusenda is pretty good about giving home equity lines of credit. So, if you want to leverage your existing home equity, then you might want to start with them. Depending on your rentals and their value, a cash out refi is something to consider.

Also, thanks @David Torres for the notice about the ABQREIA.  I didn't know there was a group here in town.

Matt

Originally posted by @Matt Gar :

Hey Chris, 

Nusenda is pretty good about giving home equity lines of credit. So, if you want to leverage your existing home equity, then you might want to start with them. Depending on your rentals and their value, a cash out refi is something to consider.

Also, thanks @David Torres for the notice about the ABQREIA.  I didn't know there was a group here in town.

Matt

 Thanks for chiming in Matt,  I am in Roswell between the 3 I would imagine they are worth a little under $100k, thanks for throwing the refi out there, I will keep that in keep in mind Nusenda.  Reading, listening while trying to put a plan together.  THANKS!

Originally posted by @David Torres :

@Chris Lucero I am a buy and hold investor - but I also flip and wholesale.

Give Kim Kissane a call.  She is really good refinances for BRRRRs.

 Good looking out David, I am trying to figure out how to find one of these groups or meetings to get involved in here in Roswell, at this time virtual local groups seem hard to find, I will be looking for something "live".  Funny how that never crossed my mind but now I know and will take your advice.  I truly believe in the saying "birds of a feather flock together".  Gotta get there.  Thanks, them simple words probably just changed my course.

@Chris Lucero , I live out of state but I'm in Roswell the next week.  Feel free to PM me if you'd like to get together to talk about my strategy and what you're hoping to do.  It's a great market for me and I'd be happy to grab a coffee one day.  Sounds like you have some resources to get started for sure! 

Hi all, 

Fellow New Mexican here. I am not actively investing at the moment, but plan to get into it shortly. I currently own a small inspection company out of Albuquerque (www.manzano.group). Anyway, don't hesitate to get in touch with any collaborations. Happy to help where I'm able. 

Hi @Frankie Woods. It's hard to find deals that make sense in Colorado. However, I'm under contract to buy a small MHP just to the west of Durango. The numbers look good so far.

Thought I'd say hi on this post.  I'm in the Durango area but have recently moved from New Mexico. Looking for my first property currently. Just wrote my first yellow letter today for a local distressed property.  

@Jens Nielsen - just listened to one of the BP podcasts with Kevin Bupp and am intrigued by MHP's. How did it turn out?

Hi @Clayton Thayer . I know Kevin Bupp, great guy and he know his way around MHP investing. 
So, we closed on the park in late August, so now we are working on stabilizing the property. I like the business model, the returns are better than apartments, but you just need to understand your tenant base.