Momentum in New Mexico
I just wanted to give a huge thank you to all of the BP contributors for their help in my success. I am lurker that does not post very much. I wanted to share how BP has contributed to my success.
My story begins in 2007, when we bought our first home in Lubbock, TX. The previous tenants were a couple of college guys that trashed the interior. We purchased the home for about $90k, bought $8k in materials (and a lot more sweat equity in to it), and sold it for $113K. During this time, I was working full time, and my wife was attending law school full time. It was hectic, but I learned a tremendous amount about what goes in to rehabbing a home.
Fast forward 6 years, we moved to Rio Rancho, NM (near Albuquerque), my wife and I were both employed in great W2 jobs and we had saved up some extra money. I have always been interested in real estate, and I have an Uncle that owns about 15 SFRs. I contacted him and asked if he would be willing to talk to me about his business. He was more than happy to share his experience. I flew up to Utah to specifically talk about real estate with him. He shared a ton of wisdom with me and has become a mentor that I rely on. I came home and I started looking for homes on the MLS, but was still having trouble finding anything.
What happened next changed my life. I was lurking on BP and noticed some one had referred a Realtor from my area in a thread. The Realtor was also an investor, so he understood what a good deal looks like. He has been extremely patient and helpful. Since our initial meeting 10 months ago, I have closed 4 houses with him.
Two are rentals, both are cash flowing about $200 per month with stable tenants.
Two are flips. I have finished one and sold it (with a nice profit). The other is undergoing rehab currently and should be done within the next 2 weeks.
Thanks again to the BP community, I can say that I could have done it with out all of your help, but it would have been substantially more painful and expensive. Please keep posting your experiences, you just never know whose life you might change for the better!