Rental Property Investor · Dallas, TX · Member since 2018 · 12 posts · 2 votes
Hello BP Community,
My name is Gary Waddle, and I live in Carlsbad New Mexico. My goal is to grow wealth and passive income through real estate. My plan is to fix and flip homes in Carlsbad, where there is a very high demand for housing due to the current oilfield boom, and then take those profits and invest in rentals in other markets that do not rely on just one industry for growth. I was thinking possibly El Paso, TX, Lubbock TX or Las Cruces, NM.
I think BP is a wonderful resource and community, and look forward to meeting new people and learning new things.
I have read quite a bit, listened to tons of podcasts and even attended some training. I know my market very well and have a realtor on my team. Where should I go from here?
Real Estate Investor · Las Cruces, NM · Member since 2016 · 186 posts · 173 votes
8y
Welcome to BP Gary. I'm glad you are here and taking steps towards achieving your goals. There are a few things you can do still in addition to the great steps you've already taken. If you haven't already (sounds like you've done a lot of reading), get the book on estimating rehab costs and the book on flipping houses both by J.Scott (you can find them here in the BP store or on Amazon). Play around with the BP calculators so you are comfortable analysing a deal. Try to find yourself a good contractor and also secure your funding then you might be ready to get going. Real estate can be tough and challenging but it is certainly rewarding. Best of luck to you!
Real Estate Investor · Las Cruces, NM · Member since 2016 · 186 posts · 173 votes
8y
Welcome to BP Gary. I'm glad you are here and taking steps towards achieving your goals. There are a few things you can do still in addition to the great steps you've already taken. If you haven't already (sounds like you've done a lot of reading), get the book on estimating rehab costs and the book on flipping houses both by J.Scott (you can find them here in the BP store or on Amazon). Play around with the BP calculators so you are comfortable analysing a deal. Try to find yourself a good contractor and also secure your funding then you might be ready to get going. Real estate can be tough and challenging but it is certainly rewarding. Best of luck to you!
Rental Property Investor · Dallas, TX · Member since 2018 · 12 posts · 2 votes
8y
Hi Audrey,
Thanks for the reply. I see you’re from Las Cruces. I have several family members that live there, and that’s where my wife and I went to college. Great town, go Aggies!!
I haven’t read those books yet, but I will now.
Where would you recommend going for funding? I’m not comfortable asking friends and family, at least until I know what I’m doing. I was thinking hard money? Any advice is greatly appreciated.
Specialist · Las Cruces, NM · Member since 2009 · 557 posts · 71 votes
8y
Welcome to the community Gary. I'm an active investor in El Paso and Las Cruces myself. There are tons of resources on here regarding funding. It's not as hard as you might think. If you have any questions or need help feel free to reach out.
Rental Property Investor · Dallas, TX · Member since 2018 · 12 posts · 2 votes
8y
Thanks Jesse, I appreciate that. I’m glad to hear you say that it’s not as hard as I might think, because honestly I’m kind of intimidated having never done it before. Where do I find these resources you referenced?
Specialist · Las Cruces, NM · Member since 2009 · 557 posts · 71 votes
8y
@gary
@Gary Waddle, If you click on the "NETWORK" tab up top you will find another area with a tab for "Hard Money Lenders". I can vouch for a few of them. DM me if you have questions.
The search function will lead you to anything else you might need as well. Just click the magnifying class up top and enter anything you are search for. You will likely find what you need in the first page.
Rental Property Investor · Fulshear, TX · Member since 2017 · 24 posts · 28 votes
8y
@Gary Waddle I think your strategy is a good one. It's similar to what I'm doing as well. I think in single industry towns (I live in one as well) the best strategy is to flip and move the money elsewhere.
With regards to financing, hard money is a good place to start but you will quickly see that you will want to get to private financing as fast as possible. Hard money lenders can be difficult to deal with and in my experience you often have to front the cash yourself first and get paid back later based on their approval.
Carlsbad, NM · Member since 2017 · 40 posts · 10 votes
6y
I'm just chiming in to say Hi and ask how it's been going? I too am located in Carlsbad NM. I have bought 3 homes here, one a primary and two I bought and sort of BRRR'd into airbnbs. They have been doing quite well for me. I am a little nervous about the poor stock market/oil prices but I think oil/gas in this area is projected to continue at least another 10 years. Working in the industry I know that new drilling is ongoing and leases are being taken out for 20 years. Besides that there is the WIPP side, potential for alternative energy, and tourism so I'm feeling good about the economic growth in this region. Just wondering if there is anyone else out here?