New guy from NYC. Currently in El Paso, Texas (north mexico)

New guy from NYC. Currently in El Paso, Texas (north mexico)

Homeowner · El Paso, TX · Member since 2012 · 81 posts · 22 votes

I've heard about investing in real estate a good bit. I'm actually in the process of purchasing a quadruplex with my VA loan. I figure it may not make me any real money while I'm living in it, but I need a place to stay and this will make enough money to cover my mortgage and a bit left over for utilities. Would be more if I wasn't going to use property management, but I don't want the tenants to know I own the property and being military(more particularly EOD), I'm gone rather often.

I also own a rental property in NC where I was stationed prior. Has a good bit of equity in it, little more than 100k in equity. I plan on selling it in august or so(when the current rental lease expires). I was turned on to the idea of quadruplex properties as rental properties recently.

Problem is, it's kind of a pain to get the 20% down for properties in the 350k range. And according to everything I've read on here, most banks will only allow up to 4 personal loans to your name?

Guess I'll be doing a lot of reading and learning over the time I'm here.

If there's anyone in el paso, I'd love to pick your brain on the in's and outs, maybe partner up for something.

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  • Renter · Columbus, OH · Member since 2012 · 30 posts · 8 votes
    13y

    Thanks for your service Elliot!

    I am pretty much in the same boat as you, read my introduction post. It's good to know there are other guys out there trying to do the same thing that I can shoot questions to and ask of their opinion. My little brother is finishing his last month of EOD school at Egland, AFB in Pensacola. Not sure where her is heading after that if he graduates. I was an engineer and my other brother is a butterbar engineer in 10th mountain @ Fort Drum. I miss blowing stuff up. Anyhow, welcome. Hopefully we can be of some assistance to one another. I know I have already learned so much and made some contacts from some of the people here.

  • Earth · Member since 2012 · 20 posts · 0 votes
    13y

    Elliott, Welcome to El Paso and thank you very much for your service. Sounds like you have a game plan and a git'er done attitude. I think you will do well.

    If you aren't already aware, there are a couple real estate investment clubs located here in El Paso that meet at least once a month. You should be able to find more info on meetup.com.

    I'm curious, where in town is your property located?

  • Homeowner · El Paso, TX · Member since 2012 · 81 posts · 22 votes
    13y

    Hey Aaron, yeah thats cool stuff man. The EOD community is small and I'm a team leader, so maybe he'll be under me when i get back from this next deployment(coming up in january). Love my brother engineer's, sometimes they're a special bunch but you guys have saved my *** in the past so I like to return the favor.

    And Izzac, the property is on the east side of town. I'm sticking to this side mainly due to the growth and expansion of the region. Also, doing some homework, I see 3 current brigades (thats approximately 10-15k soldiers, not including their families) currently gone from fort bliss all due back approximately the september time frame. So I am going to take an educated guess that the east side of el paso is going to see a huge influx of renters and business when everyone returns.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey Elliot Mendoza - Welcome! I love the way you are starting this investment career - quadruplexs are my favorite. Just be sure the numbers make sense. Also - very smart not to let the tenants know you are the owner! It has saved me so much hassle over the years!

    Thanks for introducing yourself!

  • Earth · Member since 2012 · 20 posts · 0 votes
    13y

    I think the east side has the most potential as well. It is growing like crazy and is very close to Fort Bliss. The number of returning soldiers you provided is good to know. I am curious though, it is not hard to see the houses going up on base. How does this affect the number of potential military renters on the outside? Are there not enough houses or do military families generally prefer to live off base?

  • Homeowner · El Paso, TX · Member since 2012 · 81 posts · 22 votes
    13y

    They -are- building more on-base housing, but lets face it, 10-15k soldiers coming back within a 2 month span, and sure lets even say 1/3 of them PCS to another duty station or leave the army entirely within 3 months. The rest of them still need housing for their families. And even with the current housing development, it wouldn't be enough to support the sudden influx of soldiers coming back. They're also building more working buildings in general to expand bliss as well, which means more soldiers coming to fort bliss from other duty stations.

    And yes, most soldiers prefer to live off base in general. More privacy overall and less people breathing down their necks about pretty much everything. I plan on making my properties pet friendly which will expand my market of renters as well, just adding an additional pet rental fee per month.

  • Homeowner · El Paso, TX · Member since 2012 · 81 posts · 22 votes
    13y

    @Brandon Turner Hey there(just figured out how to tag your name right after i said I didnt know how to hah). I'm new, but I read a lot and am slowly becoming obsessed with absorbing as much information regarding these subjects as I can.

    Maybe I'll eventually pick your brain some. I spent a few hours last week making an excel spread sheet for investing into quad's. If you're interested, maybe I can send it your way and tell me what you think, maybe let me know if i missed something or some way of improving it.

    Any tips are always welcome.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Sounds Good Elliot Mendoza! PM me anytime!

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