All Forum Posts by: Joel Belding

Joey,

I saw that you posted this one on the Abqreia group. You should also post it on the Mastermind group.  Between the two, you have a good chance of finding a buyer. 

You should update the posting to specify that you are selling the contract as opposed to selling the house. That way you can be certain that there is no chance of it looking like you are acting as a broker. 

Since you have your assignment fee built in, and it isn't a whole lot, you should let your buyer know so that they don't try to squeeze the price too much.  The price seems pretty fair for the area. 

I would recommend a simultaneous close so that you don't end up having to pay so many closing fees (possibly none).  

Send me a message either here or on FB and I'll send you the contact info of the title agent that was setting these up here in ABQ. I hope this helps!

-Joel

@Frank Peraza

You might want to reach out to Amanda Han or Mark Kohler, as I believe they are both well versed in this topic.

@Frank Peraza

From what I understand, the Trust seems to be a more common method used. Your best bet would be to spend a little money up front and hire a good real estate attorney and CPA that can advise you as to which way would work best for you personally.

@Dana Curtis

Something to keep an eye out for in New Mexico is a house that has a Casita. The Casitas are usually easy to rent and a house with one doesn't usually cost much more than one without. You have to be okay with living next to your tenant for this to work though...

@Ansar El Muhammad I would show the seller the appraisal and ask for a discount first. If that doesn't work, try a second appraisal. This could be a great time to get a nice discount on your new property!

@nicholas seaver if you are interested in meeting up with local investors, you should talk to @david Torres. He runs some of the local meetups.

@tim greenfield I am not sure if Get A Grip's system is much different than a normal reglazing. They buff out the old surfaces and spray on the new coating. It takes about 3 days before the bathroom is usable again, but it sure looks great. The coating is pretty durable, but I managed to damage one time by dropping a wrench in the tub while changing a shower head. I had to have the tub redone. Also, if the tub has a leaky faucet handle, the water will erode the coating off if it goes for a long enough time, so I recommend replacing the seals in the handles at the same time. 

I hope this helps!

If the tub isn't damaged, you could have a company like Get-a-grip refinish it. They can do the wall tiles in the shower too, which can bring new life to an older house. I seem to remember it costing about $1200 per bathroom and makes it look great. One word of caution though, the tenants cannot put a bath mat in the tub after it has been coated. It will cause the coating to look damaged after a while. 

As for the paint, I let my tenants repaint the walls as long as they don't paint them black. 

250/month cash flow is about what I am getting in Albuquerque too. 

@David Torres This is awesome!  Sign me up!  I wasnt too thrilled about the old group, but I am excited to see what you have planned.  I would really love to hear from some accountants that are well versed in RE Investing.  I remember that there was one around Christmas about 2 years ago at the ACRE meeting, but I cannot find her contact info anywhere.

There are 17 of them on the MLS right now. PM me your email address and Ill mail the list over to you.