All Forum Posts by: Joel Belding

@Rob Cee The housing market is starting to pickup here in Albuquerque a bit. If you can manage to hang on to it for a few more years, chances are that you will start to see some good appreciation in it. Which part of Abq is it in? Rental rates are starting to rise here and maybe it is a good time for a rate increase. If you want to send me the address, I can put together a BPO for you and let you know what the average rental rates in the area are.

-Joel

@Rob Cee If you bought it a long time ago, can you refinance it to a lower payment and get it to cash flow? What part of NM is the house in?

Alternatively, you could try selling it on a wrap. That would give you a good down payment.

Let me know if this helps!

-Joel

Hi @Roy Stange! Welcome to the forums! This is a great place to learn about investing. Make sure to setup some keyword alerts and read through the forum articles that pertain to the type of investing that you are looking to do. Don't be afraid to ask questions: there are tons of experienced investors here!

Hi @Sean Kehoe. I know an investor friendly Realtor in Albuquerque. ;-)

This is a very good question and I too would like to hear people's experiences.

@Katharine Chartrand Most lenders are very hesitant to lend against vacant land. I know an amazing, investment friendly lender in Albuquerque that can help you with just about anything you may need. Send me a message if you would like his contact information.

Hi @Sean Kehoe. I am a Realtor here in the Albuquerque/Rio Rancho area and I specialize in working with investors. Feel free to give me a call with any questions that you have! (505) 203-2002. Thanks!

-Joel

@Caleb Matteis As far as putting a team together, @Darren Sager is right in that you want to do that pretty early on. My recommendation is to make friends with a Realtor in your area. Usually, they will have most of the team put together already. Realtors can put you in touch with contractors, lenders, escrow agents and real estate attorneys. They can also sometimes find you great deals on multi family units!

-Joel

Not a problem! Feel free to let me know if you run into any snags and I will see if I can help you fix them!

@Rao V. Many good properties never make it to the MLS. Are you looking for fix and flip properties? If so, get in good with some wholesalers. They can bring you tons of properties, but be cautious as what seems like a good deal to them may not be a good deal for you, so make sure to do your research on any property. As for properties on the MLS, get in good with a Realtor that can notify you when they come available. A good Realtor should be able to tell you within a few hours of a property being listed. If you can find a Realtor that works with investors, they may have a mailing list of properties before they hit the MLS. These are called "pocket listings". Another thing to do is check zillow and trulia. I find that they are updated more frequently, at least in my area. Craigslist is another great place to check, as sometimes people will try posting their house for sale there before contacting a realtor. I hope this helps!

-Joel

@caleb matteis Generally speaking, the sooner you start investing in real estate, the better! I advise that you have a few months worth of the mortgage payment put into savings before buying, so that you can cover the payments if there are any delays in getting a renter moved in. This will also give you a buffer in case you need to have some minor repairs done. If you buy your rental property at a good price, you can always sell it if you run into trouble. The key is just to get out there and do it!

-Joel