All Forum Posts by: Lydia S.

@Moni Pierre

Forgive me, but I am confused, and maybe it’s because of processes in different states.  You’re saying buyers signed closing docs, and you didn’t?  Why did you not sign the same day and complete the sale?

Deleted, I misunderstood your last post.  Wishing you success!

@Jesse King 

Did you bring up seller financing or did he? I would speak with a few of your favorite lenders and ask if buying the other half of the duplex requires x% down or what your options are.  If you choose to run with seller financing, maybe negotiate a longer term for payout if 2 years doesn’t appeal to you.

@Svetlana G. It sounds like  you’re willing to give up that 3% seller credit but the buyer needs that, so keep the 3% credit intact and reduce the purchase price by 3% instead- you will essentially net the same amount.  Does this take you to the appraisal amount?  

Have your realtor run some calculations to show you, but hopefully challenging the appraisal works out for you.

@Lee Scites

What was your plan when you began the training if not to get licensed?  Until you take the state exam and sign up under a Brokerage, you cannot practice as an agent or Realtor so why not get to the finish line and find a brokerage that deals with a lot of investors?   You can still keep your other job and do both.

@Nicole Heasley Beitenman

Why wouldn’t you?  I think you should tell them, rather than ‘hiding’ the connection.

@Tanaya Fisher

Additionally, if your weekends are free from your other job hours, you can hold open houses which have been my favorite lead gen strategy.

@Tyler Keepers Your financing contingency is only an out if you can’t get financing... which I suspect you can at this point.  

What’s the condition of the property?  Are you expecting significant repairs soon or will you be fine for some time to come and collecting a decent cash flow?

@Sam Pant

Did you ask the Realtor for comps on the current condition of this property or did you ask for a potential after repair value?  

If these are the only comps available in the area and you improve the home, you have to consider what value an appraiser might put on those improvements.

I suggest asking the Realtor to revisit the CMA to see if there are any comps that are able to support a higher value and are updated with features you intend to offer.

@Kevin Hernandez

Hello and an early welcome to Albuquerque!  

There are many areas in ABQ for you to consider, and you’ll find the architecture of homes here quite different.   Large numbers of homes near UNM are Southwestern and have flat roofs with stucco exteriors, but there are other styles as well including some rather Victorian ones closer to downtown.  There’s also significant use of xeriscape landscaping out this way.

It really comes down to your budget and how close you wish to be to UNM.  I am near the Sandia Mountains but with easy freeway access, can be at UNM in 15-20 minutes.