All Forum Posts by: Sherwin Price

This is great info thanks for bringing it up as I have noticed higher prices for properties that are of lower quality. @David Torres great presentation information. 

@Michelle St. Claire nice, I happy to see folks investing Albuquerque I have lived here my whole life and also invest in the area aoinds like a great deal!!

@Phillip Scalise there is a great book called start your own corporation by the rich dad poor dad folks was really helpful in describing the tax benefits for all sorts of corporations.

I think for me living in the Albuqueruqe area, I feel as though if you are going to do a flip people are looking for areas that are rapidly growing, I like the Westside area of Albuquerque, Taylor Ranch, and some of the SW Unser area for houses as I feel as though they would be some level of ease when selling and the home values seem to appreciate a little faster due to surrounding development. I think schools are important but most of the schools depending on where you live in Albuquerque have somewhat poor ratings, in areas in which you would be able to buy and force appreciate a SFR enough for it to be profitable. I hope this helps.

Took me about a year lots of reading and then a whole 6 months to figure out where to find deals in my area

@Kirsten Marino so right now that's where I am i have been trying to network more, build greater relationships, been formulating more ideas on finding deals around town, I have been working with my realtor who has some connections but still learning. How about you?

Hello all I also recently started with my first investment property here in Albuquerque, I am scheduled for a networking meetup later this month but would love to get together with some of you all and discuss what you might have going. I find that the deals are here in Albuquerque but you have to be quick and not rely on the MLS.

Hey thanks all, so the home ended up appraising for 145,000 my current mortgage on the property is 75,000. I am currently renting the home for $1,100 per month with a little under 500 in cash flow. I am currently doing the property management. Rehab took about 3 months although I completed the majority of the work myself (although on the next deal, i will plan for more upfront rehab funds to have some items completed by others, to decrease time, I have a day haha). It was almost a complete rehab, floors, paint, bathrooms, and kitchen. I am in the refi process and am going to pull my initial investment out roughly 35,000 out of the home to start the next deal. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $95,000
Cash invested: $30,000

Found a single family home with 4 bedrooms and an office in central Albuquerque for less than 95,000. Invested a total of $30,000 including down payment to rehab and turn into my first rental. Looking to refinance and obtain the initial $30,000 investment and move and accumulate more properties.

What made you interested in investing in this type of deal?

The area and price where a large motivator.

How did you find this deal and how did you negotiate it?

Was a VA foreclosure caught it the first day on the MLS

How did you finance this deal?

Conventional

How did you add value to the deal?

Rehab, and update

What was the outcome?

Currently renting with my first tenant

Lessons learned? Challenges?

Plan for complete rehab cost including, cot associated with older homes, permitting, and the like.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes Trung Doan of Equity NM