All Forum Posts by: Tyson Hosey

@James Mc Ree very true. And I believe I will as soon as I get the info from him! 

@Brent Coombs thanks for the advice. I'm going to look at the pictures of the property once he gets them to me and I see if it makes sense to go with less. I feel like I could "safely" go with 25-30 on my official offer. 

I'm looking to propose a deal to a Private Money Lender. I haven't introduced myself to them yet, and I'm wanting to make the best impression so that I have the rapport built to get his help completing the purchase of a buy and hold property. What my intention would be is secure the property for 38,000 or less from the seller using private money, then refinance the property (cash out, home equity type) pay back the PML asap for the agreed upon interest. 38,000 + 10% back to the PML in like 2 months max? is that a transactional lender? Hard Money Lender? Something I'm not sure of? I'm new to the game, so I'm not 100% on this stuff. 

I live in base housing at Kirtland AFB, my wife and I have looked into buying rental properties here and it can have it's issues, but from all the research I have done, it can be a VERY good situation for an investor. You can set up the allotment to you instead of having it go to them first which is nice. You might have turn-over, but you can prepare for that.

You really need to know your area though. From what I've seen around several different bases is that the immediate area surrounding the base (where it would make most sense to have rental properties) is a REALLY rough area where your potential tenants would not want to live. While that can be managed, it would increase your turn-over rate more than the typical turn-over issues with military. So looking outside of those areas and finding those good markets in that town is highly suggested, and what I'm currently doing.

Hope that helps, and feel free to message me for more details, or we can continue the discussion here!

Brent Coombs this was the first mentioning of the property at all, and the potential price was brought up by the seller. A little back story, the selling agent is the property manager for the property that I currently own. I asked him to search out other deals for me, and he let me know that he has this one that he already manages that he could sell to me. So I struggle between getting a property that isn't a horrible deal and in my price range, and wanting to negotiate it down without offending my PM.

I'm brand new to Real Estate investing, I have a property currently being rented that was my primary residence. Now I've found a property that would be the first one that I've bought specifically for a Buy and Hold investment. I know the area, not the specific property, but I feel like it could be had for less. It's currently rented by a tenant at a good price. It's my first deal so I don't want to be stingy, but at the same time a deal is a deal... What do I do? (38,000 original offer, I feel like 25-30 would be more appropriate)

Hello @Donovan Vicenti I'm also new to the ABQ area, REI and BP. I have one property back in St. Louis that was my primary residence that I turned in to a rental. But other than that I'm trying to get the wheels rolling also. Not sure how the non-market place forums work as far as collaborating, my previous post got deleted because I didn't follow the rules. I guess the way to do it is to just search out my profile here on bigger pockets and we can share stories and introduce ourselves.