Albuquerque, New Mexico Investing - Multi Units

[Brian Hester]

Hello all...

I am currently a real estate investor in the state of California and doing research to start investing out of state.  I have been considering Albuquerque as one potential option but not too familiar with the area.  Looking for "boots on the ground" to give feedback on B to C areas, 4 to 8 Unit properties.  We are looking to purchase up to 24 units in the next 12-18 months.  We are looking for good Management Companies, contractors, and wholesalers that deal in these areas.

We would want to form a good relationship with a wholesaler that is experienced in the Albuquerque area, someone that has a finger on the pulse for the market.  We will be traveling to check out the areas before the end of year and would want to meet with as many individuals that we feel necessary to form a good group with.

Please comment if you are serious and please experienced individuals at this time.

[Ted Wilcox]

I am in the process of buying a multi-family complex.  Albuquerque is a bit of a strange market for multi-family and I think you need to be very conservative in your underwriting.  On the other hand, Costar has given it an A rating.  The prices for complexes tend to be really high here, but occasionally they pop up with good prices.  The complex we are purchasing was on the market a year ago for double the price, which was not a good deal.

I am one of the organizers for Apartment Investment Mastery, Albuquerque, a meetup group here in town.  There are quite a few members including some of the people you are looking for.  One purpose of the group is networking among members to find the people you need, so you might look into the group as a resource for yourself.