Looking to purchase small multi-family in ABQ from out of state

[Kendall McFadden]

Hello all,

My wife and I are in the process of re-locating from Fort Worth, TX to Denver, CO and want to get started investing in small multi-family properties on Albuquerque. While we chose to move to Denver for several personal reasons, there are a lot of things I prefer about Albuquerque and I am looking to use the money from our home sale to begin investing there. 

I have been listening to podcasts, and reading books for a long time, but this will be my first rental property purchase. My wife and I are both teachers secure in our careers, not looking to get rich quick, but to simply use the equity we built in our primary home in Fort Worth to begin a real-estate portfolio in Albuquerque instead of buying into the crazy expensive Denver market. 

I have an aunt in ABQ, and travel to El Paso for my wife’s family regularly, but do not anticipate making trips specifically for real estate to Albuquerque often. We’re looking to purchase a small multi-family property in the <$500k category using traditional financing with a 20-25% down payment, or seller financing if it can provide a better opportunity. I have seen quite a few 2/1 quadruplex’s in certain neighborhoods within this price range that seem of interest, but would appreciate the opportunity to gain advice from a professional with experience in the area about the security of these types or properties. 

I look forward to hearing from folks and beginning my investing journey in Albuquerque. 

[Jens Nielsen]

@Kendall McFadden welcome to BP.

I have been investing in Abq for 6 years, and have owned 6 different properties, from 4 plexes to a 38 unit apartment complex. 
Abq has seen a lot of rent growth this past year, so it’s a great market to invest in. At the same time, apartments are expensive and the competition among buyers is high. You need to be careful about the area you invest in. The city has some challenging neighborhoods. Especially east of the Fairgrounds. 
Feel free to DM me and we can connect further to talk about the market.