New STR/MTR investment in Albuquerque, NM

[Jason Reuben]

Investment Info:

Single-family residence buy & hold investment in Albuquerque.

Purchase price: $235,000
Cash invested: $68,000

New build. Great location. Will be used as a STR. This deal was a great example of what a rock star agent and mortgage broker can accomplish. 60 day start up timeline with the help of Rob Abasolo's Host Camp.

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

Location. Unique, design forward property. It almost seemed purpose built for STR to me.

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

This deal was found on the MLS, and negotiated by my agent. My agent and I come up with the plan, and she executes.

How did you finance this deal?

I used a DSCR loan. Had some challenges with my lender changing their equity requirements to the point that the terms were going to kill the deal. My agent came to the rescue with a rock star lender that came in assessed the situation, originated and closed the loan in 2.5 weeks.

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

I fully recommend my agent Leslie Villareal with Coldwell Banker and my new lender Sean McMurtry with NM Mortgage Advisors. You can find Leslie here on BP.