Historic Adobe home in North Albuquerque downtown

[Shane Dolinski]

Investment Info:

Single-family residence buy & hold investment in Albuquerque.

Purchase price: $196,600
Cash invested: $196,600

Historic Adobe in North Downtown Albuquerque.
80 year old, fully remodeled home in a gentrifying area of town. Huge lot that we will be adding an ADU at some point in the future.

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

I spoke with the owner who wanted me to list this property. She told me what she wanted to walk away with and wanted an easy deal. We agreed to a cash deal with a quick close.

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

I met the owner who was giving away some stuff and chatted with her. Found out she had a property she wanted to sell. Kept in touch with her and when she was ready she had me come to discuss options.

How did you finance this deal?

All cash

How did you add value to the deal?

This was a turn key property. I raised the rent from previous ($1500) to a little above market ($2000).

What was the outcome?

Happy investment with happy tenants and happy owner :)

Lessons learned? Challenges?

The owner asked me after we closed what I rente it out for and when she found out I raised the rent she was upset bc she didn't think we could get that much and she thinks she should've sold it for more...takeaway, do not discuss terms with previous owners.

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

I am a licensed Realtor in NM.

[John Myers]

@Shane Dolinski

Congratulations from a fellow Albuquerque real estate agent and real estate investor. Sounds like a great deal as it is almost impossible to find anything under $200k. Especially downtown Albuquerque, great find!