All Forum Posts by: Andrew Alvarez

Need comps run for a home I am looking to purchase in Litchfield Park.

5 bedroom, 3.25 bath, 4,624 sq ft

1/3 acre

No pool

Great condition, not updated.

85340 zip code

Cross street Camelback Rd and N Dysart Rd

Generally speaking, an 8-plex with an annual gross income of $91,200 would be worth how much to purchase? Cash purchase.

Thanks Dave. That is my experience. I believe I need to find bridge funding that will buy the property until the bank approval is done. 

Andrew

Hi Jens!!!

It was a pleasure listening to you speak at our Friday night meet up a few months ago; thank you.

I am in talks with WaFd now and Sandia Area CU is next on the list. Yes, the processing time is a killer, but I cannot let it become a deal killer.

I may need to use one of my hard money people to buy the property to stop the clock, then look at either doing a real estate contract with them or a standard purchase from them. 

Working on the plan as we speak. Your feedback is greatly appreciated sir.

Thank you. 

Thanks for the input Adam. It is much appreciated.

Hi Josh,

All on one lot. If you are local, I'd love to talk.

Andrew

I am buying an 8-plex in Albuquerque New Mexico. I thought the seller was originally going to carry for at least 6 months, but I misunderstood.

Instead, I need to either secure bridge funding for 3-6 months or find long-term financing. 

Apartment complex is fully occupied and not in need of any repairs.

1 3 bedroom

1 studio

1 2 bedroom

5 1 bedrooms

Majority of rents are currently below market.

Example: Current tenant leaving next month paid $650 rent for a 1 bedroom. Raising rent to $950 and have 4 applications in 2 hours from just a placing a Craigslist ad with no pictures. Albuquerque rental market is on fire.

Current rent roll is $6300 per month before increases.

Purchase price is $610,000.00.

Thank you for considering. 

You are welcome to send any additional amount of tax to the government that you want, for any reason, instead of using it for your family. For this reason I do not understand what the issue is. 

@Jorge Manguane

Email me as well if you service Albuquerque New Mexico.

Used to be in to flash and fixing up cars. It took me years to realize what a waste of resources that was. I have a nice 2008 F-150 4x4. Second owner, no accidents, no dents, dings or scratches. I take very careful care of it, keep it washed. Wax it twice a year and always keep it serviced and operating perfectly. I get compliments on it all the time. Especially by people who find out how old it is. To the income properties, I drive my "beater" truck. I prefer beater trucks for work because it keeps me humble, keeps my tenants thinking in not the "Greedy Landlord", makes me appreciate my nice truck when I drive it, keeps the newer truck miles down and I don't care too much about getting dings, scratches or random paint stains on it. Also lowers break-in possibilities. I still keep it in perfect running condition though.