All Forum Posts by: Blake Paschal

 Ryan,

Yes, overall there aren't a lot of options to choose from, but there are options. It's a small village so making connections helps a lot. There is an online group for the village that is very helpful for quick answers, recommendations, reviews on services, etc. There are some good local realtors and contractors depending on what you need done and when.

We use a local property manager to help be the "boots on the ground" and make sure cleanings are handled, the road/driveway gets plowed, and any urgent matters are tended to quickly. That's been crucial - he's reliable, responsive, and I'm sure he has many local connections to utilize. I can certainly refer him if needed!

Here's the link: https://www.airbnb.com/rooms/949204244568278040?adults=11&am...

Hi Ryan! Things are going well overall. Still ironing out a few kinks, but so far it's mostly cash-flowing at the break even point. At the very minimum it's covering the monthly note, which is at a pretty atrocious interest rate, so I'm hopeful for rates to keep trending downward to help increase cash flow. The majority of our rentals so far are in the December-January months, and Spring Break is also starting to fill up.

Winter is definitely the biggest season for STR in Angel Fire. Summer has mountain bikers, so if you get a condo near the lift you'll get some solid summer traffic I assume. We're about 10 minutes from the lift and didn't start renting until fall, so not sure how it'll do with the summer traffic yet.

There are a few reputable property management companies around. It's a small community though, so it's important to find someone local who can be on call for you, ensure same-day cleanings when needed, etc. I've had a couple of minor things come up where I needed a local person to help out since I'm 4 hours away.

I take the family down frequently, so we are getting a lot of use out of it when not rented. It's an amazing valley with fishing, biking, skiing and hiking. The current goal is to break even and enjoy the property for personal use as much as possible. Hopefully the home will appreciate, and if cash flow is positive then that's a bonus! It's just that the busy months have to carry the slow months, so if you have a sizeable mortgage with a higher rate it hurts the ability to go positive.

I'm sure things will vary depending on type of home (condo, SFR, etc.) and location (proximity to the slopes is big). We have a 4-3 home (2,500 sq. ft.) on some land with great views of the entire valley. It's nothing fancy, but the land and views definitely help sell it. We are allowing guests to bring dogs because it should bring in more rentals (they pay a pet fee). We are newer and have the house at a pretty cheap rate considering it can sleep up to 15 people comfortably.

If I missed anything, let me know!

I'm struggling to find a reasonably priced insurance policy for a manufactured home in Angel Fire, NM since it is also a STR. State Farm insured it at first for a good premium, but then the underwriter denied it because of a small claim on our primary residence in another state (which seems unfair). Now I'm being steered towards American Modern, but the premium is twice as high! Any suggestions?

Still setting up, buying furniture and all that. Hopefully the listing goes live by mid-July at the very latest.

Investment Info:

Single-family residence buy & hold investment in Angel Fire.

Purchase price: $405,970
Cash invested: $115,000

4-3 single-family residence sleeping 14 at the top of a serene hill with sweeping views of the entire Moreno Valley, Mt. Wheeler, and the village of Angel Fire. Conveniently situated less than 10 minutes from the resort for great skiing and mountain biking, and less than 10 minutes from Eagle Nest Lake for fantastic fishing and boating.

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

Vacation home for the family and income stream.

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

Searched online, negotiated with realtor.

How did you finance this deal?

Part cash, part conventional financing.

Hi Everyone,

I just bought a 4-3 SFR STR in Angel Fire, New Mexico and I'm looking for general guidance on the area. How have your STR's done there? Is the summer demand picking up since they're establishing themselves as a world-class bike park? I've done research to determine average rates, occupancy, seasonal demand, and talked with a couple of locals who are in real estate. I'm a lender, so I secured financing at an ugly rate with hopes to refinance in the next 12-24 months. Cash flow is going to be very tight until then, so anxious to see how things play out. Just looking for some advice/guidance from those who have invested in the area.

Thanks!