All Forum Posts by: Carlos Licon

Hello Aldo!

Yeah I looked into the AirDNA website but some of the numbers looked unreasonable that's why I kinda wanted to verify with people in the area that have short-term rentals. And correct I think the host can choose how much the cleaning fee is but the renter is the one who pays for it. 

Good Morning BP Community!

I am considering purchasing a single family home and renting as a short-term rental instead of the traditional long-term rental strategy. However, I am new to the Short-Term rental game, and I wanted to hear from people who have short-term rentals in Albuquerque. I know the answers are going to vary depending on a variety of different factors, but I was more or less looking at a 3/2 home in the NE heights area. 

So I was wondering what the average occupancy per month is, the average daily rate, and average monthly expenses (cleaning, management, etc)? Any insight is helpful, thank you. 

@Ryowon Kim

Thank you for sharing the article I will look through the software's mentioned.

@Nathan Gesner

That's a very good point, I didn't think about the base fees that others would also have to pay! In that case I think I will most likely just split the bill three ways with the other tenants.

Yes that's pretty accurate, I currently rent a place for $1,100 so technically I would be saving like $600 from living in one of the units. Good point, combined that with building equity, home appreciation, and the current low interest rates I guess it doesn't sound bad.  And no, once I move out I should be positively cash flowing around $400-$500 if I self manage. 

@Kirsten M.

1) I understand that it is pretty rare for the water to be subdivided on small multifamily and that the cost of that can be very expensive. I see, you simply divide the bill between the tenants or I can also try a simple flat fee that's included with the rent. 

2) Yes that's pretty much what I have been told, that if I am going to live in it to not settle for a bad area with better cashflow. While I live in it (1-3years) the cashflow will be negative but once I moved out I should be positively cash flowing $400-$500. 

3)I have heard of Paypal and Venmo, I'll look into Zelle.

4)I talked to Travelers today but they said they couldn't insure the property because the units had wood burner stoves. 

Thank you for your Input!

I am currently looking at a Triplex to house hack, however the numbers do not look great and I am looking at ways to try to optimize them. 

1) I often hear Brandon Turner say to Subdivide/Submeter the water utility that way tenants can pay for their own water. Though, from my understanding the ABQ Water Authority doesn't let you, but I was wondering if any investor in Albuquerque has done that successfully? 

2) I would have a negative cash flow of about (-$500-$600) depending on the final details of the insurance and utilities. But I would be living in a nicer area 2bed\2bath and garage. Or I could choose to purchase a multi-family in a not so desirable area with other issues such as (crime, vacancy, and parking) but I would break-even or possibly cashflow a little $100-$200?  

3)Any recommendation on a good Software to collect rent?

4)Any recommendation on a good insurance provider for a Triplex in Albuquerque?

@Jens Nielsen Yes sir I am aware of some of the bad areas. I am staying away from most parts of SW, SE (Expect Nob Hill & University Area), and Central. I am mostly looking in the NE, north of LLomas Blvd. And yeah ofcourse, I am always interested in learning from individuals like yourself!

@Stephanie P.  Thank you for clarying!! The lender who said that was a big national bank, you're right they probably just do that for additional protection. 

@Joshua Young Okay thank you, I was always on the impression that you could do 3.5% down on 1-4 Units but that lender made me question myself. I'd like to connect with you sometime. 

I am currently looking at a Fourplex to house hack, I am planning to live in one unit and rent the others. Therefore, I plan on using an owner-occupied FHA Loan. However, I was speaking to some lenders and they are saying that I could only put 3.5% down on a Single Family or Duplex. That if the property is 3 or 4 units I need to put 25% down. Can anybody please verify this information?

I currently live in Albuquerque NM, and does anybody know a good lender?