All Forum Posts by: Carlos Soto

@Steve K. Thanks Steve, I sent you a direct message to try to get some additional insight. Seems like the other offer another investor made will most likely win out on this deal anyway.. I'm going to make an offer on a SFR Friday if all looks right during the walk through which will be the 3rd property that I've tried for. Seems tough to win out for me so far.

@Frank Wong Thanks Frank, I’m going to put an offer in today, I was just speaking with my broker and he said the bank told him the other offer they have is a “solid” offer...We’ll see what happens, if they come back asking for best and final I’m thinking 205k will be my limit. Not sure if it’s worth offering full asking of $216k.

@Larry T. Thanks Larry, I’m putting an offer today of $198k and see how it goes from there, the bank is asking $216k.

@Michael Noto Thanks Michael, yes the neighborhood is definitely average to good. Taxes are not bad in NM.

@Kim Wendland Thanks Kim using the bigger pockets calculator and the 50% rule feature it shows it cash flowing $343 a month.

My broker brought me a deal for a Tri-Plex , I’m wondering if you all think it’s worth pursuing.

Here’s the breakdown.

Purchase = 200k

Rehab = 20k

2 units rent would bring in $750ea

1 larger unit would bring in $1000

Not a lot of property maintenance in terms of landscape.

Estimate on Water, trash would be $200

Estimating 5% vacancy cost

I would not be using a property management company to start.

The ARV would be apt 300k.

Thoughts on this deal?

I know another buyer has an offer in as well so if it is a decent deal what’s the highest you would go to win the deal?

Thanks for any and all advice.

Carlos.

@Jens Nielsen Absolutely let’s connect, I’m interested to hear your approach and strategy. I am definitely willing to share what I have going right now including a very good and trustworthy contractor. Let me know and I’ll be happy to meet with you.

@Aditya Oza thanks for the advice, I’m also working with a broker who has a multi family lead for me to review.

For everyone on this thread thank you for all of the comments and advice.

I’m definitely not giving up was just a bit frustrated last night.

I know there are deals to be made so onward and upward.

I appreciate everyone’s support. I’ll be sure to share when I do find that elusive deal :)

@Garric Nahapetian no not yet, would like to figure out the Albuquerque market because I feel like there’s opportunity here. I’m new to this market. I know the AZ market well but since relocating I would really like to know this market well and take advantage where I can.

Understood, but there is no cost to the money because it’s my cash but just trying to get an idea of how much under market I should be looking for to know if it’s a good deal. I’m new to the Albuquerque market. I’m from AZ and know it well but just learning Albuquerque.