All Forum Posts by: Chris Thomas

They are quite different. Ruidoso is bigger, and much more touristy. There is more to do, but it gets more crowded. Cloudcroft is much smaller, but much more quaint. It still has the "old west" (railroad town) feel. I grew up in El Paso and spent a good bit of time in each. My preference was always Cloudcroft.

As far as the markets go, the challenge with Cloudcroft is supply. There is almost nothing for sale and there hasn't been for a while. Most of what is for sale now has been on the market for a while because it's way too expensive. Ruidoso has much more supply, so it's easier to find "deals".

One interesting fact about Cloudcroft is that is has very few long-term rentals. There is a big demand for long-term rentals because a lot of people want to work in Alamogordo but live in Cloudcroft. If you were interested in long-term (short-term), you would have no problem renting it and would probably make more money. There are LOTS of short-term rentals in Cloudcroft, especially given its size.

I'd recommend the Blue Canyon Team (now Future Real Estate). Sadly, their best realtor past away last year, but Joey P. is a good choice.

Cloudcroft is an interesting market. Let me know if you want to compare notes at some point.

Good luck.

https://bluecanyonteam.com/blue-canyon-team

Hi Amy, I agree with the posts above. The market in almost all areas is very high and deals are hard to come by. El Paso, like most of the country, is a whole lot more expensive than it was a few years ago. Also, and not to be a downer, but the property tax rate in El Paso is just over 3%, so make sure that is part of your equation. You might also try looking in Southern New Mexico where tax rates are much lower.

+1 on Northern Pass Properties

I've had a good experience with Northern Pass Properties.

Thanks all. Appreciate the quick and thorough responses. Sounds like a resounding no.

Greetings BP community,

What are your thoughts around home warrantees? I purchased on long-term rental property last summer and the seller included a 1-year home warrantee. It's up for renewal and I'm 50/50 on whether it is a wise "investment".

Home is 100 years old but in relatively good shape (few inspection issues). Purchase prices of the home was $170k. 1-year renewal in the warrantee is $540.

Thanks in advance,

Chris

Stewart Title

What made you choose Alamogordo? Interesting market.

And how did you build your team there? Did you have contacts in the area?

Great thread and good insight here. Some of this might have been covered, but a few notes:

Dallas - will keep growing forever, and lots of companies moving there. If you can find "deals" it's not bad.

Houston - not much to add here. Cool town, but with humidity, bad soil, hurricanes/floods, and mosquitos it's got some detractors. Decent market and cash flow, but need to buy in the right area.

Austin - lived here for 20+ years. Awesome town, but the deals are long gone. Even in the "less desirable" neighborhoods.

San Antonio - agree here with the positive sentiment about SA. Big town, lots of character, and slightly easier to find deals than the other big cities. Not as trendy as Austin, but has several large employers (HEB, Whataburger, USAA) and multiple military bases.

El Paso - Cool town and close to lots of cool outdoor activities. Lots of growth, but many people are not really sure where it is coming from. There are a lot of restaurant and entertainment chains moving in (Alamo Drafthouse, TopGolf, etc) but there aren't many jobs outside of medical and service industry (lower paying). Even thought it's a lot cheaper than the other big markets, I think it is a bit inflated. Also, some of the highest taxes in the state.

I'd agree that the area between the 4 big cities is best. Nothing between Houston and Dallas or Houston an SA, but between SA and Austin is probably idea. Waco is not bad, but has seen a lot of appreciate due to all the Chip and Joanna nonsense. 

Also, for out of state investors, when we say "high property taxes" we mean 2.3% to 3%. That has obvious implications for cash flow, so plan accordingly.