All Forum Posts by: Corban Kurz

Yessir, I did see recently that there are currently <4,000 homes for sale in Albuquerque (very low) and almost 6,000 active realtors, so that gives you an idea of how competitive the market is currently. Most everything I have placed offers on in Albuquerque this year has sold for more than the asking price. Just been my experience. 

@Chase Kimbrell Hi Chase, I am by no means an expert, but the areas near the airport and base do tend to be less than desirable. However, there are good pockets of neighborhoods that could work. I have rental properties off Eubank/Copper which is close-ish to base but still relatively decent, not great but rent well.

The market is hot here, so most anything that will pass a lending inspection is getting really high prices, so that would make it more difficult for anything that is on the MLS. I have been looking at MultiFamily for about a year now and have not bought anything yet. I have made offers on several, but haven't been able to land one.

I would stick to the NE Heights but close to Kirtland AFB rather than the airport if you want a nicer part of town.

@michael kay I will send you a referral as well. 

Hey Sean, Welcome!!!

I am definitely looking to connect with wholesalers for good deals. I gravitate towards properties that meet the BRRRR method, but have also dabbled in flips - open to both types. I will connect with you and would love to look at wholesale properties you get in the pipeline.

Welcome!

After the tax credit, it works out to be $3.95 per watt, is that normal? Or do you figure the cost per watt on the original sale price?

Hardball the company Erus Energy to remove the system? Is that possible?

I doubt that is an option looking at the purchase agreement. The current homeowner does not want to deal with paying for the system after the sale of the home and she can't pay it off before the sale. I can foresee this being a foreclosure down the road unless she is able to come out of pocket with money. 

I am not sure (and neither are the sellers) if the system is covering all the electrical costs of the home or not, so paying $280/mth or $195/mth on top of a PNM bill would be asinine.

Thank you so much for the information. In the copy of the contract I have, they appear to have not paid anything down, so owe $44,782 minus the 4 months of payments already made I assume. They financed the total amount. 

The system seems big with panels on both sides of the home's roof. It is rated as a 7.93kw Micro Inverter system in the paperwork. It also appears that they separately metered the house and the apartment which is good. 

I have no experience with Solar, so learning on the fly. I appreciate your help and responses.

It appears to be an owned system financed over 20 years at 3.99% for a payment of $281/mth, however, there is some rebates/tax credits that I don't know if were submitted that could bring the monthly payment down to $195/mth. 

Even if the solar appraises with the property, you could essentially roll in paying off the solar with the mortgage loan right?

Greetings All...

I am curious if anyone has experience with Solar Contracts. 

The back story is that I have an off-market lead for a rental gone wrong that they want to sell quickly and easily. The mother (an older lady) bought the property her for her son who was renting it out. The son stopped being consistent with payments, and she has evicted everyone from the property. I like the property as it is basically like a duplex with a 3br, 2ba home and a separate 1br/1ba apartment/mother-in-law quarters. The property itself needs a little work, but is not in terrible condition. With both units, I like the potential for rent income. 

The main issue is Erus Energy got the son and mother into a recent Solar Contract for $45k with 20 years of payments at 3.99% for a payment of $280/month. I don't know why or how they thought this was a good idea, but I have no interest in the property with the solar contract. It appears to me that the solar contract remains with the signor (the mother) and they can lien the property senior to all other liens. 

Is there anything I can do to get them to remove the solar and buy the property without the risk of a lien? Anyone familiar with this?

Welcome and Good Luck on the search.