All Forum Posts by: David Torres

Thanks for the mention @Sean Gover .  The other 2 meetups are:

Meetup.com/NMACRE

and

Meetup.com/ABQREIA or ABQREIA.com

@Preston Smithundefined  You are the second person I know who has done a 203K loan with difficulty dealing with the contractor. Would you do it again?

Vacancy in Albuquerque is very low and rents are actually on the rise.  That area is in transition.  Lots of new buildings going up along 4th st, but it is still a little rough.  The North Valley is weird like that though, you can have a trailer next to a million dollar house.  

What kind of condition is your building in?  It seems like that is very cheap for a 2 bedroom in ABQ, but a lot depends on location and condition of the building.

Good luck and let me know if I can help.

I agree with you here, however, rentometer is just an aggregator.  It takes info from sites like Zillow, Rent.com, Trulia, Craigslist and others and puts everything on a map.  It is the asking price of the rental, not necessarily what it goes for.  In my experience in the markets that I operate in it is accurate.

I tend to not only look at the average, but also the median to see if things are skewed one way or another.

Real Life example: 

I recently rented out my property for $1125.  Of course it had the upgrades I mentioned (tile, granite, upgraded baths, etc) and it also had a large 2 car garage where others in the area have been converted.

Good luck and let us know how we can help!

Michael,

I don't know if you can increase your rents based on improvements.  However, in my experience locally, you may have shorter vacancies and longer tenancies.  I tend to put in nicer finishes (granite, tile, good appliances) and it usually only takes less than a week to get my units rented.

Have you checked out rentometer?  I find that it is a good tool to find out what rents are for an area.

@John McDermon there are several active investors in NM doing the BRRR strategy (Myself included). It is even possible in SF. Let us know how we can help you.

@Derek Hemerick if I were in your shoes, I would reach out to @Guy Gemmer.  He not only operates a successful property management company, but also actively invests in MF across the city.  Not only that, but he is a heck of a guy to boot!

Your title company should have a mobile notary they can send to you.  Good luck with the deal, if any of us New Mexicans can help, let us know.

Jason, I have used Kim Kissane at Premiere Choice Mortgage.  She was able to help us out when no one else could.   There are also some programs (I believe) specifically for health care professionals in NM.   

Main Bank here in Albuquerque also does some portfolio lending.  Call Mike Sandoval and he might be able to set you up.

Good luck with your search!

Thanks for the shout out Gannon.

Two meeting in town:

www.meetup.com/acrenm

www.meetup.com/abqreia

Hope to see you at the next meeting!

Dave

Yup check out meetup.com/nmacre for more details.

Your other option is meetup.com/abqreia