All Forum Posts by: Joshua Young

Hey @Jake Salerno, happy to hear your moving to Albuquerque soon and wanted to get hands on experience investing here. Always glad to see someone with your background and skill set take the leap and actually get their hands dirty. I have a background in Real Estate Finance and I can tell you, it’s one thing to understand how to analyze deals but it’s another thing entirely to learn how to execute. At the end of the day it’s a relationship business. Happy to connect more if your interested. Welcome again!

@Paul Sanchez get a structural engineer out there to take a look, foundation issues can be a major concern and not worth the risk. PM me and I can shoot you local some recommendations.

@John Apolinar while the uptown area of Albuquerque is not as popular from an STR or Mid-term perspective, I personally think it's a great area to get started. Among other things, it's close to shopping and it's easy to get to some of the more popular tourist destinations like Old Town or Nob Hill. The homes themselves are going to be a bit larger than a house in Old Town or Nob Hill so keep that in mind. For a 3-bed home, the occupancy in the Uptown area is about 80% with a $150 nightly rate, of course there are a lot of other variables that will either make it better or worse.

@Jens Tutzauer getting close to the 1% rule is tough especially in this market. Here in Albuquerque properties do exist that can satisfy it on paper but sometimes actually collecting it is a different story. The investors I’ve seen successful in doing this have a local team managing multiple properties for them. 

Hey @Ian Tyndall, local broker/STR operator at your service. Both Corrales and Placitas have their own unique rules regarding STRs. Let's connect, I'm happy to help.

Hey @Greg R.

I do STR in Albuquerque as well but have never had an issue with unknown guests however our place is very small. When I was doing it on a larger scale we had an issue with people smoking so we included: "As a reminder, we have a strict non-smoking policy (illegal or legal) and by booking you are subject to a $500 security deposit if this rule is not followed. Additionally, there is a $300 per guest per night fee for any guests over the two guest occupancy. If you do not plan on abiding by these rules, we advise you cancel immediately."

I'm not sure of its enforceability but it was really effective and made people think twice. You could also set an extra guest fee over a certain amount and make it a high number.

Hope that gives you some ideas.

@Charles Schram I am available as a buyer's' agent, I just DM'd you.

@Andrew Alvarez

Hey Andrew, Albuquerque broker here, is the property on a single lot or are the lots separated? Anything more than 4 on one lot will require commercial lending, with 4 or less there are more options. Let me know and I can send you some recommendations either way. Thanks! 

Hey @Vaishnavi Thaker, welcome to New Mexico! I'm a broker in the Albuquerque area so I can only speak for my market but we have a great rental market here. There are more than a few industries adding jobs and our city keeps growing. If you have any more specific questions, feel free to reach out. 

@Fionna Chau local broker here. I think it’s common for OOS investors to be surprised with how competitive our market is. There are definitely some sophisticated, aggressive investors who are not afraid of sacrificing yield just to play. I’m in the market everyday and the 1% rule is out the window. Cap rates range on average between 5-8% but if your looking in Nob Hill expect 4-5% if your lucky.