All Forum Posts by: Matt Gar

I recently listed one of the rental properties I own.  I received three full price offers and eventually accepted an offer that was 12k more than my asking price.  The market here is definitely good for sellers - particularly if it's a quality property.  Like others have said before, my understanding is that there is very little supply here in ABQ.

@David Torres  Thanks!

@David Torres Hi David, I'm always looking for small multifamily properties (3-12 units) that need some upgradings. I'm also looking for SFR's in the sawmill district. Let me know if you find anything, and maybe we can work something out.

Hi Gina,

I live in ABQ.  I do smaller multifamily investing, and I'd be interested to hear about your experiences.

Best,
Matt

@Candace Majedi @Jesus Moreno

For whatever reason, there is a significant disparity between housing prices and wages.  That makes deals few and far between.  I do own a few small multifamily units here in ABQ.  The places I've purchased have both been value add properties requiring significant funds for renovations.  For example, the fourplex I recently purchased required about 70k in renovations.  There will definitely be an opportunity to refi that property and it will cash flow nicely once it's completed.  It is my experience that, in ABQ, deals are hard to come by and require a fair bit of cash for renovations.  

Hi @Jon Paszkiewicz.  There's some good opportunities here in ABQ, but as a resident, you know that location and such is tricky.  Go Lobos too (season bball ticket holder).

Matt

My experience is that water/garbage runs about $45 per unit.

Hey Chris, 

Nusenda is pretty good about giving home equity lines of credit. So, if you want to leverage your existing home equity, then you might want to start with them. Depending on your rentals and their value, a cash out refi is something to consider.

Also, thanks @David Torres for the notice about the ABQREIA.  I didn't know there was a group here in town.

Matt

I own a duplex and a fourplex, both of which I financed through conventional mortgages and with 20% down.  I've been considering how to expand my portfolio.  In hearing/reading about how other investors expanded, those investors often talk about access to hard money.  This sound silly, but I'm not sure I understand the basics of hard money.  For example, if I locate a property that I'd like to BRR, how would hard money be utilized in that transaction?  Would a private lender lend the property purchase price and rehab costs, just purchase price, only 80% of the purchase price, etc...   Also, what are the benefits and risks of hard money?  I guess I'm just trying to understand what the options are when it comes to hard money, why folks utilize hard money, and where I can learn more.  I hope this question makes sense.

@David Torres  Thanks for this recommendation.  I've been looking for someone to refinance a fourplex I purchased last year.