All Forum Posts by: Patrick Hamm

Hi Brandon!  Welcome to the community.  Sounds like I'm in a similar spot.  Own one rental in Abq right now, and looking to do more.  Would be great to grab coffee at some point and talk shop.

Thanks everyone for the kind welcomes!  Definitely looking forward to meeting all of you, and will look into the REIAs you mentioned, David!

Hello all,

My name is Patrick, and I'm from Albuquerque, NM.  I've been casually visiting the forums for a while now but wanted to get more involved.  I want to use real estate to eventually generate enough passive income to replace a day job and retire early!  

I own one rental property currently, but am looking to expand my portfolio over time.  I really like the economies of scale offered by multi-family properties, and plan to remain in this niche.  I'm always open to learning more about this industry, and have been trying to absorb as much information as possible.  Would definitely like to find some local REIAs that I can become involved in.

Looking forward to getting to know members of the community!  

Thank you everyone for the advice!  Great to be able to come here for help.  It's clear I have some learning to do, but I definitely appreciate all of the information everyone has shared.  Marcia, I have added "Landlording" to my reading list.

Thanks again!

Thank you Seth.  This is probably what I needed to hear.  Again, I'm new to this and admittedly learning the ropes.

Hi everyone,

I am very new to land lording and have a question on how you would deal with the following problem tenants I recently inherited when I purchased a triplex. 

I have two tenants, call them A and B, who can't seem to get along.  Tenant A routinely complains about tenant B making noise, blocking the driveway, and having multiple people over, and when I recently brought it up with tenant B and asked them to keep it down and generally be more neighborly, as stated in the lease, they complained about tenant A harassing them and acting aggressively.  Given the number of complaints I've received from tenant A, I recently gave tenant B a 7-day notice to quit.  Tenant A is now threatening to move out due to being unable to live next to Tenant B.  I'd rather he didn't do so since he has been a good tenant.  My question is what do you think the best route would be to get rid of the disruptive tenants?  Is it worth pursuing an eviction or would I be better off offering cash for keys?  Unfortunately, their lease doesn't expire until November.

Thanks in advance for any help!

Yeah, I completely agree, and I would like to find 2%, but it's been almost impossible to find in my area.  This is the closest I've come! 

Hello everyone,

Thinking I found a pretty good deal here, but want a sanity check on my math.  Really appreciate and thoughts anyone has.  This is for a triplex that is currently occupied.  There are two 2/1 units and one 1/1 unit.  The numbers are as follows:

Sales price: $115,000

Insurance: $452/year

Taxes: $1252/year

Utilities (gas, electric, water, sewer, trash) (Unfortunately two of the units share a meter, so these are paid by the landlord for simplicity sake): $300/month

Rents: $1645/month

The roof has been replaced within the last year.  The current owner has also redone electrical, and updated the interiors within the last 3 years.  Water heaters are 6 years old, so hopefully don't need replacing in the near future.  One of the units has had refrigerated air installed recently, but the other may need a swamp cooler replaced in the next couple of years.

I'm planning to put 25% down, and can finance the balance at 4.375% for 30 years.

Thanks in advance for any feedback!

Really appreciate the feedback from everyone.  Need to do some more homework.  Thanks!

Thanks for getting back to me, and good point about the ARV - didn't think about that as I plan to hold it for a long while. Based on comps in the area, ARV is roughly $180. Yes, the $700 rents are justified based on other properties around the area.