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All Forum Posts by: Michelle St. Claire

Michelle St. Claire has started 9 posts and replied 38 times.

Post: Fourplex with 2 bed/1 bath units

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Albuquerque.

I purchased two fourplexes side-by-side as they were next door to a property I already owned. One ended up being a nightmare due to the tenants in it and I sold in October 2022 after losing money. The other one has been rehabbed and is now stable.
Initially seller financed and later refinanced at 4.45% over 30 years.

Post: Duplex co-owned with a family member

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Bought this duplex with my brother-in-law. Got a renovation loan and fully rehabbed both units. Getting great rents for the area.

Post: Live-in flip -- ended up being a flop

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $70,000
Cash invested: $110,000
Sale price: $185,000

This was my first flip, and live-in flip at that. I ended up over-spending because I was living in it so added features that I wanted and didn't necessarily add value (like water filtration system). Lots of lessons learned though and it was a great (and stressful) experience. I did not make money on this.

Post: Two Fourplexes, side-by-side in the same enclosure.

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

Investment Info:

Large multi-family (5+ units) buy & hold investment in Albuquerque.

Purchase price: $313,000
Cash invested: $60,000

Each 1 bd/ 1 ba.
Seller-financed at 15% down, 6% interest, with balloon in 5 years.
I secured two personal loans (one through a bank, one through a friend) for the down payment and another personal loan (through a bank) for the initial rehab.
2 vacant units upon purchase.
Significant deferred maintenance.

Refinanced in 2021 at 4.45% for 30 years.

Post: Fourplex consisting of 2 bed / 1 bath units

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

4 units, next door to one I purchased prior

Post: How to find upcoming Starbucks locations?

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21
Originally posted by @Itzel Salazar:

Hi Did you find a way to find them?

 No I didn’t. 

Post: Areas for Multifamily Units ABQ Area

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

@Cheryl Vargas Thanks for lopping me in.

Kevin, I have 3 fourplexes in ABQ, albeit they’re all East of UNM and I wouldn’t necessarily recommend you live there. The East/South East is where you will find the more affordable multifamily properties but it’s a different demographic to the UNM / NE areas (which are also more costly). Those areas are nicer to live but the numbers don’t work as well. The NW side is more residential and modern but minimal multifamily properties. It depends if you’re looking for cash flow or for a more upscale place to live. Once you decide what’s most important, that will help you narrow the suburbs.

Note: I live in CA and only invest in ABQ so my local knowledge is not as valuable as folk who live there.

Post: FHA Loan Guidelines / Rules

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

@Brendan O'Donoghue I purchased a fourplex through FHA. The important thing to remember for 3-4 unit properties is the self sufficiency test. That is, the mortgage payment cannot exceed 75% of the rental income. Otherwise you have to put more money down (as I had to) to reduce the monthly mortgage payment to meet the rule. Good luck!

Post: Fourplex Buy and Hold in Albuquerque, NM (first property)

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

@Sherwin Price Thanks! It’s working out quite well, albeit only 11 months in so far.

Post: Fourplex Buy and Hold in Albuquerque, NM (first property)

Michelle St. ClairePosted
  • Rental Property Investor
  • Mesa, AZ
  • Posts 38
  • Votes 21

@Jens Nielsen

The rehabbed unit gets $675/mo. The remainder are rented at around $575/mo unrehabbed.

It’s in the Singing Arrow area.