Looking to purchase my first property
Hello everyone, I'm looking to connect with people in my area. My wife and I are wanting to purchase our first property this year. We are interested in small multifamily or single family homes in New Mexico or El Paso area.
Thanks!
@Marcus Cordova Welcome to BP and good luck on your first investment!
I'm an investor + mortgage broker licensed in TX. Feel free to reach out if I can help you in any way
Hi Marcus,
I am a realtor/investor in the El Paso area. Welcome to BP! Feel free to reach out to me with any questions you may have or how I can be of service or assistance.
Hi Marcus- congrats on getting started on your investing journey! You are definitely in the right place here on BP, there is so much useful information to get you started! I am an investor and agent here in Albuquerque and would be happy to connect with you to see how I might help out. I'll send you a direct message and hope to hear from you soon!
Leslie
505-480-6738
-
Real Estate Agent
- 505-480-6738
- http://www.VillaRealtyNM.com
- [email protected]
#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Charlotte, NC
Hi Marcus- I would love to help!
I can point you in the right direction for multifamily and/or single-family homes. Just sent you a dm!
Hi Marcus,
I am a realtor/investor in the El Paso area. Please use me as your real estate resource Feel free to reach out to me with any questions or concerns you might have. I am currently working on a flip and i have helped our investors in purchasing some multi family properties. By running the right cap rates and cash on cash numbers we can assist you with the right investment.
Hi Marcus,
I am a realtor/investor in the El Paso area. Welcome to BP! Feel free to reach out to me with any questions you may have or how I can be of service or assistance.
Welcome to BP.
There are several great meetups in Albuquerque where you can network and learn more about the business.
Here's a great one:
Investing in Albuquerque Real Estate Meetup (Albuquerque, NM) | Meetup
Jens
Welcome to BP! If you go small multi-family route. Do you plan to house hack?
Hi Marcus, local lender here in El Paso. Also licensed in NM. Don't hesitate to reach out with any questions.
Quote from @Nathan Harden:
Welcome to BP! If you go small multi-family route. Do you plan to house hack?
Hello Nathan,
I don't plan on house hacking my wife and I live in a home we purchased a few years ago. We are looking at either a conventional loan with the 20% down or looking at seller financing. What stage are you currently at with your real estate investing?
Hello Marcus, I am a Broker / Property Manager here in Albuquerue. feel free to reach out if you have any questions or want to look at some property here in NM.
Hi Marcus,
I've been investing on the side in Albuquerque for 20 years. If you're just staring, buy your own house, preferably one you can make more attractive while you live in it. Then move and rent it out. Whatever you do, repeat that process. I wish I had done that every one to two years. I've successfully flipped a couple dozen properties, but I wish I had just held everything. I think building a snowball that gets bigger and bigger will be the strategy that works best for most people over the long haul.
I find that Albuquerque has low cap rates on multi-family for the areas of town you will find them in. I've actually had success buying the smallest homes I can find in nicer areas of town. I can usually make a few hundred bucks cashflow on those b/c people are looking to get in the school district and I'm the cheapest option to do it. Renters don't usually ask about square footage. I can be very picky about who I select to rent and thus I have no issues managing it myself. If I had bought say a four-plex instead, it would be an area of town and price point where I would hire a property manager who would take their cut off the top. Management, vacancy, maintenance, would all go up and appreciation would likely be less impressive. There are multiple ways to skin the cat.
Anyway, just buy a place and (preferably at a discount, which you might get in next six months and ideally one that you can put a little work into to create some equity) rent it out. Take that step then think about step two.