Real Estate Broker · Albuquerque, NM · Member since 2017 · 30 posts · 4 votes
Hi There-
I have been buying and Selling Real Estate for a while. (I am a Realtor) In Albuquerque, it's tougher to find those deals, even as a Realtor. I have a client that wants to sell her 2 bed 2 bath, 2-car in NW ABQ. Mature area, brick, new roof, AC, new hot water heater. I can most likely pull $2,100k per month renting it straight out.- Would just have it painted. Easy care landscaping front and back. Our 2 other Rentals are 1 mile away (1- long term- great renters- 1 mid term- have has success with almost zero unrented in 2 years. Home would most likely sell for around $280k- I can offer her around $260k- as is- Then get a lower interest ARM for 10 years- Then refi as interest goes down. The home should give me around $400 per month- Thoughts???
Inspection of plumbing and electrical. Do a 30 year fixed there is no savings in an Adjustable Rate PITI $1802 with 20% down fixed. You know the neighborhoods and location, go for it.
Thank you- This is what I currently see in our market- Just a HUGE influx of apartments getting built. My thought is that having an actual home, with 2 car garage when we are ready to sell will have even more value in a mature area. It is also the "little guy" in the neighborhood- 1- story.
Thank you- This is what I currently see in our market- Just a HUGE influx of apartments getting built. My thought is that having an actual home, with 2 car garage when we are ready to sell will have even more value in a mature area. It is also the "little guy" in the neighborhood- 1- story.
Sounds like a very solid investment. It's good to be the " little guy " on the street, this means the other properties are making the heavy lifting. As you mention... this investment is not so much about the $400 cashflow but appreciation over time. Is a solid long-term strategy. With interest rate falling, I see home prices rising at least 5% for each 1% of interest drop.
I have been buying and Selling Real Estate for a while. (I am a Realtor) In Albuquerque, it's tougher to find those deals, even as a Realtor. I have a client that wants to sell her 2 bed 2 bath, 2-car in NW ABQ. Mature area, brick, new roof, AC, new hot water heater. I can most likely pull $2,100k per month renting it straight out.- Would just have it painted. Easy care landscaping front and back. Our 2 other Rentals are 1 mile away (1- long term- great renters- 1 mid term- have has success with almost zero unrented in 2 years. Home would most likely sell for around $280k- I can offer her around $260k- as is- Then get a lower interest ARM for 10 years- Then refi as interest goes down. The home should give me around $400 per month- Thoughts???
I say pull the trigger and include a Home Owners Warranty to cover all the mechanicals and appliances.