Albuquerque, New Mexico Investing - Multi Units

12 Replies

Hello all...

I am currently a real estate investor in the state of California and doing research to start investing out of state.  I have been considering Albuquerque as one potential option but not too familiar with the area.  Looking for "boots on the ground" to give feedback on B to C areas, 4 to 8 Unit properties.  We are looking to purchase up to 24 units in the next 12-18 months.  We are looking for good Management Companies, contractors, and wholesalers that deal in these areas.

We would want to form a good relationship with a wholesaler that is experienced in the Albuquerque area, someone that has a finger on the pulse for the market.  We will be traveling to check out the areas before the end of year and would want to meet with as many individuals that we feel necessary to form a good group with.

Please comment if you are serious and please experienced individuals at this time.

Welcome to Albuquerque, Mr. Hester. I'm not a wholesaler, manager or contractor, but willing to help out as needed; background in design, estimating and specification writing.

Ryan Hebert

I live in ABQ, but looking to invest away from the market. I just moved here recently and maybe it's just not for me, but it seems to be a pretty tough rental market. Or maybe I just haven't done enough research..

@Ryan Hebert

Appreciate the offer Ryan and will let you know if we need assistance.  Right now we are trying to determine if Albuquerque is the correct area to be in.

@Tyson Hosey

Just curious why you have decided to look in other areas?  How are you looking for properties?

@Brian Hester

I decided to look other places, because I know the market that I came from extremely well, so I'm able to make decisions more comfortably in that area. I looked around ABQ and the purchase prices just seem to be above what the market *should* be, particularly for the purposes of returns. To be clear: I haven't looked at anything beyond SFR. So the multi-family might be a completely different ballgame here. I'm looking for properties on MLS (no license, just Zillow/trulia), I'm looking at auction.com/hudhomestore.com, county tax liens. But again, all for SFR or Duplex.

I am in the process of buying a multi-family complex.  Albuquerque is a bit of a strange market for multi-family and I think you need to be very conservative in your underwriting.  On the other hand, Costar has given it an A rating.  The prices for complexes tend to be really high here, but occasionally they pop up with good prices.  The complex we are purchasing was on the market a year ago for double the price, which was not a good deal.

I am one of the organizers for Apartment Investment Mastery, Albuquerque, a meetup group here in town.  There are quite a few members including some of the people you are looking for.  One purpose of the group is networking among members to find the people you need, so you might look into the group as a resource for yourself.

@Ted Wilcox

Ted...thanks for the info I will check this group out.  Are you buying complexes with more than 4-6 units or are you buying lower number of units?  Just curious if the market favors one more than another?

We are looking for 4-8 unit bldgs but will be moving into 20+ units in 2017.  Not necessarily in the same city but just wondering.

Thx for the info 

Hi @Brian Hester ,

I am one of a team of three Albuquerque based real estate investors / wholesalers.  We own investment properties all over Albuquerque, multis/condos/townhomes/SFHs in all sorts of price ranges.  Almost all of our deals are procured direct from the seller and our returns are usually 9CAP or better.  Send me a PM if you'd be interested in learning more about us, it would be awesome to hear how NM compares to Costa Mesa from your perspective, and fill you in a little bit about what we do.  Maybe we could set up a Google Hangouts to introduce ourselves?

Isaac

@Brian Hester

I am investing in complexes with more than 60 doors normally.  In the group, we don't care how many doors, we discuss all sizes.  Many active members of the group are working in the 4 to 8 door range.

Ted

My father in law lives in Rio Rancho, and as I am getting started I was considering the area, I live in AZ, and wanted to look in and out of my market to see what the challenges and opportunities are.

Thanks for your time

Mark

@Brian Hester I am from Albuquerque and have lived here for nearly all my life.  I think I have a pretty good idea of where a, b, c areas are. Not necessary data driven, more experiential knowledge. That doesn't mean that I'm always right. Albuquerque is very nuanced. There can be pockets of one type of neighborhood right alongside another. I have to test my own "feelings" about an area with some people that actually live and do business there. 

I am pretty new to the investing world and have exclusively stayed new Rio Rancho as it meets the most criteria for me at this time. 

I'd love to learn from you and people with your expertise as I am just getting into the multifamily world. 

Ted, I am interested to learn more about the albuquerque apartment mastery networking group. I started investing in albuquerque about a year and a half ago and own 5 investment properties, mostly triplexes and fourplexes.

Please add me to the group!

Frankie Woods

    Join the Largest Real Estate Investing Community

    Basic membership is free, forever.