New to Real Estate · Albuquerque, NM · Member since 2021 · 18 posts · 4 votes
Hello all,
I have done my research, narrowed my search, and picked a neighborhood in Albuquerque. I even have 4 properties I am going to target by contacting the owners to see if they would interested in selling their property. I have an investor willing to put up the money for the purchase and rehab, it's just time to get to work. I have a realtor who I met with who brought me some comps. The problem is the last time houses similar to what I'm looking at sold in the area they were needing renovations. This neighborhood is also old and there are additions, casitas, and other construction added on that I am sure isn't permitted. Anyhow, here is my question. What should I be thinking when I don't have a comp to try to build my flip around? I am going to analyze each flip so that if I can't sell I can BRRRR it instead and get my investor the money back. I originally wanted to BRRRR in the beginning but I want to accumulate cash first. I want to make sure all the bases are covered. I'm going to call the owners of these houses next week.
@Ryan Zamora expand the market radius. If you can't find comps in the immediate neighborhood, zoom out 5miles, then 10 miles, then 20 miles... at some point you'll find enough properties similar to what you're looking at. If you do need to expand your search radius, I would be very conscious of how different the neighborhood/areas are you begin to pick up. Is the neighborhood 15 miles away nicer? worse? similar?
Sounds good. The realtor I spoke with pointed this out. He wants more up to date info on each individual property; BED/BATH. What you are saying makes perfect sense, thank you!
@Ryan Zamora I love it that you’re considering multiple exit strategies. Always good to think about options as things change down the road and it’s great to have choices on what you want to do.