Looking for Realtor in Albuquerque, NM

[Sheryl Griffin]

I am a cash buyer investor who is interested in finding fixers that can be purchased, fully renovated and re-sold in the greater Albuquerque area. I am looking for a local realtor who can help us locate fixer properties on the MLS and re-list them after rehab. I am generally looking to be in areas where values exceed $250k post-rehab and move quickly.

Please contact me if you think you can help - Thanks!

[Marc C.]

>I am a cash buyer investor who is interested in finding fixers that can be purchased, fully renovated and re-sold in the greater Albuquerque area.

Aren't we all? I run the NM Real Estate Mastermind group on Meetup. We meet monthly at a different member's current fix-and-flip project and compare numbers and notes.

We have SO MANY new flippers right now that it's kind of silly. And I mean locals, who know the neighborhoods and markets. They are willing to spend 90-120 days to make a $10-$15,000 profit. Why? I haven't a clue. But it's tough out there, competition-wise. 

>I am generally looking to be in areas where values exceed $250k post-rehab

OK, well above the median. That's a strategy. What's your target profit? If I were an investor, I'd be hoping to split $30K in profit with you on a deal of that size. I don't know of any investors working in that price range, so maybe you won't have as much competition. Or else, maybe there is a reason they aren't working that market, even though they are local and know the market: Perhaps it doesn't work...perhaps making $30K on a deal isn't possible. I know none of our Mastermind members is working the over $200K market. 

Finding deals in the MLS (20-30% off list) is going to be nearly impossible, as it is in most places. I guess if you make 100 offers, you might find something. You need a hungry Realtor willing to make that many offers. How about going after expired listings with simple letters of intent?

I think you need a wholesaler, of which we have several. You can use a Realtor to sell them on the other end, but do you need one to buy? 

I think your next step should be to come here for 3 days, attend one of our two REIA chapter meetings (ABQ Congress on Real Estate, NM REIA), meet with wholesalers (one of them is the sponsor of NMREIA), tour the various markets, look at 20+ houses, and THEN decide if ABQ is where you want to be.

Good luck, either way, and Happy New Year.