Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
I'll be moving to Albuquerque in July and can't wait to jump in to this new market after leaving in South Korea for the last year. Any suggestions or areas I should consider would be greatly appreciated. It seems that, in general, NE ABQ seems like a good place to start. However, prices seem a little bit over-priced to me, and they're aren't very many multi-families :(.
Albuquerque, NM · Member since 2016 · 7 posts · 6 votes
10y
Hi Frankie! I'm a n00b, but if I can help at all, I want to! I actually have been looking around Albuquerque for a few months (not counting the creeping on MLS for the past year). I want to do some house hacking buy and hold, and just put in my first offer yesterday!
There are a lot of multifamlies in the NE heights, downtown, and around the Central / Zuni / tramway area. The latter is an area I'm concerned has higher turnover. BUT they appear to have enticing prices. I've been told it's riskier so I'm sticking with the downtown area if possible because I think it will be better long term. I bet there are some Albuquerque wise owls that can help more on this. Good luck :)
Albuquerque, NM · Member since 2016 · 7 posts · 6 votes
10y
Hi Frankie! I'm a n00b, but if I can help at all, I want to! I actually have been looking around Albuquerque for a few months (not counting the creeping on MLS for the past year). I want to do some house hacking buy and hold, and just put in my first offer yesterday!
There are a lot of multifamlies in the NE heights, downtown, and around the Central / Zuni / tramway area. The latter is an area I'm concerned has higher turnover. BUT they appear to have enticing prices. I've been told it's riskier so I'm sticking with the downtown area if possible because I think it will be better long term. I bet there are some Albuquerque wise owls that can help more on this. Good luck :)
If I'm not mistaken, downtown is just north of Kirkland so you're in the right area. There are definitely multi's and other rental properties nearby, so you wouldn't even have to look further than the Coronado freeway that cuts through the city east to west.
The ridge rest area is a nicer part of town with some actual grass and close to Kirtland. I'm not sure what the prices are like for multifamlies there. Come to think of it, I haven't seen any post in the MLS in that area. But there's lots off Gibson. Have you had any MLS alerts set up so you can keep an eye on things and get a feel for the areas? That's what I did.
Rental Property Investor · Corrales, NM · Member since 2016 · 114 posts · 28 votes
10y
Areas around the base are real hit and miss as far as class of property. You have to be careful. Unless you are looking for D class properties you'll want to stay away from the "international district" otherwise known as the war zone. This is in the Trumbull park area.
Albuquerque / Los Lunas, NM · Member since 2014 · 19 posts · 5 votes
10y
Albuquerque is a very interesting city. The affordable areas can be very hit or miss. A distance of two blocks can make a huge difference. I highly recommend spending a lot of time driving around once you are in Albuquerque to get an idea of how diverse the city is. It is really kind of hard to understand how quickly areas change until you see it for yourself.
Downtown is Northwest of the base. An average drive time would be 20 minutes, but this could change significantly depending on where you will be working on the base and which gate you come through.
Once you are in town look me up and I will be happy to give you a quick tour of the the city and buy you a cup of coffee.