My name is Marc Reynolds and I'm just getting started with my education in real estate investing. I grew up in Ohio, right next to Lake Erie. In 2012, I moved with my wife and two kids to Malaysia to start a software consulting business, which was a huge rush and an awesome experience... but it was also exhausting. A couple of years ago, we decided to close the company in Malaysia so we could move to New Mexico to be near my wife's family! I do miss the tropics, but I also love New Mexico. Snowboarding in the winter, mountain biking and fishing in the summer. What's not to like?
So why real estate? Since moving back to the States, I've been thinking a lot about what I want to do in the long-term. I love my job and I love the company that I work for, but companies change and so do jobs. Working in the software industry, I'm concerned that as my career progresses, demand on my time is only going to increase.
Over the years, I hadn't spent much time on my financial education, so after reading Rich Dad Poor Dad (and now many, many other books on investing), I feel like I've started to shift my paradigm. My goal is to educate myself and then take some action. I have a tendency to analyze problems to death... so that's going to be my biggest challenge. I would like to start out with a small rental somewhere nearby, either a SFH or a duplex, learn a lot there, and then do it again.
Glad to be here!!
Hi Marc - best of luck to you. the first one will be the hardest. you might also consider the Taos market - fairly close to you and might have more opportunities there.
Hi @Jeffrey Romanowski ! I had been thinking about doing a short-term rental here in Angel Fire, but after lots of research, I don’t think it’s for me. Most long-term rental houses I’ve seen in Angel Fire are also for sale, which seems to indicate that they’re operating at a loss. SFHs are fairly expensive here and there is a hefty HOA for the resort - condos have an additional HOA over that.
You’re right that Taos would be a better option. There seems to be a fairly limited market there as well, especially in the multi-family units. I’m about a 40-minute drive from Taos, so I’m thinking that if I go that route, I’ll have to find a management company to take care of the property. Honestly, I would rather have budget for that anyways, because I have a full time job and would like to take a vacation every once in a while ;-).
Santa Fe has more multi-family units, but that’s a 2-hour drive away. I think for my first rental, I would prefer something closer.
@Marc Reynolds Welcome to BP!
BiggerPockets has a great list of real estate investment clubs, it's an ideal way to dive in and get the answers to your questions from the local pros if you don't mind the drive: https://www.biggerpockets.com/rei/real-estate-clubs/
Analyze a ton of properties in your target area over time and you'll get a feel for what is under and overvalued, and be ready to strike when you find one where the numbers work.
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