All Forum Posts by: Marc C.

I asked the manufacturer about having all units separately metered and then "reporting" to a central system. They can do it, but they aren't interested if we don't have 100 units. Oh well. 

Those of you who are experienced landlords, wholesalers, or fix-and-flippers, don't forget our monthly Real Estate Mastermind Group in Albuquerque. It is open to anyone who owns at least one investment property. We meet monthly on a Saturday at 10am at a member's vacant rental or rehab project. Next meeting is March 5. Subsequent meeting is April 9, 2016. 

At each meeting, we go around the room and introduce ourselves. Then the host describes his or her project, including "the numbers." After that, we typically do "haves and wants." It's a chance to network with and learn from other investors. 

Unlike all the other REI groups, ours is non-commercial and there is NEVER a charge for joining or meeting. We don't allow "pitching" of Realtor services, for-profit courses and mentorship programs, landscaping services, rehab services, etc. If you're a wholesaler or Realtor or service provider, feel free to come (as long as you own at least one investment property), but save the pitching for private networking before or after the meeting.

To join and get the address, if the following link doesn't work, visit Meetup.com and search for "New Mexico Real Estate Mastermind Group"

One way is to get hard money for the purchase and rehab, install a tenant, and then, after about 3 mos. refinance it to pay off the hard money loan and pull equity out. There are a few lendersright now which will do the refi (typically 70% LTV and 7% interest).

I have been following a similar procedure, but using my own cash and loans from friends and family. Now if I could just get these suckers rented up so I can refi. My goal is to have 10 rentals, all financed at 70% LTV, all operating under one LLC and all managed by one professional management company. Then I hope to sell interests in the LLC to investors who want a "turnkey" rental package.

I am also in the market for rentals in Albq., esp. if they are already rented and don't need any rehab.  

Hi, Sean, 

We have at least 3 meetup groups for investors:

ACRE (Albuquerque Congress on Real Estate) is the granddaddy. Search Meetup.com for "Albuquerque Congress on Real Estate NM" They are having a meeting tonight, 1/7/16. 

A new one is the Mastermind Group for experienced investors. Search Meetup.com for "New Mexico Real Estate Mastermind Group". Meets first Saturday of every month at 10am at a member's property or flipping project. 

A new group one for wholesalers and flippers is "New Mexico New Investors/ Wholesalers". 

Between these three, you will have tons of opportunity to network, online and offline, in our area. Please join us. 

Marc C.,

Santa Fe

Check out http://soneter.com/

This is a $250 water meter that simply clamps around a pipe and will show the flow. Their web site doesn't say much, but the company told me today they are shipping them. If you can access the pipe coming into each unit so you can clamp the pipe on and then read it monthly, it might be an easy way to submeter. 

Hi, Dave, 

Sorry for the delay in responding. The money is there, the locations are there, but the community support isn't there for increased density on back roads like Aqua Fria. The City may be willing to waive the % of affordable apartments, I'm now told. The water rights should be there. I know of property for $50,000/acre off Agua Fria, but whether all the approvals can be had, I'm not sure. I'm inclined to run everything through a local attorney and architect who know everyone and keep my name off things. 200 units is bigger than anyone would trust me with, I'm afraid. I was thinking of 20 units. 

Marc

Sorry for the delay in responding. You can do it yourself after someone teaches you how to do the first one. The form is simple to fill out and mail to SoS. If you want, you can designate a third party organizer and registered agent such as www.newmexicoregisteredagent.com to keep your name off the documents recorded in the public record. The cost is $200 total, I believe, with $49 is for them to serve as your registered address and agent. Worth it on your first one so you can see how it is done and can duplicate it later. This is also great when you don't tell your tenants that you are the owner but only the manager. "I'll have to ask the owner," is my favorite line. Highly recommend. 

 It's been in the paper. Favorable zoning, maybe some cash. Sorry it took so long to respond to this.

After actively seeking multifamily in Santa Fe for years, then getting frustrated and looking for single family rentals, and never finding any of those that made sense, my conclusions about opportunities in Santa Fe are: 

Fix and flip, particularly in the $200,000-$300,000 range.

Vacation rentals. 

Developing new multifamily (a goal of the city). 

Small multifamily is priced crazy here. Ideally, you'd be best off using your good income to purchase a fourplex and live in it for 3 years, then selling it after 2 more and moving up. But finding a Plex that has positive cash flow is almost impossible. Best to look in outlying towns like Los Alamos.