All Forum Posts by: Ben Curry

Hi Chandler - welcome to Albuquerque. Congrats on getting under contract to buy a house here in the Duke City! Your realtor is correct in handling repairs to the home. The process in NM goes like this: 1. Get accepted offer for price and terms on the property. 2. Get inspections done (I always suggest general home, termite/dry rot, and sewer scope at a minimum). 3. Submit ORW to the seller. The ORW is Objections, Resolutions, and Waivers document. This document is the one that allows you to negotiate the repairs for the property. 4. Have sellers complete agreed upon repairs. 5. Reinspect property after repairs are complete. This should be done at least 2 days prior to closing so that if any issues come up, you can get them resolved before closing. 6. Go to closing at title company. Keys will be given after funding has taken place (not always on the day of closing, sometimes the next day) and title docs have been recorded with the county. If you have any questions, please feel free to reach out to me. I’m a licensed realtor and investor here in NM and I’d be happy to help out. - Ben

You also might ask locally through Route 66 Insurance. 884-1615

Good luck with Osteopathic School - I feel the need to throw in my alma mater's hat into the ring for you and suggest the Ohio University College of Osteopathic Medicine if you haven't applied. Great school that turns out some amazing physicians. I also tend to agree with the previous post that being a doctor and investor at the same time may be a big bite to take. While not impossible, school is going to take a huge chunk of time and money; doing both may see you going crazy from a lack of sleep. With so many options available in real estate, perhaps there might be a path that generates income without being a landlord. Buying notes perhaps? Or maybe becoming a hard money lender?

Wes, Where are these properties? A 2 hour radius from ABQ could mean anything from Gallup to Tucumcari to Raton to Las Cruces, all of which are very different markets than Albuquerque or Santa Fe. Those markets all have a huge variety of cap rates since the population is so diverse from the Albuquerque metro area. Some numbers about this deal would be helpful. As for REI groups in the area, there are at least 4 in the Albuquerque area that come to mind. ACRE, and its affiliate for Santa Fe, an Apartment Investor group, and David Torres' Investing group all would have people whom might be interested in helping you out. Look on MeetUp.com for groups and meeting times. And there are plenty of Burquenos on BP, just post a question like this and we'll answer.

Hi @Ulises Astorga!  Welcome back to the 'Burq!  There are a lot of groups that you can get involved with in terms of investing; @David Torres runs a group on Wednesday nights that you'll want to attend as he does a great job.  There is also a group called ACRE that meets on Thursday nights that you can find more information on MeetUp.com.  There are other groups too and I hope those organizers chime in on this thread and invite you (I'm not familiar with them since I do not attend those meetings).

My suggestion is to get out and meet some people and see about mentoring with someone who has been doing it for a while in this market.  The people who you meet at these meetings are solid and will be able to really give you the basis of what you need to be a successful investor.  Hope to meet you someday soon!

~  Ben

Welcome to the wonderful world of real estate investing Trisha! While there can be a flood of information to process with your newly acquired properties, you've put yourself in the right spot with talking to people on BP who can help guide you as you learn more about investing. As a licensed realtor and investor here in NM, I'd love to help out and be the source of some information for you. Please feel free to reach out and private message me, I'd enjoy talking with you and trading science stories, former physics and chemistry teacher myself. :-) - Ben

I like Servpro of NE Alb, Harry Weingardt. 828-3567

Yes, the inventory is low nationwide and our metro area is feeling the effects of it. If you'd like some details about the particular neighborhoods your investments are in, please let me know. As a licensed realtor, I can get you all the specific you'll need.

Hi JC - I'm a licensed realtor here in Albuquerque who can help you out with specific investor properties. Feel free to let me know what you're looking for and I'll be happy to help you out; my contract information is on my profile.

Hi Brett,

Buyer Broker agreements are not customary in Albuquerque but it is a trend that we as realtors are starting to use more and more.  Unfortunately some buyers are less than scrupulous and will ask a realtor to do all the legwork and then cut them out of the deal in the end.  The goal with using it is to assist a client in finding a property and ensure compensation for completing the process of purchasing that property.  When I use it, I ask the prospective buyer for 90 days initially with an option for either party to terminate if needed - the last thing that anyone wants is to work with someone whom you don't get along with.  

The 1 year and commitment to 3% commission is unique; it is not something I would ever request or require from my clients.

Feel free to PM me if you'd like more details on this matter - I'd be happy to talk with you about it.