All Forum Posts by: Mark Hughes

@ThomasRoy Penland wow. We have a lot in common (including first home purchased in co, converting a couple previous primaries into rentals over the years and we also sold a hole to help fund small multi’s in Albuquerque!! We just did a 1031 last year to sell our rental in Aurora, co last fall and turned into a duplex in a mountain town in Colorado and it was a really smooth process!! Send me a private message if you want to chat more.

Mark

@Dave Saveri thanks for starting this thread. Does anyone know where a landlord can apply on a tenants behalf for Albuquerque or New Mexico. I have a tenant that hasn’t paid rent for 11 months and counting and doesn’t care so I need a recourse to step in since I can’t evict him.

Maybe try auto-escalators in the offer (ex. We will match/beat any competing offer up to $15k above our offer +$500)

@Ray B. Why does the Zillow posting say available 12/1 if it’s been listed for several weeks? Agree w removing clutter in photos. The good things is once you get stellar photos you can use those over and over each year (as long as they are still representative of the condition, etc). Also, for future tenant turns. I’d recommend posting online a couple weeks before the previous tenant moved out (w the original vacant photos) w a note in the listing explaining a tour can be arranged w current tenant approval etc. I’ve found that most tenants are looking for this/next week. They’re looking for next month in many cases (especially the good tenant s that you would want renting) so that basically eliminates a couple weeks of limited activity out of the gate.

@Eric M. Reminds me of the SNL sketch! “I drive a dodge stratus!!!!” Lol

@JD Martin don’t forget holding costs as well as selling commissions, it all adds up

@Trevor Imlay

Although each bank handles differently. Most I’ve heard of simply tack on the extra payments at the end of the loan. So if you are 5 years into a 30 year loan and go on forebearance for 1 year. The pause button is essentially pressed, or in more technical terms (as interest was likely accruing and tax and insurance still being paid out of escrow, the quickest impact will likely a slight increase to escrow) but other than that your payment stays the same for years 7-30 and then the 6th year (when you didn’t make payments) gets added on in year 31.

@Bryan Beal

I’m honestly not on one side or another. I agree it’s a challenging situation w no right answer and a lot of confusion.......one question I had was:

And disobeying state mandates and/or federal orders for stay-at-home orders is also not ilegal (ie against the law that those people were out in power by us to make those calls and pass those laws)?

I’ve only collected barely 50% of April rents on 24 units in NM and 7 of those collected are section 8 so it’s not so hot so far and still early in the game I fear. Applied for EIDL yesterday but we’ll see what happens. All 3 units in Colorado have paid almost all (one has a small chunk she’s paying Friday) so much better up there.

@Dan Bryskin

Agreed. One of the questions I would have preferred to say that I might sell a portion of my portfolio AND strategically increase my portfolio as I’ve invested in 3 different markets (so for me I’m kind of always monitoring when i should sell and buy different assets. :)