All Forum Posts by: Patrick Torres

@John Underwood

Appreciate the response John. That makes sense, I’m also looking into redemption rights as that is something that a lot of people in my area do.

I located a distressed property that is vacant and boarded up. Ownership records showed that it is owned by an LLC so I researched it and discovered that the registered agent and presumed single member of the llc had passed away several years ago. I was able to make contact with his next of kin who were his brother and mother. They informed me that he had no will when he passed and that they were not even aware the llc still owned the property, they figured it would have been foreclosed on by now as he owed significantly more than it was worth and it was already in poor condition at the time of his passing.

Several things are odd to me. The public records show that a bank filed a notice of lis pendens a year or so after the owner passed away, but the property records subsequent to that do not show that ownership changed. The property taxes on the property are current, and I confirmed that his family were not the ones paying them. What is the order of operations in trying to purchase this property? I have spoken to a gentlemen who holds a second position mortgage on the property and he sounds like he would be thrilled to get any money. How would I go about determining whether the bank with the first position had indeed foreclosed on it or not, and if so if they would consider a short sale. Or am I missing the forest trough the trees, is there a simpler way to work with the family to buy the property and resolve the outstanding liens another way?

@Ken Minard

Anything below #9 is too much risk for me.... unless I move to one of those places

@Gabe Chase

Can you provide some clarification on what you think the property is worth fully fixed up? It would not be typical to pay a wholesaler market value. What is your rental income going to look like? Congratulations on diving in at a young age, how did you finance this property?

@Vasili Ialanji

There are lots of websites that will offer blank purchase and sales agreements that are approved for your state for very low prices. Usually investor friendly title companies will provide you blank state approved forms as well. Once you have agreed to a price verbally, you would want to fill out the purchase agreement and then go open up escrow at a title company.

Sorry California folks.... I was wondering if there was anyone who owns apartments that can share how things are going in the Eastern NM rental markets, Carlsbad or Roswell primarily. I was curious with oil prices where they are currently if landlords were having trouble filling vacancies or not.

@Cindy Wang

If you look back through the forums mentioning Albuquerque you will find several discussions about the SE side of town. In summary it is one of the more challenging areas in town to invest in due to the tenant base, but if you buy right you can certainly still make money there. It has the highest density of multi family properties in the city and typically the properties in that area are the cheapest per door. On paper those properties can look better than they really are due to higher than anticipated costs, consider using conservative figures when running your numbers on these properties.

@Diana Salazar

I appreciate the recommendation, the reason for them needing to depart is not COVID related. It’s the activities going on at the home. There is no lease in place.

@Jesus Ojeda

Appreciate your response Jesus and I understand, I have apartments in Albuquerque. A property manager is really what he needs as hes going to need assistance getting it renovated after the tenants do leave, and getting it rented the right way.

A relative of mine who lives out of state tried to help somebody get back on their feet by renting their house in El Paso out at a reduced rate in exchange for work being done to the home.  Surprise surprise that agreement has not worked out.  I understand there may be some difficulty evicting the tenant at the moment, none the less I wanted to see if anybody knew of any good property managers in El Paso that could assist with this process.  Please PM if so, thanks.