All Forum Posts by: Patrick Torres

@Natalie Kolodij

That makes sense Natalie, thank you.

I have a small multi family property under contract in New Mexico. I created an LLC in New Mexico and have an EIN number. My lender has told me the mortgage must be in my name, but it is common for people to deed the property afterwards into their llc (I know this could trigger the due on sale clause, let's assume that's not an issue). I would prefer to have the property belong to my llc, with insurance and bank accounts all in the LLCs name. 1) I may want to refinance this property later on down the line, will I run into issues if I've deeded the property to my llc? 2) Could I run everything through the llc even if I kept the title in my name? Could I still deposit rents into a business checking account and get insurance In the llcs name?

@Kirsten M., off market property doesn't necessarily mean off market deal. That was a nice property mentioned above, but I ran numbers on it at $380k and it did not cash flow with 20% down and traditional financing. If looking for properties on Trulia has worked for you, but you are capped on mortgages, maybe FSBO or portfolio lending would be something to look into. The article below outlines various methods to consider for sourcing off market deals. Some require time, some require money, some require both. What works best for you and is effective may depend heavily on your personal circumstances, wish you luck.

https://www.biggerpockets.com/...

@Chase Swanson I sent you a private message, this one is going to be tough to make any money on. Your estimated taxes are about half of what they should be in Bernalillo County. You did not account for water, sewer, and garbage that landlords in our market typically pay which can be around $200 a month.  I agree with @Jaysen Medhurst that your vacancy & repairs / cap ex are too low.  Not easy to find deals in our market at the moment.

@Chase Swanson If you already have the property under contract, I’d be interested to know more about how you are running the numbers on it, side of town it’s on, etc.  

@Kevin Hernandez yikes, welcome to our market.  That same property was being sold off market about a month ago for $380k.  As far as multiple units in a decent area, you may have more luck with a sfh that has a guest house or casita.  Those often times are not categorized as multi family, you have to use the keyword search function on Zillow or realtor to find them. They are still pretty pricey on the NE side of town, but in other parts of town like the north valley they are more affordable.  Good luck to you.

@Kevin Hernandez, This property just went up for sale with an owner financing option.  5325 Heritage Way NE, Albuquerque. I do not know if it’s a good deal or not, but it is on a good side of town where there is not a ton of multi family properties.  It may be one to look at asap, it even has an owners unit.

I am putting together lists of property owners from listsource to test out a direct mail strategy in my market.  I am specifically targeting lower end small multifamily properties.  I understand from my research that direct mail is a numbers game and that one should not expect to send out a small sample of letters and get a significant response rate or deals for that matter.  My question is, if I knew ahead of time I wanted to test this out with 1000 letters total, would it be more effective to try and mail 200 addresses five times over the course of several months, 500 addresses twice, or 1000 at one time?  I am more interested in response rates & testing how effective this strategy is in my market, landing a deal would be great but not expected.     

@Kevin Hernandez Congratulaions to you and your fiancé. Some of the realators on here may be able to answer questions specific to FHA loans, and probably help you find a home! I live here and can provide a general overview of the city. I moved here several years ago after only having visited once. I spent a month in an Airbnb which really helped me get a feel for the city before deciding where to buy. My Airbnb was in the Nob Hill area where you will find a lot of well kept mid century homes. This area can be pricey but you will find a lot of older articles on here with investors who have done very well there. You would probably not want to buy a home in the international district which is east of the Nob Hill area & south of I 40. NE is good, NW & Rio Rancho have many attractive areas. My recommendation would be to consider buying in an area that has good schools even if you do not have kids. New Mexico has a bad rep in part because of the perception that the public school system is poor, SFHs in my area rent very easily because people are willing to pay a premium to put their children in some of the better schools in town. Market is hot here, if you find something you like, pull the trigger. Good luck.

@Domenick Booker-Pomata I am no expert on the matter, but I have done some research on the boarded up buildings as I too have found some that were of interest.  Many times you will see NSRES stenciled on the covering.  These dwellings are boarded up by the city to try and prevent squatters, vandalism, or other nefarious activities from taking place there.  As @Mark Hughes mentioned, these properties are generally not in foreclosure, but the city may continue to fine them for code violations which could push them in that direction.  In some circumstances the city will seek the right to demolish the properties if they are in really bad shape.  I was inteterested in one of these buildings that was eventually foreclosed on, when we contacted the agent they informed us there were over 25 offers submitted on it within the first several days.