All Forum Posts by: Ryan Hebert

A follow-up to my welcome post (in case you cared. :)) I'm actively pursuing the purchase of a 5 unit apartment complex here in ABQ. Wish me luck!

@John Strong

Looks like it's zoned R-2. Regulations regarding that designation here: https://www.cabq.gov/planning/documents/1416211.pd...

In the North 4th Street Sector Plan here: https://www.cabq.gov/council/documents/northzoneso...

First blush: I would say there is great potential for popping the tops on the two building on the south of your property. They appear far enough away from the property line that a second story may be permissible. From the code linked above: 

Would need a closer look (especially with Sector Plan info), but may be worth the research.

Have a great week!

All,

This will be my first commercial project (5 units; all residential). 

I am debating purchasing this via a 15YR HEL (Home Equity Loan) @ 5.49% and refinancing within next 14 months (sooner would be better so as to get HEL cleared out; great rate, but like having the funds available for acquisitions). Side question: Do you think a commercial lender would finance this right away without a 'seasoning' period? I'm just beginning to ask around to local commercial lenders.

The numbers feel good, almost great (ok... they feel great), BP calculator PDF attached to this post. Note that I'm rolling a $5k wholesaler fee in the closing costs. I may roll a $5k maintenance/CapEx fund into the acquisition, but will know more as the deal develops (hopefully quickly).

My fear/hesitation stems from the commercial aspect. Having to refi every 5 or so years gives me the willies. Push me over or talk me down from the ledge as you see fit. 

Link to BP Calculation PDF

Looking forward to it, Marc. Relationships developed since last breakfast are already sending up green shoots. Thanks for organizing.

@Earl Louis Were you able to identify any additional lenders, or follow-up with American Escrow?

Welcome to Albuquerque, Mr. Hester. I'm not a wholesaler, manager or contractor, but willing to help out as needed; background in design, estimating and specification writing.

Beautiful BRRR...now to Repeat! Right?!

Rob,

Welcome! 

-Ryan

Welcome to the forums @David J. I'm new here as well, but I thought I'd say hello anyhow.

So, from my research today. Options not ranked.

Option A: 

Subject-To from seller

Approval from seller to contact lender

Negotiate with lender

Option B:

Walk owner through short sale and hope the bank takes our offer?