AMMRE Real Estate, Inc.

Two NM Counties On Affordable Mortgage List

Wed, 19 Jul 2017 21:51:00 GMT

Things To Know Before Buying A Fixer-Upper

Mon, 17 Jul 2017 20:20:00 GMT

Rule #1. Evaluate the fixer-upper total price

If it’s a fixer-upper, it should come at a fixer-upper price.

Treat this like an unbreakable rule because it is easy to fall in love too quickly with a home that the listing says “just needs a little TLC.” Do your homework first, and if the price is right, then fall in love. I personally add a cushion of 10% to my fix-up cost estimates for contingencies before I let myself get too enthusiastic about the home.

You can find out the current price by looking at what similar homes in the neighborhood have currently sold for and what were the upgrades, amenities, materials, structural components etc. compared to the cost of the home you are interested in after paying for upgrades. If you want to do the research yourself several websites, such as Realtor.com and Zillow can assist you with this. R

Great Deal. Some TLC Required

emember on these websites you will be looking at listing prices not the sold price.

I highly recommend you work with a REALTOR®. A REALTOR® will have have access to the MLS and other tools to help you assess the prices of comparable homes. If this is your first such transaction, look for someone who has experience helping clients when purchasing a fixer-upper. The Realtor will not only help you with comparables and they can let you know how much money you can invest in the home before you over-improve for the neighborhood, a mistake you want to avoid, especially if you plan to sell in the near future.

Rule #2. Treat a fixer-upper like a business not a hobby.

Never get so swept up in the planning of the project that you fail to treat everything from beginning to end like a business.

Determine your budget based on the market value of homes in the neighborhood. You do not necessarily get more money for all the improvements you will put into the house. Your home’s value will be limited by the market value of what nearby houses are selling for.

Some improvements fall into the category of “eye makeup and lipstick”. These are improvements, such as painting or front yard landscaping, which you can accomplish with sweat equity and would not be very expensive if contracted out. These carry almost no risk for resale. Other improvements — such as major repairs, like a new roof or a kitchen remodel, carry more risk of not recapturing the cost. These items usually require the work of professionals and can be very costly. If you are buying a fixer-upper to live in, you may decide to do more remodeling than someone who is buying the home only for investment. Either way, put your business hat on and objectively evaluate what you will have paid for the home after fixer-up expenses and what would be the selling price afterwards.

The following data from the National Association of Realtors “Remodeling Impact Report” (RIR) list the top four fixer-upper projects that are most likely to to be equity-builders.

New roof : This is your best bet. A new roof may not be the remodeling project of your dreams — until you realize it could actually pay you. You’ll spend about $7,600 to install it (based on a national average determined by contractors responding to the RIR survey), but when you sell, it could recoup 105% of that or $8,000, according to REALTORS® surveyed.

Hardwood floors : If they can be refinished this is also a good bet. It costs about $2,500 on average nationally to refinish hardwood floors. If you bought a house that already had refinished hardwood floors, you could pay about $2,500 more for the home. But if you’re looking at a fixer-upper (at the right price) that needs the floors redone, that’s like getting the floors for free! New hardwood floors are also a good choice at a cost of about $5,500 to install, and could recoup $5,000 of that at resale.

Insulation : Good bet if you plan to live in the home. A fixer-upper offers a great opportunity to replace or add insulation. New insulation costs about $2,100 on average nationally, and can recoup $2,000 at resale — as if saving 10% to 50% on your energy bill wasn’t compelling enough.

New siding : Last is new siding. Droopy, old siding can be great news on a fixer-upper. Vinyl siding costs about $12,000 to install on average nationally, and recoups about $10,000 when you sell. Great bet if you can get the home at a price that covers the cost of the siding

While those four areas are pretty safe bets — homeowners who responded to the RIR survey gave them high happiness and satisfaction marks — remember almost any project can be worth it if the price is right. For example, a complete kitchen renovation can cost $60,000 and recover only about $40,000 when you sell. If you live in the home for five years it may be worth it to you, if not reconsider what you need to spend on the kitchen or offer less and hope you get the home.

June is National Homeownership Month

Thu, 15 Jun 2017 20:43:00 GMT

Albuquerque Residential Real Estate May Report

Sat, 10 Jun 2017 21:12:00 GMT

This is a research tool provided by the Greater Albuquerque Association of REALTORS® (GAAR)

with data from Southwest Multiple Listing Service, Inc. (SWMLS). The SWMLS market areas includes Albuquerque, Corrales, Placitas, Rio Rancho, Bernalillo, East Mountains/Estancia Basin and most of Valencia County. Percent changes are calculated using rounded figures.

The following are excerpts from the report. Click here to download the May 2017 Local Market Snapshot reports, presented by zip code and MLS area.

Highlights From the Greater Albuquerque and Rio Rancho May Sales Report

Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear
compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.

New Listings increased 13.7 percent for Single-Family Detached homes and 7.2 percent for Single-Family Attached homes. Pending Sales increased 20.7 percent for Single-Family Detached homes but remained flat for Single-Family Attached homes. Inventory decreased 19.6 percent for Single-Family Detached homes and 27.4 percent for Single-Family Attached homes. The Median Sales Price increased 5.2 percent to $199,950 for Single-Family Detached homes but decreased 4.5 percent to $139,950 for Single-Family Attached homes. Absorption Rate decreased 24.4 percent for Single-Family Detached homes and 28.3 percent for Single-Family Attached homes.

In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism for the Summer 2017 buying and selling season.

Five Tips For A Successful Resident Referral Program

Tue, 23 May 2017 20:09:00 GMT

Albuquerque and Rio Rancho A Sellers Market

Mon, 22 May 2017 17:44:00 GMT

Statistics for Albuquerque and Rio Rancho Even Better Than Expected

“Albuquerque and Rio Rancho remain seller’s markets” said GAAR President Don Martindell , President of the Greater Albuquerque Association of Realtors (GAAR), in a recent statement. Martindell continues to say “Our housing market is very fast-paced right now, “Homes that are priced right are selling fast in popular locations in Albuquerque and Rio Rancho, like the Northeast Heights, Paradise West and neighborhoods in the valley.”

According to April’s statistics from the Greater Albuquerque Association of Realtors , the metro area is experiencing a significant increase of homes under contract. GAAR reports a 14-year high with 1,299 detached homes placed under contract in March, representing a 22.7 percent increase from the same time last year. Last month, 1,011 detached homes and 90 townhomes and condos were sold, an 8.4 percent increase from last year. Townhome and condo sales spiked in March, increasing by 48.1 percent.

Homes are also selling fast, with a 54-day average stay on the market, a 16.9 percent tick from last year. Townhomes and condos are selling in 43 days on average, 32.8 percent faster than last year. Detached homes in the greater ABQ Homes are also selling fast, with a 54-day average stay on the market, a 16.9 percent tick from last year. Townhomes and condos are selling in 43 days on average, 32.8 percent faster than last year. Detached homes in the greater ABQ market were fairly well priced in March and received, on average, 97.7 percent of the list price.

Highlights From the GAAR April sales report

US Homebuilders Are Optimistic About Spring Sales.

Mon, 15 May 2017 17:44:00 GMT

The National Association of Home Builders/Wells Fargo builder sentiment index released Monday rose to 70 this month. That’s up two points from 68 in April.

Readings above 50 indicate more builders view sales conditions as good rather than poor. The index has been above 60 since September. It hit 71 in March, the highest level since June 2005 during the height of the last housing boom.

The May index exceeded analyst predictions, which called for the reading to hold steady from last month, according to FactSet.

Readings gauging builders’ view of sales now and over the next six months also rose from last month, while a measure of traffic by prospective buyers edged lower.

More Americans are seeking homes as job security has improved with low unemployment. But even with construction running ahead of last year’s pace, the supply of new and existing homes across much of the country remains tight.

That’s been good news for homebuilders this year.

U.S. sales of new homes shot up in March to a seasonally adjusted annual rate of 621,000, the fastest pace in 8 months. Sales were running 12 percent higher during the first three months of this year than during the same period in 2016. April sales data are due out next week.

Especially as existing home inventory remains tight, we can expect increased demand for new construction moving forward,” said Robert Dietz, the NAHB’s chief economist.

Still, builders continue to grapple with a shortage of skilled construction workers and land parcels cleared for home construction.

Sales of new homes have risen this year despite, or perhaps because, a modest rise in mortgage interest rates.

The average interest rate on 30-year fixed-rate home loans inched up to 4.05 percent last week from 4.02 percent previously, according to mortgage buyer Freddie Mac.

The average stood at 3.57 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.

This month’s builder index was based on 250 respondents.

A measure of current sales conditions for single-family homes rose two points to 76, while an outlook for sales over the next six months gained four points to 79. Builders’ view of traffic by prospective buyers declined one point to 51.

Albuquerque and Rio Rancho Rental Investments

Wed, 19 Apr 2017 00:00:00 GMT

The following are a few things to consider when planning on investing in a rental home in the Albuquerque Metro Area. People have been building wealth by investing in real estate since the beginning of civilization. In Albuquerque and Rio Rancho metro areas approximately ten percent of the single-family homes are an investment property. Just as every market is different every single-family home is different. This discussion is intended for the investor who wants to hold their property as a rental for at least five to seven years and not for someone who is looking to “flip” a property for a quick profit. The following are some of the things I have learned over many years of investing for myself and managing thousands of single-family rental properties for Single-Family Home Investors . These are simply my suggestions. Be sure to check with your financial and real estate professionals when developing your own plans and benchmarks.

Strategies for finding the right long-term single-family home investment

1. Create a plan. Include in your plan, both the local and the micro local market in which you want your investment. (All real estate is local but market rents are micro local.).

2. Be sure to factor in the vacancy time as well as the cost of getting the property in condition. Inspections are crucial to include in your plan. From the inspection you will be able to assess better the condition of the property.

3. Deferred maintenance is a double-edge sword. Limit your fix up items to carpet, paint, yard work and minor carpentry, or as I call it lipstick and eye makeup. Larger projects often cost twice as much as estimated and take longer than expected. The loss of monthly income generation plus the remodel cost can be hard to make up in rent increases.

4. If you pay cash, remember to factor in the cost of insurance and property taxes when figuring out the net present value of the initial investment and revenue streams. Consider using a self-directed ROTH IRA.

5. Be conservative with vacancy cost and maintenance cost in your calculations. For my own calculations I use a three year block of time. I estimate an average of 18 months leased with four weeks of vacancy and approximately two and a half months rent as routine maintenance cost. This does not count any capital improvements. If you anticipate having to make a capital outlay within five years factor that cost as well.

6. The investment return % can be calculated using many of the revenue stream present value calculators available on the internet. I escalate my rent by 2% each year and use a 2% inflation factor from the initial purchase for sales price at the end. I wantshoot for a 6+% net present value over seven years as my minimum benchmark.

7. There is always a risk that something unexpected can go wrong with the rental process. People, money and many Federal, State and local regulations are involved. You can minimize that risk when you hire a local professional property manager with great experience and enough staff. Murphy’s law of rentals says: if you do not have an expert on your team you will need one. My corollary to this is: if your property manager does not have enough qualified staff the person you need will be sick or out of town when you really need them. If you want to do your own maintenance at lease hire a professional for the lease up. It you have a quick temper, do not do your own maintenance.

Albuquerque Rentals And Lead Paint

Thu, 13 Apr 2017 00:00:00 GMT

Nice Homes In Lovely Neighborhoods Can Have Lead Paint

Many popular rental neighborhoods in Albuquerque have homes that can cause lead paint concerns. Most Albuquerque pre-1977 rental homes are located in the established neighborhoods that mushroomed around the city center in the 1950’s and 1960. These lovely older neighborhoods especially appeal to young couples who rent as a first step from apartment living and people with young children who want a large yard for the play area. Although, the use of lead pigmented paint was banned in the US in 1977 due to rising concern over its toxicity, the possibility of lead paint toxicity still remain as long as some of the original home is standing.

Children Chewing on Window Sills Is Not The Issue

The average pre-1977 rental home in these tree shaded established neighborhoods of Albuquerque are usually in excellent repair and have been repainted outside and inside many, many times. Many people do not realize that simply sanding or cutting into a wall painted with a lead based product can create substantial risk. If you have owned a pre-1977 rental home for a while or have recently purchased one as an investment you may be considering doing some remodeling such as in the kitchen and bathrooms. Remember that toxic lead paint may be lurking behind old cabinets, moldings, etc.

Lead-based paint will continue to be a concern in pre-1978 properties for many years to come, requiring diligent attention by all who work in any capacity with renovation or repair. The landlord needs to be aware of potential toxicity of the presence of Lead paint and the regulations that need to be followed. Studies have proven that protection from the potential hazards of ingesting lead from the paint extends far beyond not chewing on window sills and that adults are at greater risk than originally believed. The EPA web site contains vital information with which every consumer, contractor and landlord should be familiar. The following link takes you to the EPA Repair, Renovation and Painting Program page. A little time spent in educating yourself can save a lot of grief! http://www2.epa.gov/lead/renovation-repair-and-painting-program

A Little History

In January of 2011 the Environmental Protection Agency established a series of regulations regarding procedures to be followed when areas containing lead-based paint are disturbed in any way. Failure to follow these procedures creates substantial risks to health and can result in very heavy fines

The use of lead based paint came about in part as a result of public health concerns. In the late 1800’s and early 20th century, millions of people worldwide died from infectious diseases. Although the concept of bacterial and viral infections was ill understood, the medical community encouraged people to regularly wash the walls of their homes. Most walls of the day were covered with paper, a fact which made regular washing both difficult and ineffective. Enter the era of paint. People of the time most often relied on professionals to paint their houses and the products of choice by tradesmen contained lead pigments, prized for its shine and durability. The Federal Government even specified the use of lead pigmented, “lead-based”, paint in government buildings. The detrimental effect of lead on health has long been documented. Studies in the late 1800’s showed the ingestion of lead to be the cause of a wide variety of health problems, particularly in young children. As early as 1904 a link was made between lead-based paint and health problems among children. The wisdom of the day was that even though adults are also adversely affected by lead, they were not at as much at risk since children were more likely to ingest lead. The slightly sweet taste of lead (the ancient Romans added small amounts to their wine) often tempted young children to eat paint chips or “chew on the window sills.”

Albuquerque Can Attract Venture Capital For Tech Startups

Mon, 27 Mar 2017 17:37:00 GMT

“This month, more than 100 startup leaders from Albuquerque and other rising cities will join us in Washington, D.C., for our inaugural “Rise of the Rest Summit”, to exchange ideas and information to accelerate the Rise of the Rest. This gathering will include the winner of our Rise of the Rest pitch competition in Albuquerque ,”

Albuquerque Startup Invited to “Rise of the Rest Summit”

“Raghu Kopalle, founder of a company called Innobright. Innobright is disrupting the way rendering is done in computer-generated imagery (CGI) by developing a system that renders fantastic quality in less time and at a fraction of the cost….”

“Since the early ’90s, venture capital has been heavily concentrated in a few geographic regions. Last year, 78 percent of venture dollars went to three states: California, Massachusetts and New York. And more than 50 percent went to California alone….”

Albuquerque One of 26 Cities Targeted For Venture Capital

“Over the past three years, I have traveled 6,000 miles to visit 26 U.S. cities, including Albuquerque , and meet with people who are helping startups thrive outside of the coastal tech hubs. In the process, I have also learned a lot about the challenges these innovators face. And while some of the challenges each city breeds are different, there are also quite a few similarities….”

“At the Summit, we will discuss what governments are doing to create strong startup ecosystems. City and state leaders across the country are learning from Silicon Valley while capitalizing on what makes each of their cities unique. They are implementing plans to attract capital by offering angel tax credits or creating incentives to help get local investors off the sidelines. They are creating incubators and accelerators to support entrepreneurs at every stage in their company’s development….” See full Article in March 23, 2017, Albuquerque Business Journal.

Residential Rentals and Sales Effected by Unemployment Rate

Thu, 23 Mar 2017 21:23:00 GMT

Residential rental and sales markets in the metro area may be affected if the regional unemployment rate remains this high. The unemployment rate is an economic indicator about the strength of the job market and the status of household finances. Rising unemployment can lead to reduced levels of consumer spending and higher instances of delinquency, default, and bankruptcy. Low unemployment indicates a tight labor market, where employers have a tougher time finding people to fill jobs and often must pay more to attract them.

Bernillo County’s rate is better than the state overall

The U.S. Department of Labor released a new report Monday showing New Mexico with a 6.7 percent unemployment rate for January, surpassing Alaska and Alabama. This is the second month in a row that New Mexico has posted the highest unemployment rate in the country. New Mexico’s unemployment rate remained unchanged from December. Alaska’s unemployment rate dropped to 6.5 percent, making New Mexico’s unemployment rate the highest. The New Mexico private-sector job market has been struggling for several years. New Mexico’s unemployment rate in January 2016 was 6.5 percent. New Hampshire had the lowest January 2016 unemployment rate at 2.7 percent, followed by Hawaii at 2.8 percent. The current unemployment rate for Bernillo County is 5.9% according to the area specific unemployment profile published by the New Mexico workforce Connection . This is better than the state and below the national average.

Residential Rentals in Albuquerque and Rio Rancho remain stable

Residential Rentals in Albuquerque and Rio Rancho are still strong. This is driven by a lack of new apartment communities coming on line in the past couple of years. Currently, there are several apartment communities under construction. So far, residential sales have remained steady from last year. Albuquerque and Rio Rancho have not been hit as hard as the rest of the state. We are hopeful, the area unemployment rate will start to come down as we see increased construction in the better weather.

This is the first time New Mexico has had the highest rate

According to the Albuquerque Journal , this is the first time that New Mexico has had the nation’s highest unemployment rate, however, stubbornly high unemployment has dogged the state since 2006, Albuquerque private sector jobs have declined by almost 15,000 between September 2006 when there were 318,200 private-sector jobs and September 2016 when there were only 3o3,300 private sector jobs.

The national unemployment rate is 4.8 percent. Employers added 238,000 jobs, higher than what was expected.Employers boosted hiring in 13 U.S. states in January, while employment changed little in 36 states. , New Mexico’s unemployment insurance trust fund balance was $378 million as of October.

Albuquerque Businesses Create West Downtown on Central

Wed, 15 Mar 2017 21:06:00 GMT

Albuquerque businesses want a strong retail and dining culture in downtown Albuquerque, this not only benefits the Albuquerque businesses involved, it benefits the entire City. If you have driven through downtown Albuquerque on Central in the past few months you have navigated through a thick forest of orange cones, heavy construction activity and blocked-off side streets. The construction on Central, through the heart of downtown, started last fall and will last through this August. This is causing serious disruption for the small businesses along the corridor, especially on Central between Edith and Rio Grande. The businesses affected by this long construction phase need the support of our community to survive.

The small Albuquerque businesses along the western downtown section of Central between Eight and Rio Grande have been hit the hardest. To help one another survive this common financial crisis, they recently created West Downtown, a new business coalition. The coalition meets weekly and they are cross-promoting each other’s businesses. One recent promotion is the Westdown Wednesday, a weekly promotion with special discounts for customers and cross promotions between businesses as well. They are also planning to have West Downtown T-shirts and signs. Now is an important and cost effective time to come out to shop and dine in West Downtown.

Albuquerque businesses say ART is only part of the problem

The main construction event is the Albuquerque Rapid Transit, (ART). This is a $119 million project to create a bus lane running down the middle of Central Avenue between Louisiana and Coors boulevard. The project, is being built by Albuquerque contractor Bradbury Stamm , and extends nine miles down the middle of Central Avenue and through the heart of the city.

ART spokeswoman Joanie Griffin said that West Central Avenue is one of the most impacted areas — but not just because of ART. Along with ART, there is a separate construction project on Rio Grande Boulevard in addition to Albuquerque Bernalillo County Water Utility Authority construction replacing underground infrastructure that is nearly 80 years old. One of the main beneficiaries of the completed ART project will be easier access and more traffic for the locally owned businesses on the route.

Len Romano , owner of Ripe Inc., an Albuquerque graphic design firm, said he wanted to get involved with the effort and lend his company’s services. Romano said Ripe helped create the group’s name, logo and branding. “We’re happy to provide marketing and branding advice,” he said. “We feel fortunate to be a part of this community and together we’re building something remarkable … ” He said Ripe moved to West Central because he saw the area expanding and wanted to be a part of it.

Below are just some of the businesses participating in West Downtown:

Should you allow cats or dogs in your rental home?

Tue, 07 Mar 2017 11:53:00 GMT

First, I believe renting to people with pet cats or dogs can be good business. Approximately, eighty percent of the people applying to rent a single-family home own a cat or dog (“pets”). This discussion is limited to these two types of pets. I do not recommend accepting renters with Parrots, but that is another story for another time. In my thirty years experience, the risk and the cost of small-unsupervised children causing property damage above the security deposit is higher than the risk and the cost of dog and cat damage. This risk is harder to screen, as Fair Housing Laws do not allow most landlords to discriminate against families with small children. Pet risk is also much easier to manage, and when managed correctly, pet damage rarely exceeds the security deposit.

The pet owning renter demographic provides a favorable supply and demand curve for landlords. I would define a low risk renter as: a single professional with no children or pets that also has perfect credit, a spotless background check, plays well with neighbors, and has plenty of income to cover the rent. Unfortunately, for single-family rental homes this renter is scarce. They often prefer the no maintenance, amenity laden, high-end apartment over a single family home. Further, they need to be looking for your rental home when it just happens to be vacant. Since, vacancy is normally the landlord’s biggest expense, occupancy percentages favor renters with pets.

When landlords allow pets their gross rental income is higher. Renters are usually willing to compensate the owner for allowing their pets. The common term in our area for this compensation is pet rent. I recommend pet rent over collecting a separate pet deposit. In the Albuquerque and Rio Rancho metro areas the landlord must pay interest if combined security deposits and pet deposits exceed one month’s rent. Pet rent is simply a higher rent for the privilege of renting with a pet. Be sure you treat everyone the same as to pet rent. Further, a pet deposit can only be used to cover pet damage, while a security deposit can be used for rent and other charges the resident may owe, including pet damage. The extra pet rent is is not refundable.

To manage the risk, I recommend my clients accept pets on a person-by-person, pet-by-pet basis. I believe that three should always be the most pets allowed in a rental home. We find that when pets are well screened, pet damage, if any, rarely exceeds the security deposit.

Single-Family Rentals 2017 Tax Strategies

Thu, 02 Mar 2017 19:02:00 GMT

These changes pertain to your 2017 taxes which most of you will file in the first three months of 2018. I have chosen only a few of the updates for 2017 that I believe may be most helpful for single-family real estate investors. Be sure to check with your tax adviser if these or any other changes effective in 2017 need to be considered in conjunction with your tax strategy for your single-family real estate investment portfolio. There are other changes to personal income tax as well you may need to know. For a more detailed look at these changes and other changes check out this tax change portion of the IRS website .

The standard deduction for married filing jointly rises to $12,700

For tax year 2017, the standard deduction is up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for tax year 2017, up from $9,300 for tax year 2016.Tax brackets adjusted for inflation.

The individual income tax brackets have been adjusted for inflation

The good news is that inflation has been nominal, meaning there wasn’t a large shift upwards in the tax schedule. For tax year 2017, the 39.6 percent tax rate affects single taxpayers whose income exceeds $418,400 ($470,700 for married taxpayers filing jointly), up from $415,050 and $466,950, respectively.

Limit on itemized deduction rises

The limitation for itemized deductions to be claimed on tax year 2017 returns of individuals begins with incomes of $287,650 or more ($313,800 for married couples filing jointly).

Exclusion for Estate Taxes rises

Estates of decedents who die during 2017 have a basic exclusion amount of $5,490,000, up from a total of $5,450,000 for estates of decedents who died in 2016.

Changes to the AMT

The Alternative Minimum Tax exemption amount for tax year 2017 is $54,300 and begins to phase out at $120,700 ($84,500, for married couples filing jointly for whom the exemption begins to phase out at $160,900). The 2016 exemption amount was $53,900 ($83,800 for married couples filing jointly). For tax year 2017, the 28 percent tax rate applies to taxpayers with taxable incomes above $187,800 ($93,900 for married individuals filing separately).

Tradition and Roth IRA phase-out adjusted higher

Among the various retirement tools at your disposal, the traditional IRA is among the most popular. Traditional IRAs are tax-deferred accounts, meaning you’ll pay tax once you begin making withdrawals during retirement. But, they can also provide an ancillary benefit of lowering your current-year tax liability. In 2017, the phase-out range for taking this deduction increases $1,000 to $62,000 to $72,000 for single taxpayers, and $99,000 to $119,000 for married couples filing jointly.For those of you investing with a Roth IRA — a retirement account with no upfront tax deduction, but which has the ability to grow tax-free for life — the individual phase-out to be able to contribute rose $1,000 for single filers to a range of $118,000 to $133,000, while it jumped $2,000 for married couples filing jointly to a range of $186,000 to $196,000. In other words, a few extra people should be able to contribute to a traditional or Roth IRA in 2017 because of these modest increases.

Rio Rancho Resource Guide

Sat, 18 Feb 2017 18:16:00 GMT

AMMRE is the premier property management company for Albuquerque and Rio Rancho. Rio Rancho properties make up a large percentage of our portfolio. We take pride in knowing the community and the market. If you are interested in renting a house or renting out your house in Rio Rancho we would love to here from you.

Please take advantage of this handy guide of Rio Ranch resources

Important Numbers

Rio Rancho Facts

Rio Rancho Census Quick Facts

Rio Rancho City Info

Important Websites

City of Rio Rancho Website

City of Rio Rancho Event Calendar

Rio Rancho 360

Rio Rancho Chamber of Commerce

Rio Rancho Convention and Visitors Bureau

RRCVB Event Calendar

Santa Ana Star Center

Rio Rancho Public Schools

Sandoval Economic Alliance

Yelp Rio Rancho

Trip Advisor Rio Rancho

Taste of Rio Rancho

Pork and Brew

More on Self-Directed IRA’s

Tue, 31 Jan 2017 18:46:00 GMT

I have received many request for more information on setting up your own Self-Directed IRA. This article from Nerdwallet is one of the better articles on this topic I have found. Of course you would contact your accountant and/or attorney before you set one up for your own investing strategy.

Refer my prior post about deadline to roll over IRA distributions into a Self-Directed IRA.

Self Directed IRA and Investment Property

Mon, 23 Jan 2017 20:22:00 GMT

More people are purchasing investment real estate in a self-directed IRA. The Albuquerque Metro economy, like the national economy, is improving as are retirement contributions. Rentals still remain a good way to diversity a retirement portfolio. It you are thinking of taking a distribution from an IRA and rolling it over into a self directed IRA to finance an investment property be careful of the rollover deadlines. According to Jim Hamill’s article in On the Money , January 23, 2017. “Taxpayers who receive distributions from qualified retirement plans, or IRAs, can avoid paying taxes by rolling the distribution into a new plan or IRA. It is not possible to use this strategy to avoid tax on required minimum distributions.

A qualified rollover must be completed within 60 days of the distribution. It is best to use a direct rollover, where the funds transfer from one trustee to another. This ensures the 60-day period is satisfied.

For various reasons, people often receive a distribution themselves and then accept the responsibility to roll the funds within the 60 days. This sometimes doesn’t go well.

Distributions from qualified plans, 403(b) plans and 457(b) plans that are eligible for rollover, require the administrator to notify the participant 30 to 90 days before the distribution of the ability to do a direct rollover.”

Tax Deductions for Rental Property

Mon, 23 Jan 2017 19:23:00 GMT

Tax Deductions for Rental Property Depreciation When you rent property to others, you must report the rent as income on your taxes. But you can deduct, or subtract, your rental expenses — the money you spent in your role as the person renting out the property — from that rental income, reducing your tax obligation. Many expenses can be deducted in the year you spend the money, but depreciation is different. TurboTax Tax Tips & Videos Maintenance can be a good tax deduction This was posted on Google+ More articles from Blair Hart on Taxes Common Landlord Tax Q & A Tax Q and A for Landlords

Albuquerque Gets New Urban Rentals

Mon, 19 Dec 2016 21:35:00 GMT

Albuquerque has embraced the current trend for more residential urban rentals in the downtown area. The latest addition to the Albuquerque Downtown Entertainment Design is One Central, a residential and entertainment center to be build in an empty lot at First Street SE and Central Ave. The project is scheduled to break ground in January 2017. One Central will include 60 apartments above about 40,000 square feet of commercial space that developers hope to fill with a bowling alley, a brewery, restaurants and more. The parking garage will have 423 spaces, and the city will take over immediate management and operation duties, with an option to eventually buy it.t into One Central, a five-story residential/commercial building with an attached parking structure. Albuquerque businessmen Jerry Mosher, Dale Armstrong and Tony Pisto will develop the site under One Central Operating Associates LLC. But the city of Albuquerque will play a major role in the undertaking too, ultimately contributing about half the total cost in a collaboration both parties say is essential to the project’s viability. One Central will cost an estimated $40 million to develop. The city will chip in $17.55 million – most of it coming from lodgers’ tax collections – plus land valued at $1.4 million, accounting for just under $19 million. Bernalillo County has also approved an industrial revenue bond package that includes property and gross receipts tax breaks. For Full Article Click Here

New Mexico Number Three for Photographers

Thu, 15 Dec 2016 20:52:00 GMT

According to the site, the average salary of a photographer in New Mexico is $40,160. Experienced photographers earn an average $72,800 annually while entry-level photographers can earn $20,410. New Mexico has a total of 290 photographer jobs.

Salaries for Albuquerque and Rio Rancho photographers benefit from the demand created by our healthy film industry presence and our cultural diversity. Business First reported last year that the arts are a $5.6 billion industry in New Mexico. Our creative industries employment is 3 percent greater than the National average.

Rhode Island was ranked No. 1, followed by Massachusetts at No.2, and and New Mexico at No. 3. Louisiana was ranked last. Click here for the full article.

Homeowner Foreclosure Assistance Program Expiring

Thu, 15 Dec 2016 20:16:00 GMT

Photo Credit: ABQ Business First

New Mexico’s Attorney General, Hector Balderas, said that there is help available for Albuquerque and Rio Rancho homeowners who may soon be behind on their home loan payments. They can apply to the Home Affordable Modification Program to avoid foreclosure. This government program for struggling homeowners expires at the end of this year.

In touting this program the AG explained that the foreclosure rate for Albuquerque and Rio Rancho is higher than the national average and urges homeowners struggling this year with paying their mortgages to apply. The government Home Affordable Modification Program is designed to help homeowners obtain loan modifications with affordable payments. Interest rates can drop as low as 2 percent, and the program limits the monthly housing payment at 31 percent of a family’s gross monthly income, according to the state Attorney General’s office.

Albuquerque’s foreclosure rate has been steadily declining since 2012, however New Mexico’s rate is higher than the national average foreclosure rate. “In August 2016, the latest data available, the metro’s foreclosure rate hit 1.68 percent, the lowest seen since April of 2009, according to data from CoreLogic. Still, that was higher than the national foreclosure rate, which was 0.90 percent in August. Albuquerque’s highest foreclosure inventory rate hit 4.20 percent in April of 2012.” Excerpt from Albuquerque Business First, December 7, 2015 by Stephanie Guzman-Barrera

Single Family Investment Purchases

Tue, 08 Nov 2016 23:37:00 GMT

Digested from an article written by Phil Hall in the October 20, 2016 National Mortgage Professional Magazine. Single Family Investment Property Returns According to data on single family investment returns compiled by ATTOM Data Solutions, the average annual gross rental yield—monthly rent, annualized, divided by median home price—was 8.7 percent for single family properties purchased in the first seven months of this year are down from an average of 8.8 percent for the same time period in 2015. This year’s numbers were the lowest level recorded since 2007, when the average gross rental yield was 7.3 percent across the 473 cities analyzed for this survey. ATTOM Data Solutions also found that 2.7 percent of all single-family homes that sold in the first seven months of 2016 were purchased by institutional investors, up from a 2.1 percent share during the same period last year. However, 68 percent of the counties analyzed for this study reported year-over-year increases in the share of institutional investor purchases. “While average rental returns on properties purchased so far in 2016 are at a nine-year low, these returns are still attractive compared to alternative investing opportunities,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “After a drop-off in single family purchases by both individual and institutional investors over the past two years, we’re starting to see investor acquisition activity pick up again. Given shifting attitudes toward homeownership that are showing up in stubbornly low homeownership rates and our data showing more than 18 million non-owner occupied single family homes—one in every four single family homes—these single family rental investors will be an important and likely growing force in the real estate market for years to come.”

Know Your Renter Demographics

Mon, 07 Nov 2016 23:23:00 GMT

Millennial and Gen-Xer Renter Demographics

Before you purchase or renovate an investment rental home in the Albuquerque and Rio Rancho markets keep the renter demographics mind. Most single family home rentals are to millennials and Gen-Xers. The 24-34 year old group has a different outlook toward rental homes than the past two generation. Well-documented, this group, comprising the oldest millennials and very youngest Gen-Xers, are starting families later and still must repay college loans and face stricter mortgage-underwriting guidelines. They view the benefits of homeownership differently and are much more mobile. They also remember the effects of the great recession and housing bubble on their parents and older siblings. This has tarnished the “Home of Your Own Dream” of the past and they are very cautious of long term housing commitments.

This age group is confident, connected, tech-savvy, multitasking and high achievers. They were also more tightly scheduled as children than prior generations – think youth sports, music lessons, full-day kindergarten, etc. – and want some sort of fun activity during their off-work hours. Millennials are not interested in taking on home improvement projects or spending off-work hours on yard and home maintenance. They spend much less time inside their homes and more of their leisure time going to and participating in organized activities around town than other generations. They want a rental home that is maintenance free, has modern appointments, with most rooms light and bright, and they want it move-in ready. This group is not interested in paying less rent for a home that may need repairs or looks dated.

Live Work Play

Studies have shown, most millennials prefer the instant gratification of a new looking home. They also do not want to spend a long time commuting. That is why millennials in large urban areas prefer a “work-live-play” environment that promotes the Class A, urban-core apartment properties that have been growing along skylines across America, according to Axiometrics’ apartment market research. Smaller cities, such as Albuquerque and Rio Rancho, that do not have long commutes to the urban scene and recreational activities, continue to attract this group of renters to single-family home rentals. Often the main motivation for choosing a rental home over a luxury apartment is owning a pet dog. There are many newer rental homes in the Albuquerque and Rio Rancho markets within 30 minutes of the city centers. These types of homes rent at premium prices with less vacancy.

Millennials are not buying their own homes at historical rates and this trend is expected to continue for the next few years. The homeownership rate for the ages 25-34 age cohort was 40.4% in 2014, compared to the 20-year low overall rate of 64.5%. As more millennials graduate from college and join the workforce, the cohort’s homeownership rate is forecast to fall below 40% through 2017, then rise to 41.7% in 2020 – still more than 300 basis points below the long-term average.

Home Rentals Good for Investors

Mon, 31 Oct 2016 17:54:00 GMT

Albuquerque Rental Market

Investors in the Rio Rancho and Albuquerque rental market enjoy excellent single family rental climate. ATTOM Data Solutions, Parent company to RealtyTrack and the largest data aggregator for the real estate community,produced its Q3 2016 Single Family Rental Market Report, and found despite declining rents in some markets, investors are still keen on buying investment properties. The gross rental yield in most west coastal cities is in the 3 percent range, in The Albuquerque/Rio Rancho area it is in the 8.5 percent range and the average rent for a three-bedroom home there is $1,352.

Metro investors like those numbers, and ATTOM estimates 5.6 percent of all home purchases in the Metro Area between January and July of this year were made by investors. Shockingly, that’s a 144 percent increase compared to the same time last year, the report read. Using rental data from the U.S. Department of Housing and Urban Development and home price data, ATTOM found the returns investors can get in many markets are declining. (Returns is the monthly rent, annualized, divided by median home price.) Below is a recap for Bernalillo county. For an interactive map of other areas in the country go to http://www.attomdata.com/

Bernalillo County Market Data

County: Bernalillo
Metro: Albuquerque
State: New Mexico
2016 3-Bedroom Monthly Rental Amount:…………………….. $1,352
Change in Millennial Pct of Population 2013 to 2014:…………….1%
Investment Property Vacancy Rate:……………………………….2.6%
Jan-July 2016 Annual Gross Rental Yield:…………………………8.2%
Jan-July 2016 Single Family Median Sales Price:………………..$199,032
Millennial (20-34) Pct of Population in 2014:……,,……………..24.7%
Overall Pct Non-Owner Occupied (Investment Properties):…………..21.2%
Pct Institutional Investor Purchases Jan-July 2016:…………….. 3.4%
YoY Pct Change in Average Wages:…………………………………. 0%
YoY Pct Change Institutional Investor Purchases:……………………62%

ATTOM Data Solutions is the curator of ATTOM, a multi-sourced national property data warehouse that contains tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazard, neighborhood characteristics and property characteristic data for 150 million U.S. properties, delivering actionable bulk file license data to clients and powering consumer websites owned by ATTOM Data Solutions: RealtyTrac.com; Homefacts.com; and HomeDisclosure.com. ATTOM data is cited by thousands of media outlets each month, including frequent mentions on CBS Evening News, The Today Show, CNBC, CNN, FOX News, PBS NewsHour and in The New York Times, Wall Street Journal, Washington Post, and USA TODAY.

Court Update | Renting to Felons

Thu, 20 Oct 2016 18:50:00 GMT

A recent court filing indicates that the Washington State Attorney General’s Office believes that denying a prospective tenant with a felony conviction is racially discriminatory.

A member of the Attorney General’s Civil Rights Unit served a Consent Decree on Dobler Management Company, a property management firm in Tacoma, after conducting a simulated test on whether the landlord was illegally discriminating against potential tenants.

According to the briefing sent to KTTH’s Todd Herman, in May, the state asked a TESTER to follow up on a rental property advertisement on an internet rental site, which said the apartment complex would automatically deny renters with a felony record. The state’s tester confirmed that the unit was still available and asked if he could apply for the unit despite having a felony conviction. The leasing consultant responded via email that a “FELONY WOULD BE AN AUTOMATIC DENIAL”.

“IN DENYING THE TESTER, THE LEASING CONSULTANT DID NOT CONSIDER WHEN THE CONVICTION OCCURRED, WHAT THE UNDERLYING CONDUCT ENTAILED OR WHAT THE TESTER HAD DONE SINCE THE CONVICTION,” THE STATE WROTE IN A CONSENT DECREE FILED IN PIERCE COUNTY SUPERIOR COURT.

The state explains that there is a discriminatory link between criminal history and restriction of housing:

“In Washington, racial disparities exist in the criminal justice system. African Americans are arrested, convicted, and incarcerated at higher rates than non-African Americans. As a result, criminal history restrictions on housing justified by a legitimate nondiscriminatory interest and is tailored … a housing provider’s blanket policy prohibiting tenants based on criminal history discriminates based on race or color.”

Herman says that this explanation is based on a new theory called Disparate Impact, which was recently enshrined into law by the Supreme Court. He says that this leads to the assumption that if there are unequal outcomes between races, that tacit racism exists, even without any intent.

The AG’s decree comes on the heels of the Seattle City Council’s renter protection ordinance in August that made it so landlords can no longer choose which tenants they believe will be best. Seattle landlords instead have to choose the first applicant who qualifies. The goal is to prohibit discrimination against people with different forms of payment, such as vouchers and subsidies.

In the case of the State of Washington’s vs. the Pierce County property owner, the AG’s office seeks financial penalties and wants to force property owners into sensitivity training on the issue.

The attorney’s office representing the management company told Herman that there was “absolutely no engagement or outreach” by the AG or any housing regulator on this “novel” theory of liability, adding that the AG Ferguson’s office “began actively and aggressively ‘shopping’ for apartments under the guise that they had felony convictions.”

The defense says that the amended Washington RCW directs that a background check, including a prospective tenant’s “criminal history” is authorized.

Herman likened Ferguson’s standard as a form of blackmail. He says the logic is backward: “You can’t ban felons because there are more African-Americans who are felons. Therefore, if you don’t want felons living in your building, you are a stone-cold racist.”

Herman says the AG is using a “web of dictates” rather than looking to change the standards and deal with the real issues: Getting families back together, increasing graduation rates, etc.

“Is there any concern here in this state at all about why — Why more African-Americans are arrested and charged?” Herman asked. “Or is this the way we’re going to solve the problem, by not letting landlords screen out felons? Which one will solve the problem?”

Is Rover a Pet or an Assistance Animal?

Wed, 19 Oct 2016 20:03:00 GMT

Assistance Animal and Rental Properties

One common concern for property managers and landlords is how to know if an animal is a valid assistance animal, or a pet in the disguise of an assistance animal in an attempt to get around the landlord’s pet policy or avoiding paying pet rent. Service animals, are not usually a point of contention as they are “workers” and are trained to provide disability-related functions. The contention arises with assistance animals, which have no specific training, and provide emotional support and companionship to help alleviate the symptoms of the disability such as anxiety. The following excerpt that was written for the multifamily housing industry contains one of the best discussions I have come across on the issue of assistance animals. An important caveat, check with a legal consultant if you have a difficult situation involving assistance animals to be sure you comply with HUD guidelines and avoid a possible fair housing claim.

Excerpt: “Clearing the Air On Companion Animals: What Property Managers Should Know
companion-animals” By Tim Blackwell, Property Manager Insider Sep 28, 2016

“While the multifamily housing industry has become pet friendly, some furry friends are catching the ire of property managers. Residents who attempt to bring their pets on property under the guise of them being companion animals are leaving some apartment operators fearing fair housing issues if they don’t comply.

In a spirited conversation recently on Property Management Insider’s LinkedIn group, some said it’s not worth the risk of legal action to fight a tenant who appears to be purposely abusing fair housing protections in order to avoid paying pet deposits, fees or skirt no-pet policies. Others disagreed, saying that if such situations are handled in accordance with the laws, properties can minimize the threat of a fair housing claim.

“It is important to ask the prospective resident what type of service the animal provides” said Billy Rosenberg, President of Infinity Residential Inc. “If the only service provided is companionship without any additional medical services, the application for request of a service animal can be denied and fees/deposits can be administered.”

Companion or Emotion Support Animals

Companion or emotional support animals fall within the definition of assistance animals under the Housing and Urban Development’s guidelines, “Service Animals and Assistance Animals for People with Disabilities in Housing and HUD-Funded Programs.” While service animals are generally animals that work and provide disability-related functions (such as guiding persons with vision impairments) other animals can be considered to assist somebody who has a mental or psychological disability by providing emotional support and companionship to help alleviate the symptoms of the disability.

Neither type of assistance animal is required by law to be specially trained, and reliable verification of disability and disability-related need for an assistance animal (unless both are readily apparent or known to the provider) is proof enough. By law, housing providers cannot charge extra deposits, fees, impose type, size or breed restrictions or prohibit the animal from living on premises, even if a “no-pet” policy is in place.

But landlords can cover themselves and put the onus back on the resident. Remember that residents must make a request for a reasonable accommodation and housing providers cannot ask the nature of the resident’s disability. Verification that the resident has a disability and that the animal is related to and needed because of the disability, unless both are readily apparent, can be requested. She also said that a certificate or other document indicating the animal is a registered service or emotional support animal isn’t enough. These documents can be acquired on the internet without any proof of disability or disability-related need for an assistance animal.

It is okay for housing providers to set reasonable rules of conduct that residents with assistance animals must follow. If the animal poses a threat to the health or safety of others or damages property, the resident can be held to the same standards as any pet, according to HUD. However, breed, size, and weight limitations may not be applied.

Property managers have a remedy when assistance animal owners don’t follow rules. Property managers can take action against residents who violate the assistance animal rules but should do so with a little extra care, Dover said. For example, warning letters recognizing that the animal is an assistance animal, but reminding the resident that they still must follow reasonable rules of conduct, should generally be issued, rather than serving a legal notice that might be used in the case of a pet rules violation. The landlord can state that if the problem persists, the animal may have to be removed. In any event, the landlord should state that if removal of the animal is required, alternative accommodations will be explored. That, Dover said, can include a request to replace the animal with another.”

How ART Will Effect Landlords in Albuquerque

Thu, 08 Sep 2016 20:37:00 GMT

ART will boost single family home rentals in Albuquerque. The city has officially signed an $82.6 million contract September 10 that calls for the local construction company to finish work on the Albuquerque Rapid Transit “ART” project by late 2017. Heavy demolition and disruptions along a nine-mile stretch of Central Avenue expect to begin in mid-October as Bradbury Stamm puts hundreds of people to work building a network of bus-only lanes and bus stations between Louisiana and Coors. The $82.6 million contract with Bradbury Stamm covers the bulk of the construction work. City officials say it guarantees a maximum price, unless the city asks for extra work. The project overall is still expected to cost about $119 million when the cost of design, buying buses and other work is added in. Most of the money comes from the federal government. Cynthia Schultz, CEO of Bradbury Stamm, said she expects the project to employ the equivalent of 300 full-time workers over the next year. About 1,000 people altogether might work on it in some way, she said. A Big drawback for Albuquerque for attracting millennials and retirees to our city has been the lack of public transportation, especially to downtown and major shopping areas. This demographic is especially important for the rental industry for single-family home rentals; as there is not the density of population as in an apartment community. ART will spur redevelopment along the Central Avenue corridor and provide faster, more reliable service than the regular bus system. The project’s design is to mimic light rail, but at a fraction of the cost. A vitalized downtown and easy access is one of the major points millennials and retiring seniors list when choosing a city to relocate. In our property management experience these demographic now make up over 60% of the people who are now renting a home in Albuquerque.

Beware The Expert Liar

Tue, 30 Aug 2016 20:03:00 GMT

The Rule of Thumb to Catch an Expert Liar

The rule of thumb is to question the veracity of every story or explanation a stranger tells you when they are trying to rent your property. Here are some tips to protect yourself and your property from renting to the expert liar. Be objective about what is on the application and what you are told. This advice is much easier for a professional property manager to follow than an individual landlord. Professional Managers are bound by Fair Housing and other Federal, State and local laws against any appearance of discrimination. The individual normally is not. To abide by these regulations and laws the professional manager must document in their paperwork that they used objective rental criteria before a rental shopper is approved for a rental home. Everything needs to be verified and documented. There is no room for gut feelings.

As an individual renting their own property they are exempt from most anti-discrimination laws and regulations. This leaves room for the owner/landlord to rely heavily on their gut feelings. Many Owner/Landlord’s run credit checks on potential residents as well as standard background reports the same as the professionals. When the individual owner asks the potential rental about something they noticed that put up a red flag they may not verify the answer. This is especially true when the owner/landlord formed a favorable impression of the potential renter. It is human nature to want to believe someone you like. People tend to like expert liars on first impression. They get away with their lies because they are likeable. An expert liar will be very convincing, charming, quick to self-disclose, and can even produce tears for effect. These liars can fool anyone, no matter how honed your liar radar skills.

Always verify what is said. Ask questions and ask for details. If it is not obvious how to verify what they are telling you ask them how you can verify the explanation. In my experience, honest people will accept your need for accountability and take responsibility for helping you verify the information. The person who immediately shifts their attitude from charming to defensive or does not provide the kinds of details needed to verify the explanation is potentially a professional liar. If this happens heavily weigh the red flags, ignore gut feelings, run the issue by an objective person, etc. Be prepared to walk away from this potential renter. Expert liars are not responsible people and in general make poor residents. Further, You may have to deal with the expert liar over maintenance, late rents, etc. for a year or more.

Albuquerque And Rio Rancho Home Prices Up

Mon, 25 Jul 2016 18:26:00 GMT

Excerpt from the July 25 Albuquerque Journal about home prices-

The statewide median price last month rose to $190,000, a nearly 1 percent gain over 2015’s statewide median price of $188,500. The median is a typical market price when half the homes sold for more and half sold for less.

The association’s reports represent single-family residential data only.

During the second quarter, RANM said 5,414 homes sold, a 4.2 percent rise from last year’s number of 5,196 residences. Year to date, the association said New Mexico saw total sales of 9,401 homes from January to June, a nearly 6 percent increase from last year.

The busiest markets year to date were Bernalillo (3,650), Sandoval (1,110); Santa Fe (804) and Doña Ana (798) counties. Dollar volume from home sales in the second quarter stood at $1.2 billion, according to the association.

Median Home Prices

The 2016 year-to-date median price of $182,000 is the highest reported since 2008’s $187,500, said Steven Anaya, CEO of the association.

Sellers are reaping the rewards of a market in which median prices have edged higher every month this year, said Patricia Fell, association president.

Real estate agents report a shortage of inventory and even multiple offers on some homes. “In several of the bigger metro areas, reports are the number of a days a home is on the market is decreasing, particularly on properties priced below $250,000,” said Fell.

“Continued low mortgage rates are good news for the housing market,” said Fell. However, according to research by the National Association of Realtors, high levels of student debt are still a contributing factor keeping some buyers out of the market.

Another Big Budget Movie for New Mexico

Mon, 11 Jul 2016 20:56:00 GMT

The movie is being directed by Scott Cooper, who worked with Bale in 2013’s “Out of the Furnace.” Cooper directed Johnny Depp in “Black Mass.” Bale is coming off an Oscar nomination for his role in “The Big Short.” The movie will employ about 350 New Mexico crew members and about 10 New Mexico cast members, not including background actors.

Coming out in September is another big budget movie that was filmed in New Mexico, “The Magnificent Seven”. This remake of the 1960 Western was filmed in New Mexico and stars Denzel Washington, Chris Pratt and Ethan Hawke, also staring Vincent D’Onofrio, Byung-hun Lee and Peter Sarsgaard. The film wrapped up production in late 2015. According to the New Mexico Film Office, the production employed about 275 New Mexico crew members, nine local actors and about 60 background actors. The movie was directed by Antoine Fuqua and is being released by Columbia Pictures and Metro-Goldwyn-Mayer Pictures.

“We are proud to be featured as a backdrop for ‘Hostiles,’ said Los Alamos County Manager Harry Burgess in a statement. “New Mexico’s incentive program is definitely bringing the film industry to our state. It’s great to be a part of it.” New Mexico offers $50 million annually in tax rebates to production companies.

Several New Mexico TV film projects already announced include: “From Dusk Till Dawn: The Series” and “Midnight Texas.” “Better Call Saul” and “Longmire” are set to return as well.

Locally Distilled Whiskey, Vodka, and Gin

Mon, 20 Jun 2016 22:10:00 GMT

Two years ago, Steve Paternoster, the owner of Scalo Northern Grill, and some of his friends were tasting fine whiskey. Somewhere in their discussions they all agreed they could come up with some even better concoctions themselves. They decided they would would open a small local distillery here in Albuquerque and make some of the best whiskey, vodka and gin in the country. The partners think that craft distilleries may see a boom, similar to the one a few decades ago for local and craft breweries. There are only a few top players in the liquor industry, though craft distilleries are growing across the U.S., especially in California, Oregon and Washington.

Whiskey, Vodka, and Gin

They will open a local high-end Albuquerque distillery soon in East Nob Hill’s Highland district. Paternoster and his business partners, Nick Pavlakos, Roger Peery and Roger Aguiar do not have a name yet, but Paternoster said the concept is a boutique distillery that will make local, high-quality whiskey, vodka and gin. He said the distillery will have also other drinks and a food menu, though the team hasn’t worked out the concept just yet. “We want it to satisfy the needs and artistry of millennials, but also be welcoming to someone like my dad, who’s 88,” Paternoster said.
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When Your Resident Gets Angry | Angry Residents

Tue, 07 Jun 2016 22:36:00 GMT

Empathy is Important for Angry Residents

I recommend using empathic listening skills with angry residents. It takes practice to use empathic listening when you feel under fire. Remember that defusing the resident’s anger will make the time spent worth it: emotionally, financially and in time savings. The landlord-resident relationship is a two-way street. You may be in this relationship for at least one and often three to four years.

To listen empathetically, first, be calm, say nothing, pay attention and listen. Do not interrupt or butt in, give the speaker a few ques so they know you are paying attention. On the phone I like to say “yes?” when they take a breath and in person I nod my head so they know I am listening not tuning them out. When they take a real break, and you get an opportunity to speak, the first instinct is to go to solution or be defensive right away. Before going there train yourself to express your understanding of their complaint and acknowledge their negative feeling toward the situation. Concentrate on feelings such as inconvenience, frustration, discounted, etc. it is important to stay away from personal feelings such as dislike or disrespect that sound personal toward you. Try to remind yourself that you do not need to defend yourself, their anger is not personal toward you. You did nothing personal to them.

Ask if your understanding of the complaint is correct. This gives the resident confirmation that you heard them and that you acknowledged they are upset. For example, “The plumber did not show up when promised and you were very inconvenienced.” Most of the time this is enough to defuse the anger and you can both quickly move toward a resolution of the problem. If the resident starts on another tirade, take a short break. Try to accomplish this without making them feel brushed-off and offended. For example, I usually say ” I will be right back, I need to check my schedule for a moment, to be sure I can spend more time with you on this problem”. In a few minutes they become calmer and you can work on the solution together.

In the rare case that a resident will not calm down quickly, even when you are empathically listening to them, try your best to remain calm, keep listening and letting them rant. Usually the resident’s desire for a solution to the issue will quickly take precedence over keeping an angry rant going and they will wind down.

It goes without saying that you should never stand there and take it when someone verbally attacks you on a personal level. If the anger is over-the-top and directed at you personally, it is abuse. Stay calm, and walk away to somewhere they can not follow you (another part of the office, restroom, car). You can or a colleague can contact them to reschedule a time to re-visit the problem at a later time when the resident is calmer and you can conduct business.

Trends in Albuquerque Sales Market Today

Thu, 19 May 2016 17:28:00 GMT

What does the sales market hold

The following are my personal predictions for today’s trends in the Albuquerque sales for the residential market. Although, I am an industry expert, no one can predict with certainty what the future sales market will hold.

Affordability to Drive Albuquerque Sales

First, I believe the affordability of housing and the low cost-of-living in the area will drive housing growth. In return, these drivers along with a recovering economy, will bring an increase in people relocating to the Metro Area. A much needed trend for the Metro Area’s economic growth. Population growth has been stagnant in the Metro Area since the great recession of 2008.

Second, there is an emerging trend for an increase in first-time homebuyers to enter the real estate market. Many millennials are settling down with a life partner and having children. Despite the great recession, owning your own home is still an important part of the American dream. These millennials want a yard and a pet not another high-end apartment. As home buying declined in the past few years, single-family residential rents increased across much of the country, including New Mexico. In the Metro Market it is usually more affordable to buy than to rent. For this reason there has been an uptick in investors buying homes to rent out in the area.

Third, the metro real estate market is benefiting from the the wave of baby boomers reaching 66 every year for the next ten years. The word is out, the Albuquerque Metro Area is affordable and we have a very pleasant climate. The boomer’s children are well established and have family homes of their own. As an example, the Del Webb division of Pulte homes has recently opened up a new 55+ active community in a planned development, Mirehaven, of over 500 homes. This project is selling so quickly they are looking for another Del Webb location in the area. The majority of purchasers in these communities are coming from out of state. Great news for population growth. Locally the 55+ demographic are downsizing in record numbers. This demographic shift will create a large demand for housing in the smaller well-appointed homes.

Market for $750k Plus Homes Lagging

I saved the soft spot for last, the demand for homes over $750,000 has lagged for a long time and will continue to lag until some time next year. The metro continues to be in a 2008 post recession housing slump for expensive homes. As I see it, political uncertainty and the volatility of the stock markets have kept the upper-end homes from rebounding. High-end homes are going for much less than the cost basis of these homes. I believe this market will experience some relief starting in Spring of 2017 when the election dust clears. If you are in the market for a fabulous home in the Metro, now is the time to buy.

Duke Energy plans solar farm in New Mexico

Tue, 10 May 2016 18:56:00 GMT

Excerpt from Albuquerque Business First, May 10, 2016
Duke Energy’s renewables division, which operates 18 wind farms and 43 solar farms in 13 states, has started construction on its first project in New Mexico.
The Caprock Solar Power Project, located near Tucumcari in Quay County, is a 25-megawatt installation that’s expected to be completed later this year, and provide power to the Western Farmers Electric Cooperative (WFEC) under a 25-year agreement.

Tammie McGee, a spokesperson for Duke Energy, says when the company is considering a project, it’s looking for both resources and demand from customers — whether that comes from some kind of renewable energy mandate or simply because they believe in it. Duke wants to know, McGee says, “Are customers already looking for renewable energy in the region?”

“First and foremost the resources have to be robust,” said McGee. “New Mexico is a great solar resource … that includes things like, is there land available, is transmission robust, can we tie into a substation, can we get land leased from landowners who are willing to do so.”

Positive Job Growth | Albuquerque Market

Wed, 27 Apr 2016 20:39:00 GMT

According to the University of New Mexico Bureau of Business and Economic Research Government figures just released show more year-over-year job growth in March in the Albuquerque Metro Area than any other month since May of 2007. The growth amounted to 1.6 percent, or 5,900 jobs, compared to March 2015, the Department of Workforce Solutions reported.

“The big picture is that Albuquerque is sustaining a reasonable, even relatively strong, rate of growth” said Jeff Mitchell, director of the University of New Mexico Bureau of Business and Economic Research. “This past month was one of the strongest months we’ve seen.”

Private Sector Critical to Job Growth

A large part of that growth was in private-sector jobs — an increase of 4,800 jobs, or 1.6 percent — bringing good news to a state trying to reduce its reliance on government employment.
For full article on Metro jobs

Small Screen Film Industry Big Boost to New Mexico Economy

Mon, 18 Apr 2016 17:45:00 GMT

New Mexico film industry is feeling the benefits of more TV shows than ever being produced at studios in Albuquerque and Santa Fe. The increase in quality television content over a wide spectrum of venues is changing viewer habits. The small screen is outpacing feature films, and the New Mexico television film industry is booming. Recently there were eight TV productions filming in New Mexico at the same time, according to Nick Maniatis, director of the New Mexico Film Office. That means every soundstage at studios in Albuquerque and Santa Fe are or were full.

Film Industry in Action

“The Night Shift” – NBC
“Preacher” – AMC
“Midnight, Texas” pilot – NBC
“Untitled Mars Project” pilot – CW
“Longmire”
“From Dusk Till Dawn: The Series” – El Rey Network
“Godless” – Netflix
One series remains unannounced

“We’ve never had eight TV productions going on at once,” Maniatis said. “We’re holding up well with the facilities and crew. What’s happening now is the fruits of our labor. There’s a lot of hard work from the studios, the unions and the film office that has gone into making this happen.” Maniatis has been determined to boost New Mexico TV production since he first came to the film office in July 2011. One week of filming a TV production funnels $1 million into the community, according to the Albuquerque Film Office.

$35 million Innovate Albuquerque Downtown Project

Mon, 04 Apr 2016 20:03:00 GMT

The project will be constructed just north of the First Baptist Church, and will require the development team to tear down a 14,000-square-foot wing of the church. Jason Perry, senior vice president of Signet Development, said developing a new building rather than developing the existing properties on site was strategic. more

At right is a rendering of Innovate ABQ shows a six-story building will be constructed next door to the historic First Baptist church, as seen from Broadway Boulevard, courtesy University of New Mexico.

Mortgage Rates Take a Dip Back to the Lowest Rate of 2015.

Mon, 28 Mar 2016 19:41:00 GMT

Excerpted from Dayton Newletter, March 28,2016 article by Andrew Harper “After weeks of increases, U.S. mortgage rates take a dip” Mortgage rates have stopped their three week climb and reversed course. The recent dip stems from some uncertain economic data. According to Freddie Mac The average 30-year fixed mortgage averaged 3.71 percent for the week ending March 24, down from 3.73 percent the previous week. The 30-year rate remains near the 2015 percent, making the spring home buying season appear strong. A year ago, mortgage rates stood at 3.69 percent. “The Federal Reserve’s decision last week to maintain the current level of the Federal funds rate combined with the reduction in their forecast for growth triggered a three-basis point drop in the 10-year Treasury yield,” said Sean Becketti, chief economist for Freddie Mac. “As a consequence, the 30-year mortgage rate declined 2 basis points to 3.71 percent.” As usually any information about mortgage rates always come with a big cavate. Becketti added that the Federal Funds rate may see a hike come June.

Millennials and Boomers are driving the Albuquerque Real Estate Market

Wed, 23 Mar 2016 20:05:00 GMT

By Steve Sinovic / Journal Staff Writer
Monday, March 21st, 2016 at 3:40pm
ALBUQUERQUE, N.M. — Millennials and baby boomers are driving both the single-family and multi-family marketplaces as demographics propel new developments by builders with Albuquerque ties.

Three speakers provided an overview Monday of their local projects during the annual residential real estate update hosted by the New Mexico chapter of NAIOP, the commercial real estate development association.
Whether it’s an apartment, assisted living or active adult community, they have seen the future and it is filled with amenities.

Peter Verdicchio, principal of the Austin-based planning and architecture firm SEC Planning, highlighted some of the work his firm has done for the master planned community Mirehaven on Albuquerque’s West Side. The development is comprised of nearly 300 acres with 950 home sites on tight lots. “It’s a hybrid product with traditional family and active-adult projects” courtesy of Del Webb and Pulte Homes, said Verdicchio. Enclaves within the development target millennials, young families and empty nesters.

New Bill Proposes Tax Breaks For Renters

Wed, 02 Mar 2016 19:58:00 GMT

A recently introduced bill in congress would allow renters to deduct from their federal taxes part of what they pay for the primary roof over their heads. “There’s an unequal treatment now of owners and renters,” says Rep. Alan Grayson, a Democrat from Florida, who introduced the bill. He hopes this bill would “level the playing field for renters”. Mindy Ault, a research associate at the National Housing Conference, a group that supports affordable housing, notes that rents are steadily rising, but wages aren’t necessarily keeping pace. “It could be a great boon for renters,” Mindy says.The bill could save some renters thousands per year.

In 2015 approximately 37% of US households were renters according to the Joint Center for Housing Studies of Harvard University. There are an estimated 21.3 million renters in the US who are considered “cost-burdened” by the amount they need to pay in rent compared to their income. Currently homeowners can deduct the interest on their mortgage and property taxes on their home for Federal Income Tax purposes. The bill’s detractors raise concerns that it would have an adverse effect on homeownership and the economy. Proponents say a federal rent Tax deduction would help homeownership, as renters could save more money for a down payment on a home.

Linda Couch, senior vice president for policy at the National Low Income Housing Coalition, says that “the likelihood of the bill being signed into law is slim. Proposed laws tend not to get passed the first time they are introduced”. This bill is very controversial with strong support for and against the bill. Further, the true cost and benefits of such a deduction have been difficult to quantify.

Showing or Viewing a Rental Home – Stay Safe

Wed, 17 Feb 2016 22:34:00 GMT

The Cardinal Rule: Never , never met a stranger alone at a vacant home.

The chances of being a victim of a criminal assault are statistically small. Nevertheless, please be careful and make those chances even less.

New Mexico is Popular With TV Film Industry

Tue, 02 Feb 2016 18:54:00 GMT

NBC TV announced it will begin filming the third season of the “The Night Shift” in New Mexico beginning in February and continue through June. The project will employ approximately 130 New Mexico crew and 500 background talent per episode. The

“A big impetus for film in New Mexico is that television has been giant mover,” Michelle Miller , a spokeswoman for Santa Fe Studios said recently. Governor Martinez recently signed a bill extending a 30% tax credit to stand-alone TV series pilot episodes.

“The Night Shift” is a medical drama set in a emergency room in San Antonio, Texas filmed it’s first two seasons in New Mexico as well.

Do not miss out on any homeowner 2015 tax deductions

Mon, 25 Jan 2016 20:57:00 GMT

By Sandy Gadow January 21, Washington Post The 2016 tax year officially opened Jan. 19 when the Internal Revenue Service started accepting 2015 tax returns.Despite rumors that several valuable homeowner deductionsns might be eliminated or modified, taxpayers are in luck this year. In mid-December, Congress passed the Protecting Americans from Tax Hikes Act of 2015. Many exemptions that would have expired were extended for a year or more, and others were made permanent.Spared were the exemption for private mortgage insurance to protect the mortgage holder; the tax credit for energy-efficient home improvements; and the exclusion for mortgage-debt forgiveness for owners of a foreclosed or short-sale home.The elimination of those allowances would have been a significant financial setback to many homeowners. According to a recent National Association of Realtors survey — Profile of Home Buyers and Sellers (November 2015) — 80 percent of home buyers view home ownership as a good investment, and 43 percent believe that buying a house is a better investment than putting money in the stock market. Read more

Albuquerque #5 on list of best cities to make a movie

Mon, 25 Jan 2016 20:01:00 GMT

According to a recent article in MovieMaker Magazine “best places to live and work” big cities list, Albuquerque ranks at No. 5 for 2016. “Albuquerque is on fire — and not just because it’s one of the driest places in the country. This desert city is consistently landing some of the most exciting productions in the nation, taking a major leap up on our list this year.” Some of the recent productions in the city are AMC’s “Better Call Saul” as well as the sequel, “Independence Day: Resurgence,” which has a budget of somewhere near $200 million. Also filmed in the Duke city: NBC TV series “The Night Shift” and Epix’s new series “Graves” . Also of note, Jeff Bridges is shooting “Comancheria”in town, and Matthew McConaughey, filmed “Gold” in and around the city.

The Gray Storm: A new column explores an aging workforce – The Business Journals

Mon, 25 Jan 2016 18:19:00 GMT

There’s a gathering gray storm out there. The latest numbers say that the workforce and its leaders are aging, and fast.

Today there are almost four million more workers age 60 to 64 than there were in 2005. And there are fewer Americans age 20 to 55 working today than in 2005. As of the third quarter of 2015, a third of America’s workers are over age 50, according to the Bureau of Labor Statistics, and employees over age 65 outnumber teenage workers.

So, what does all of this mean exactly? Primarily, it means that a sizable group of talented people who have run companies, raised families, and done great things will soon be coming to the end of their formal careers and most likely staring into the abyss of “what’s next?

Five Principles We Believe Must be Followed to Run a Successful Rental Portfolio

Thu, 21 Jan 2016 20:31:00 GMT

To even open the doors you need to provide excellent customer service, know your state and local tenant/landlord laws, understand the maintenance needs of your unique portfolio and be an expert on the lease-up and leasing process. To remain in business you must live and practice these steps.

1. KISS your accounting. Understanding cash in, cash out is vital in running a successful business.

In property management there is a positive correlation between total revenues, total expenses and the number of homes managed. Know your gross and net profit margins and your average rental fee per home. Take all you revenues, not only management fees and subtract all your expenses, including the owners salary, and divide by the homes in the portfolio to come up with a net profit per house. Use this number as a guide when evaluating revenue sources, payroll and operating expense decisions. Have your account teach you how to do this for yourself if this does not come easily. You are the decision maker and the company profits affect you and your family’s financial security.

2. Train and manage employees and contractors closely

Property management employees are often in the field and away from direct contact with management. Contractors follow their own schedules and business objectives. It is up to your employees to manage their field time and the work being preformed on the homes in your portfolio. It is vital that your employees have specific training on how your property management company manages the properties in your portfolio and contractor expectations. An updated employee handbook, a procedure manual and on going training schedule is essential. It is equally important that your contractors know your desired expectations. When bringing a new employee or new vendor into a relationship with you and your company, make that conversation is part of the interview process. One of the most common complaints in property management is often directed toward a specific employee or contractor.

3.Pay your vendors and employees what they are worth and on time

It is common sense that when you pay people fairly and on time the contractors and employees will be there for you when you really need them to go the extra mile. In property management there will be some emergencies. Think house fire for example.

4. Stay close to the business

It is your responsibility to know how the homes in your portfolio are being managed. Being on the premises regularly and talking to employees, contractors, residents and owners keep you aware of how well your policy and procedures are being followed. An informed business owner is critical to quality control. Check that your managers are communicating regularly with the property owners about their properties. Not just when something is happening with their properties but also to touch base and confirm that everything is on track.

5.Be fair, consistent and follow-through

When this practice is part of the business culture owners, residents, employees, and contractors know that they can expect this level of treatment in a relationship with you and your company. When people feel treated fairly they reciprocate in kind. It is your job as the leader, to mentor and teach your employees to be fair, consistent and follow through. There will be fewer problems and a more stress free environment. This business environment translates to more profits and higher retention of owners, residents and employees.

Albuquerque’s Apartment rental rates are expected to climb 2.1 percent in 2016.

Wed, 20 Jan 2016 22:47:00 GMT

Albuquerque’s rent prices and apartment occupancy rates are expected to increase in 2016, according to a forecast by Berkadia . Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corp. , recently released its 2016 Apartment Forecast, which looked at Albuquerque’s metro area. Berkadia predicts Albuquerque’s apartment rents will climb 2.1 percent in 2016, causing rent prices to increase from about $826 in 2015 to $843 per month by December. The firm also predicts vacancy rates will continue to go down, and with more people renting, rental concessions such as move-in promotions will fall.

Read full article in Albuquerque Business First

What’s in your wallet.

Wed, 20 Jan 2016 22:00:00 GMT

Published: Journal staff and wire reports Wednesday, January 20th, 2016

SANTA FE — The U.S. Department of Defense says it will no longer accept New Mexico driver’s licenses at its installations nationwide.

Defense Department officials announced Wednesday that driver’s licenses from New Mexico — along with those from Minnesota, Illinois, Missouri and Washington state — can’t be used as proof of identity to enter its bases.

The move comes after the U.S. Department of Homeland Security declined to give New Mexico an extension on complying with tougher rules under the federal REAL ID Act. Those rules require proof of legal U.S. residency in order for state driver’s licenses and IDs to be valid for some federal purposes.

Some U.S. Air Force bases previously had said New Mexico licenses still would be accepted, but this new announcement makes it clear all U.S. military bases must stop accepting that form of identification.

Sandia Labs, a Department of Energy installation, as well as DOD sites White Sands Missile Range and Fort Bliss also said this month it would stop accepting New Mexico IDs.

New Mexico lawmakers are set to begin debate Thursday on a REAL ID fix.

2016 Rental Market Predictions

Mon, 18 Jan 2016 12:22:00 GMT

My predictions for Rentals in the Albuquerque Metro Area Housing Market in 2016

The Metro Area was slow to decline from the housing bubble burst of 2008 and as is our usual trend we have been equally slow to recover. The Metro Area finally saw the turn around in the housing market during the second quarter of last year. This affordability will create economic growth and housing demand. According to a January 5 ^th article by Sal Christ, ABF’s business reporter, the average price of $175,000 with a 5% down made it 33 percent more affordable to buy than to rent the Metro Area last year. According to a recent survey in the Wall Street Journal the greater Metro Area ranks as one of the 20 most affordable cities of more than a million residents in the country.

I see rents continuing to be strong in the Metro Area. We will not see average rents going up as fast as in the past few years or vacancy rates as low but overall we will remain in a Landlord Market. The Post Millennials (or generation Z) are becoming adults everyday now and are more apt to move into their own place sooner than the millennials. Interest rates have started to go up and the constraints on financing a new home are much tighter than before 2008. They remember the effects of the housing bust. I predict they they will continue to rent for several years before taking the plunge into a mortgage commitment. This will keep the Metro Area rental market strong until 2018. After 2018 I believe the demographic will change. Without a crystal ball I have prudently decided another year to make predictions for 2008.

My next post will address my predictions for the Metro Real Estate sales market.

Housing Analysts Bet on 2016 as Standout Year

Thu, 10 Dec 2015 21:47:00 GMT

The housing recovery is likely to surge next year, as solid employment gains, low mortgage rates, and pent-up demand set the stage this year, according to the National Association of Home Builders 2015 Spring Construction Forecast Webinar.

“This should be a good year for housing, buoyed by sustained job growth, rising consumer confidence that is back to pre-recession levels and a gradual uptick in household formations,” says NAHB Chief Economist David Crowe. “We expect 2016 to be even better, due to a significant amount of pent-up demand and an economy that will be entering a period of reasonable strength and consistency.”

For full article click here

For more information on property management or sales in Albuquerque, Rio Rancho, Corrales and Placitas contact ammre@ammre.com

9 things this Realtor carries in his trunk.

Mon, 19 Oct 2015 21:10:00 GMT

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Craving New Mexico Green Chili? Here is a solution. #hatch #NewMexico

Mon, 19 Oct 2015 17:43:00 GMT

Craving New Mexico Green Chili? Here is a solution. #hatch #NewMexico

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Greater Albuquerque Association of Realtors data show higher September 2015 home sales and prices – Albuquerque Business First

Mon, 19 Oct 2015 17:27:00 GMT

Greater Albuquerque Association of Realtors data show higher September 2015 home sales and prices – Albuquerque Business First Many of the year-over-year numbers are good news for the Albuquerque area housing market. But as the industry heads into the final quarter of the year, some issues remain. This was posted on Google+

New Mexico #13 on WalletHub’s list!

Thu, 08 Oct 2015 16:16:00 GMT

Energy efficiency is a strong suit for New Mexico in ranking of U.S. states.

New Mexico is 13th on WalletHub’s “Most and Least Energy Efficient” list! New Mexico had an overall score of 70.27, with states like Nevada, Colorado and Minnesota filling out the top 10. New York was number one with a score of 93.36.

Read the full article.

Did you know smoke alarms expire after 10 years.

Wed, 16 Sep 2015 21:22:00 GMT

October is National Fire Safety Month, and the manufactures of smoke alarms are reminding everyone that their alarms should be replaced every 87,000 hours, or about 10 years. In addition, carbon monoxide alarms should be replaced every five years. Just because an alarm bees positive when the test button is pressed does not mean it is not outdated and may not function property in an emergency.

Since many homeowners change the battery in their home safety products the weekend we return to standard time, Invensys Controls is now reminding consumers that with one glance at the back of the alarm, homeowners can know the real age of the unit by checking the date of manufacture.

The U.S. Fire Administration for Homeland Security, the National Fire Protection Association (NFPA), the National Electrical Manufacturers Association (NEMA) and the Red Cross agree after working for 87,000 hours, normal environmental conditions in the home can have an impact on the performance of your smoke alarm.

“We believe that over 100 million smoke alarms in the U.S. are over 10 years old, and after working for 87,000 hours, they need to be replaced,” said D.J. Crane, vice president and general manager of the Safety and Thermostat Segment, Invensys Controls.

If a homeowner is unsure of how old a fire alarm is, every alarm has a manufacture date on the back. Invensys Controls recommends replacing the smoke alarm if it was manufactured before 1997. Invensys Controls also recommends upgrading to combination smoke/carbon monoxide (CO).

Landlords need to keep this in mind, as your renters may ask for help with replacements.

What is it like to live in Albuquerque?

Tue, 15 Sep 2015 20:12:00 GMT

Albuquerque is a fantastic place to live, work and own a business. Many people out of the state have no idea or have misconceptions about what Albuquerque is like.

According to Candace Beeke, editor of Albuquerque Business First “most people who do not live here know nothing about it (Albuquerque). That seems to gel with what real scientific research showed the Albuquerque Convention & Visitors Bureau, COO Tania Armenta told me at Economic Forum last week, where I shared my initial impressions of the city with the group of about 100 business leaders.
They either love us, know nothing about us, or associate us with Phoenix, she said. OK, I did have that initial misperception, I’ll admit it.
This means we have a chance to shape how the world sees us — something many cities wish for. If we want to be weird like Austin, Texas, we can turn the spotlight on Nob Hill, pump up our hot air balloon culture and put it all to the soundtrack of the Shins. If we want to be the place where the elite boomers bring their spectacular wealth and business savvy, you can’t beat our weather, low cost of living and quality of life. If you’re more interested in attracting those hip millennials, see earlier points about great weather, low cost of living and amazing quality of life, and add breweries and outdoor activities. Want to ride the STEM wave into the future? If only we had some of the most ”

To read her full article click here

Change Your Thinking! #safetyfirst

Fri, 11 Sep 2015 16:09:00 GMT

There is always a level of risk to your personal safety when meeting an unknown person. #safetyfirst #realestate #realtor #safepractices #ABQ

This was posted on AMMRE Property Management’s Google+ Click here to view the latest from the Albuquerque, Rio Rancho, Corrales, Placitas, and Bernalillo Metro Areas.

Have a question or would like more information? Let us know in the comments down below or by emailing managementwithhart@ammre.com.

Highway loop will spur Westside development

Mon, 17 Aug 2015 17:18:00 GMT

Albuquerque’s Westside is the metro area’s new frontier for development.That’s according to a group of stakeholders who spoke at a NAIOP-New Mexico event Thursday at the Albuquerque Marriott about a number or projects emerging on the Westside corridor.Most talked about were transportation projects. Albuquerque City Councilor Dan Lewis, who represents a large Westside district, gave an update on Paseo del Volcan, the 32-mile high capacity freeway that could one day connect I-25 to I-40 on the Westside. To goal is to ease congestion on other roadways, while also encouraging development along the new highway to create jobs that keep people on the Westside. To read the full article

Experts In Their Field: Residential Property Management

Mon, 17 Aug 2015 16:41:00 GMT

With residential property management, there is simply no substitute for experience.

Blair Hart has over 30 years of experience as a landlord and entrepreneur. Blair is an acknowledged leader in setting the standard of excellence in residential property management. She founded AMMRE property management 20 years ago with the simple principal that good neighbors build a strong community.

Original Article From ABQthethemag.com

Click Here to Contact Blair Hart .

Click here to learn more about AMMRE Property Management

Lobos have high hopes

Thu, 13 Aug 2015 21:11:00 GMT

New Mexico Lobos announced in the August 13, 2015 Albuquerque Journal that they will play Notre Dame in football on Sept. 14, 2019. This headline reminds me of the old song about high hopes and the rubber tree plants. I received my MBA from UNM and fell so much in love with New Mexico I have lived here ever since. Go Lobos. The game in South Bend, Ind., will constitute a $1.1 million payday for UNM athletics. It will be the first meeting between the two schools.Lobos coach Bob Davie was Notre Dame’s head coach from 1997-2001 and was an assistant to Irish coach Lou Holtz for three years prior to that. The Lobos now have a “guarantee game” against a NCAA “power conference” school in each of the next five seasons: at Rutgers in 2016, at Texas A&M in 2017, at Wisconsin in 2018, at Notre Dame in 2019 and at Southern California in 2020.

It’s as easy as 123

Wed, 12 Aug 2015 22:59:00 GMT

The best landlords follow three simple rules.

First, Carefully screen your residents and always keep your cool. When a resident feels disrespected they may not respect your property.

Second, Keep the property maintained. If it needs to be fixed or painted just do it as soon as possible. Keep your word on what and when something is to be done,

Third, Keep everything on a business level. Use e-mail and text to keep things in writing. Be sure your resident understands their and your responsibilities upfront.

Freebie: Always be sure the front of the home including the front windows, door and walkway are attractive to attract the best pool of potential residents.

We Love Living in Albuquerque

Wed, 12 Aug 2015 22:36:00 GMT

Albuquerque places 24th on the “2015 Best & Worst Large Cities to Live In” study by personal finance website WalletHub, which looked at such factors as livability, recreation, participation in physical activities, schools, local economy and other factors.

Albuquerque scored especially high in the “livability” category, placing 14th in the country out of the 62 large metro areas included on the list. The Duke City fared less well on “local economy,” placing 38th in that category.
Austin, Texas, ranked as the No. 1 most livable large city in the WalletHub study, with Raleigh, N.C., Colorado Springs, Colo., San Jose, Calif., and Seattle rounding out the top five.

Albuquerque New Mexico has one of the nations finest cancer centers. Go New Mexico

Wed, 12 Aug 2015 22:07:00 GMT

Albuquerque New Mexico has one of the nations finest cancer centers. Go New Mexico

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Rents decline across New Mexico except in Albuquerque, Hobbs, Silver City

Fri, 31 Jul 2015 18:19:00 GMT

Albuquerque is still showing a strong 4% growth through July .

By Stephanie Guzman
Albuquerque Business First

Rents in several New Mexico markets decreased over 12 months, according to a Zillow survey that compared median rental rates from May of 2014 to May of 2015.

Cities such as Santa Fe, Farmington, Las Cruces and Rio Rancho saw a decrease in rent, though some of those cities only saw monthly rent rates decrease by less than $50.

Taos County experienced the biggest drop in rent, from $1,250 per month to $1,134 per month.

Albuquerque saw a 4.7 percent growth in median rental rates, from about $1,143 to $1,197 per month. The Duke City was in line with the national average, which saw a 4.3 percent year-over-year increase across the U.S. The Zillow Rent Index listed the average median rent in the U.S. was $1,367 in May.

For more information go to the GAAR website

http://ift.tt/1wJ8heW

Space Travel Still Alive in New Mexico

Fri, 31 Jul 2015 18:02:00 GMT

The Virgin Galactic’s WhiteKnightTwo taxis on the tarmac of Spaceport America near Truth or Consequences, New Mexico, Wednesday, Sept. 10, 2014. (Andres Leighton/For the Albuquerque Journal) Sir Richard Branson, the billionaire behind the aspiring Virgin Galactic spaceline, recently shared his 91-year-old mother’s motto on social media: “Just keep going,” he tweeted. It’s advice the serial entrepreneur whose Virgin brand encompasses an airline, a bank, mobile phones, hot-air balloons and fitness centers – among other ventures – appears to be heeding at Virgin Galactic, the anchor tenant in absentia at New Mexico’s Spaceport America. For full article go to www.ABQjournal.com

New Mexico real estate market sees strong summer, increasing prices

Wed, 29 Jul 2015 19:39:00 GMT

New Mexico’s housing market is looking up. Real estate experts say home prices are the best they’ve been in years, rebounding closer to what they were before the 2008 recession. That could be good news for your investment.

ABQ311 — City of Albuquerque

Tue, 21 Jul 2015 18:54:00 GMT

ABQ311 — City of Albuquerque Report any of the following issues to the City of Albuquerque: Graffiti Lost Animals Large-item garbage pick-up Missed trash pick-up Weed complaints Pothole Abandoned vehicles Residential trash container request Traffic Signs Traffic Pavement Markings This was posted on Google+

Boric Acid Cockroach Control – City of Albuquerque

Tue, 21 Jul 2015 18:52:00 GMT

All of the approximately 34,000 manholes are treated twice a year for infestation. The product used to control the roaches is boric acid. About one pound of boric acid is sprayed into each manhole through a hole in the center of the cover. The process does not require lifting the cover. While boric acid is very effective in killing cockroaches, it is not toxic to humans or animals. If you would like to request treatment for cockroaches in the sewer system in your neighborhood, please follow the link below.

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Albuquerque and Bernalillo County Mosquito Spraying: residents can request mosquito control spraying…

Tue, 21 Jul 2015 18:45:00 GMT

Albuquerque and Bernalillo County Mosquito Spraying:

residents can request mosquito control spraying by calling 311.

Residents who don't wish to have their property sprayed can register on the No-Spray List by calling 311.

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Top 10 Tips Every Renter Should Know

Fri, 17 Jul 2015 21:40:00 GMT

Top 10 Tips Every Renter Should Know When you’re a renter, you have more flexibility in moving and deciding where to live. There are other pros—and cons—of renting, though, so here are our top 10 tips to make life as a renter easier. This was posted on Google+

“The Sunport cut an aggressive deal to land JetBlue, at the time the airport’s first new major carrier…

Tue, 16 Jun 2015 17:21:00 GMT

"The Sunport cut an aggressive deal to land JetBlue, at the time the airport’s first new major carrier in six years, after several years of declining passenger traffic."

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Five Guiding Principles for the Successful Landlord

Thu, 21 May 2015 15:57:00 GMT

1.Keep your property in top shape.

You should have some funds set aside for replacement and repair. If the home needs paint, paint it before showing for rent. If the air conditioner breaks fix it, etc. A well maintained home attracts the best residents.

2. Be respectful no matter what.

Some people are difficult and high maintenance. Keeping your cool and maintaining respect under fire is essential to the successful landlord. Landlord/Resident relations are full of landmines: late rents, negotiations over requests, maintenance issues. Remember a disrespected resident often does not respect your property. There are many techniques you can employ when dealing with difficult people. Some excellent resources for these techniques are Books on dealing with difficult people, YouTube videos, and The National Association for Community Mediation.

3. Keep your word on maintenance requests.

When you tell your resident it will be fixed on Friday, fix it on Friday. This involves work on the part of the landlord to identify a person, or multiple people who can deliver on fixing the problem right the first time and being organized and talented enough to stay on a schedule

4. Screen your residents well.

Your rental income is needed and it can be tempting to “take a chance” on a prospective resident. Remind yourself what happens if they move in and become a problem. By the time they are out you can eat up several months rent out of pocket. Review your procedures and background checks, etc. The worse potential renters are some of the best con artist. You are not the first landlord they duped.

5. Run it like a business

Good business principles can minimize headaches. Document everything. Use a move-in and a move-out report with pictures to accompany your reports. Have a handbook for the residents with your house rules, your policy on security deposits and other useful information such as utility phone numbers, etc. Include this information as part of your lease signing. Let them know up front that you enforce the provisions. Knowing what to expect, up front and understanding what they need to do to get 100% of their security deposit returned, is a breath of fresh air to residents.

How to Analyze the Market to Avoid Major Investing Mistakes

Wed, 20 May 2015 15:01:00 GMT

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Home Buyers Push Up Loan Demand

Wed, 22 Apr 2015 22:44:00 GMT

More people are looking to buy homes again in the Albuquerque and Rio Rancho markets.

Mortgage applications were on the rise last week, as home buyers remain behind the upswing in demand. The Mortgage Bankers Association reported that applications for home purchases, viewed as a leading indicator of future home sales, rose 5 percent week-over-week on a seasonally adjusted basis for the week ending April 17.

Applications for home purchases are now 16 percent higher than the same week one year ago.

“Purchase applications increased for the fourth time in five weeks as we proceed further into the spring homebuying season,” says Mike Fratantoni, chief economist for the MBA. “Applications for FHA purchase loans remained strong as well.”

Click here for the full article

Ugly Houses Do Not Bring A Pretty Penny!

Mon, 13 Apr 2015 17:31:00 GMT

^{BY Guest Blogger Andrea Onomoto, Property Specialist, Ammre Property Management}

As the market climbs higher, it may be time to look into maximizing your investment. How is this done? Start with making the investment property look the best it can. We do not have to “keep up with the Jones’”, but a nice “clean” minimal approach will help you boost the curb appeal. Broken fountains, crab grass patches, weeds, and trash are some of the things to eliminate. Once you increase the curb appeal up you will notice an increased interest in your property.

Why stop there? AMMRE residents spend 80% of their time inside the property. Shag carpet, green kitchen sinks, and blue walls are some of the things you want to eliminate to maximize your investment. Starting with a blank slate is always the best option. Flat white paint, neutral carpet, and a low maintenance features help residents see themselves in the property easier and are more likely to apply. Updating your income property will only improve your chances of finding the best residents. Simple non-radical changes can go a long way in increasing the value of your home.

For any question pertaining to this topic or any other other topi c that pertains to the Albuquerque, Bernalillo, Rio Rancho, Placitas or Corrales Metro Real Estate Market let us know in the comments down below or email us at managementwithhart@ammre.com.

Professional Property Management; What Makes it Successful?

Wed, 08 Apr 2015 20:30:00 GMT

Image courtesy of KROMKRATHOG at FreeDigitalPhotos.net

This article relates to owner controlled professional property management companies with between five and twenty employees. Professional property management companies with over twenty employees would have a different model.

A professional property management business is more complicated than most people realize. To even open the doors you need to provide excellent customer service, know your state and local tenant/ landlord laws, understand the maintenance needs of your unique portfolio and be an expert in the lease-up and leasing process. To remain in business you must live and practice the Five principles for the successful landlord everyday. These things will make you a successful professional landlord, not necessarily a successful professional property management business. The following are steps the owner can take to grow a vital and profitable business.

1. KISS your accountant.

You are the decision maker and the company profits affect you and your family’s financial security. Understanding cash in, and cash out is vital to running a successful business. In professional property management company there is a positive correlation between total revenues, total expenses and the number of properties managed. Know your gross and net profit margins and your average rental fee per home. Take all your revenues, not only management fees and subtract all your expenses, including the owners salary, and divide by the homes in the portfolio to come up with a net profit per house. Use this number as a guide when evaluating revenue sources, payroll and operating expense decisions.

2. Train and manage employees and contractors closely

One of the most common complaints in property management is often directed toward a specific employee or contractor. Professional property management employees are often in the field and away from direct contact with the company’s top management. Contractors follow their own schedules and business objectives. It is up to your employees to manage their own field time as well as the work being preformed on the homes in the portfolio. It is vital that employees have specific training on how your property management company manages the properties in the portfolio and contractor expectations. An updated employee handbook, a procedure manual and on going training schedule is essential. It is equally important that your contractors know your desired expectations. When bringing a new employee or new vendor into a relationship with you and your company, make this conversation part of the interview process.

3.Pay your vendors and employees what they are worth and on time

In property management there will be some true emergencies and you will need all hands on deck: For example a whole house fire or natural disaster. It is common sense that when you pay people fairly and on time the contractors and employees will be there for you when you really need them to go the extra mile.

4. Stay close to the business

Never delegate ownership oversight. If the company has a general manager who is not the owner, owner involvement is critical for quality control. It is your responsibility to know how the homes in your company’s portfolios are being managed. Being on the premises regularly and talking to employees, contractors, residents and owners will keep you aware of how well your company policies and procedures are being followed. Take the time to send out and read surveys that ask for feedback. You will learn how well your company is meeting expectations. Use the feedback for employee appreciation, training, and constant improvement. Share your company knowledge of the marketplace and professional property management expertise with your owners and residents. Concentrate on what is happening in the local apartment rental and single-family home investment environment. When the information is relative to their investment, owners and residents appreciate newsletters, blogs, etc. Be sure they can contact you for comments and suggestions.

5. Be fair, Be consistent and follow-through

When this practice is part of the business culture, owners, residents, employees, and contractors know that they can expect this level of treatment in a relationship with you and your company. When people feel treated fairly they reciprocate in kind. It is your job as the leader, to mentor and teach your company values. When a company culture promotes fairness, consistency and following through on tasks, there are fewer problems, less stress and higher retention of stakeholders: owners, residents, employees, contractors and vendors.

For questions or to see if our professional property management services are a good fit for you. Call us Today @ (505)243-1069.

Check out these other articles from Management With Hart:

What’s Trending Now in Real Estate

Mon, 06 Apr 2015 17:32:00 GMT

Read the original article here.

30-Year Rates Hold Steady at 3.70%

Sat, 04 Apr 2015 17:06:00 GMT

Fixed-rate mortgages fluctuated little this week, amid mostly calm economic and housing data, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates were little changed this week, entering April about where we started the year,” says Len Kiefer, deputy chief economist at Freddie Mac.

Freddie Mac reports the following national averages for the week ending April 2:

Source: Freddie Mac

Read the original article here

Five Guiding Principles for the Successful Landlord

Wed, 01 Apr 2015 20:05:00 GMT

Image courtesy of hywards at FreeDigitalPhotos.net

Whether owner/manager or a professional property manager of a residential rental there are some aspects of good management that apply to every situation. In addition to these five principles, to be successful the landlord must also consider how the rental home is unique, its neighborhood and the sociological and economic factors of the community. See our next post for an additional five principles for a successful professional landlord.

1. Keep your property in top shape.

You should have some funds set aside for replacement and repair. If the home needs paint, paint it before showing for rent. If the air conditioner breaks fix it, etc. A well maintained home attracts the best residents.

2. Be respectful no matter what.

Some people are difficult and high maintenance. Keeping your cool and maintaining respect under fire is essential to the successful landlord. Landlord/Resident relations are full of landmines: late rents, negotiations over requests, maintenance issues. Remember a disrespected resident often does not respect your property. There are many techniques you can employ when dealing with difficult people. Some excellent resources for these techniques are Books on dealing with difficult people, YouTube videos, and The National Association for Community Mediation.

3. Keep your word on maintenance requests.

When you tell your resident it will be fixed on Friday, fix it on Friday. This involves work on the part of the landlord to identify a person, or multiple people who can deliver on fixing the problem right the first time. Be organized and talented enough to stay on a schedule.

4. Screen your residents well.

Your rental income is needed and it can be tempting to “take a chance” on a prospective resident. Remind yourself what happens if they move in and become a problem. By the time they are out you can eat up several months rent out of pocket. Review your procedures and background checks, etc. The worst potential renters are some of the best con artist. You are not the first landlord they have duped.

5. Run it like a business.

Good business principles can minimize headaches. Document everything. Use a move-in and a move-out report with pictures to accompany your reports. Have a handbook for the residents with your house rules, your policy on security deposits and other useful information such as utility phone numbers, etc. Include this information as part of your lease signing. Let them know up front that you enforce the provisions. Knowing what to expect, up front and understanding what they need to do to get 100% of their security deposit returned, is a breath of fresh air to residents.

How to Update a Kitchen to Attract Buyers

Wed, 25 Mar 2015 19:04:00 GMT

Kitchens are more important than ever when it comes to influencing buyers’ perceptions of a home as well as the perceived value. When selling, there are many ways home owners can update key kitchen features while staying within a budget. Painting, new appliances, lighting, and updating cabinet hardware are just some examples of inexpensive fixes worth every penny to attract buyers. The right lighting is a critical part of any space but is most important in the kitchen for functionality. These industrial style pendant lights are a perfect example of a simple update that adds a twist of contemporary style with sophisticated appeal. Read the entire article here. Posted to facebook http://ift.tt/1wJ8heW

Home price increases show some strength

Mon, 09 Mar 2015 15:23:00 GMT

After five years of trailing the national trend in home prices, the Albuquerque metro area’s single-family housing market finally outperformed the nation as whole in January by posting a year-over-year increase of 6.1 percent in home prices, according to CoreLogic’s Home Price Index.

January’s 6.1 percent increase surpassed the average increase nationwide of 5.7 percent and represents the metro’s strongest gain in average home price for any month since June 2007, when it registered 7.1 percent, according to data from the Irvine, Calif.-based provider of real estate data and services.

“That’s very good news for everybody,” said Paul Wilson, president of the Greater Albuquerque Association of Realtors. “We’ve been lagging everywhere else for from a year to 18 months. What they’ve done in the past, we’re doing now.”

Rental Households Are On The Rise

Mon, 02 Mar 2015 20:22:00 GMT

Rental Households Are On The Rise

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9 Easy Mistakes Homeowners Make on Their Taxes

Fri, 27 Feb 2015 21:51:00 GMT

“Sin #1: Deducting the wrong year for property taxes
You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind — that is, you’re not billed for 2013 property taxes until 2014. But that’s irrelevant to the feds.”

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Millennials saving for a down payment instead of getting married.

Wed, 25 Feb 2015 17:57:00 GMT

“Saving for a down payment may take precedence over saving for a wedding. Saving for a wedding has gotten pricier – recently hitting an all-time high of $29,858 last year, according to TheKnot.com.”

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How to Keep Things Cleaner Longer

Tue, 24 Feb 2015 17:44:00 GMT

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Millennials Would Rather Rent than Buy!

Thu, 19 Feb 2015 21:40:00 GMT

More millennials say they prefer to rent houses over buying than in past generations. Image courtesy of Stuart Miles / FreeDigitalPhotos.net The millennial generation is usually defined as those born between early 1980’s and 2000. according to the New York Times there are more 23 year old than any other age group. Millennials are moving to surpass baby boomers as the largest age group, changing the market place in their wake. Nearly six in 10 millennials (59%) say they’d rather rent a home than buy one, with just one in four saying they are either very or completely likely to purchase a home in the next five years, according to a survey of 1,300 millennials released this week by EliteDaily and Millennial Branding. If millennials continue this trend what will be the impact on the real estate market and their personal wealth. For any question pertaining to this topic or any other other topic that pertains to the Albuquerque, Bernalillo, Rio Rancho, Placitas or Corrales Metro Real Estate Market let us know in the comments down below or email us at managementwithhart@ammre.com. Read the full article HERE @ Marketwatch.com

“Selling a home right now is proving to be difficult for many people, but if you follow these tips, …

Fri, 26 Sep 2014 17:21:00 GMT

"Selling a home right now is proving to be difficult for many people, but if you follow these tips, you can remove any doubts that your home is in anything but tip top shape, and that’s what you’re hoping to create in your buyer’s mind. You have them IN YOUR HOME … this was your ULTIMATE GOAL!!! Make them want to stay."

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The professional property manager is conversant with the applicable statutes and regulations relevant…

Thu, 25 Sep 2014 16:52:00 GMT

The professional property manager is conversant with the applicable statutes and regulations relevant to the management of rental property. #propertymanagement #faq #albuquerque #rioranchonm

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What Can A Professional Property Manager Do For You?

Wed, 24 Sep 2014 20:38:00 GMT

Part 1

Historically, renting your home has been considered a relatively simple and low risk undertaking. However, in recent years, this apparently simple task has become progressively more complex and the risks associated with becoming a landlord far greater.

While managing your rental is certainly within the abilities of most property owners, the time and effort involved in management may be greater than the cost of hiring a professional property manager.

The professional property manager is conversant with the applicable statutes and regulations relevant to the management of rental property. In addition, the manager will typically perform the following tasks as part of the management service:

Advertisement of the Rental Property

Houses For Rent

In the past, advertisement of an available rental meant placing a “For Rent” sign in the front yard and possibly placing an ad in the local newspaper. Times have changed. Today, while the old stand-bys are still used, effective advertising also includes extensive use of the Internet, making availability of the property known to real estate professionals, and targeted advertising to large employers.

Some of the Websites that listing info goes to:

AMMRE.com, Trulia.com, Zillow, Realtor.com, Vast.com, RentalHomesPlus.com, HotPads Tenant.com, RentBits.com, Rentals.com, HomeTownRent.com OLX.com RentalAds.com RealRentals.com Lycos Classifieds RentLizard, RentedSpaces.com, Cazoodle, FreeRentalSite.com, plus more.

Preparation and Execution of Rental Documents

After the applicant is qualified, the necessary rental documents must be prepared and executed. Gone are the days of going to the local stationery store and buying a pre-printed, two-page rental agreement. Today, rental agreements are custom drafted to reflect specific state statutes, and sometimes, applicable local ordinances. In addition to the rental agreement, any required addendum are prepared and may include an addendum relating to pets, a no smoking addendum, an addendum relating to pool use, and if the property was built prior to 1978, a lead paint addendum. Further, a move-in inspection is completed and documented for review by the resident at execution of the rental agreement. Ancillary forms relating to transfer of utilities and trash pick-up may also be needed depending on the location of the rental property.

Periodic Property Inspections

Coordination of Maintenance and Repairs

The professional property manager provides a cost-effective service in the rental and management of investment property. While the above discusses the functions performed by the property manager, it should also be noted that efficiently and competently performing these functions minimizes potential risk to the property owner and in the long term, maximizes returns from the investment property.

For any questions about this or any other topic pertaining to the Albuquerque, Bernalillo, Corrales, Placitas, or Rio Rancho metro markets visit our Blog: Management with Hart or FAQ