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Albuquerque property manager Karie Taylor of Venture Realty Group?s Property Management division was our guest on today?s Albuquerque Real Estate Show. Property management companies are in great demand these days as the Albuquerque rental market is super hot. Here are some notes on today?s interview with Karie:
According to stats from the Urban Land Institute the occupancy rate is at 98% with a deficit of approximately 4,600 units in the metro area. The high occupancy rate means rentals are being snapped up very quickly, sometimes in a matter of days.?The area around the New Presbyterian hospital in Rio Rancho is one of the hotter areas for both houses to buy and homes to rent. Apartments are being built in Northwest Albuquerque at the Aspens, which is close to the hospital, but they won?t be available for at least 6 months and won?t be alleviating the crunch for rental homes in the area.
The rental market is hot, but it?s not just investors who are interested in renting out properties, it?s on option that many Albuquerque home owners are exercising as it?s still difficult to sell a home in some areas. In fact, Karie is currently working with more home owners than investors these days.
Depending upon your circumstances, renting out your Albuquerque house can be a great option. It?s a great time to take advantage of the low prices on homes out there whether you?re looking for a larger home or looking to downsize. In many cases you can rent out your old house and make a small monthly cash flow while you wait for house values to come back in the next 3 to 5 years. Potentially it can be the best of both worlds.
According to Patsy Bailey with WestStar mortgage, 505.715.3231, rental income cannot be used to qualify for a mortgage on your next home unless you can provide a one year history of payments. However, if your income is good and you don?t have much debt you probably won?t need to use the income anyway. The payment on your current mortgage will be counted against your debt to income ratio however. Call Patsy for more information about getting a loan while renting out your Albuquerque house.
That?s really just scratching the surface on today?s discussion about Albuquerque Property Management, please use the player below to listen to a recording of today?s interview with Albuquerque property manager Karie Taylor. If you?re looking for a Property management company click here.
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- Albuquerque Property Management
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