Flips
Acquisition, scope, contractor sourcing and resale, underwritten backwards from a defensible after-repair value rather than forwards from a wish.
Deals underwritten by a broker who runs the same playbook with his own capital eight to twelve times a year.
David Stafford holds rental property in Albuquerque and buys, renovates and resells eight to twelve houses a year with his own money. Over a hundred completed in New Mexico. When he underwrites your deal, he is using the same renovation costs, the same contractors and the same resale comps he uses on his own capital.
Most brokers working with investors are translating. They pass along a contractor's number without knowing whether it is high, and they estimate after-repair value from a search rather than from houses they have personally finished and sold on that street.
The practical result is that the deals he tells you to walk away from are usually the ones worth walking away from, and the renovation budget he gives you is the one you will actually spend.
Acquisition, scope, contractor sourcing and resale, underwritten backwards from a defensible after-repair value rather than forwards from a wish.
Cash flow analysis against real Albuquerque rents and real maintenance costs, including the capital expenses most spreadsheets omit.
Clear-out, disposal, make-ready and sale of properties that a conventional listing agent cannot handle.
Video walkthroughs, contractor bids and an honest condition read for buyers who cannot fly in.
Yes, and he is one. He holds rental property in Albuquerque and buys, renovates and resells eight to twelve houses a year with his own capital. He has completed over a hundred flips in New Mexico, so investor deals are underwritten against the same numbers he uses for himself.
Backwards from the resale. Establish the realistic after-repair value from comparable sales in that specific pocket, subtract renovation cost at current local contractor pricing, subtract holding and selling costs, and what remains is the most you can pay. The number that kills most deals is the renovation estimate, because it is the one people guess at.
It moves with labor availability and material pricing, so any fixed figure goes stale. What does not change is that the estimate should come from contractors who are actually bidding work this quarter rather than from a spreadsheet. David prices from jobs he is currently paying for.
It has the characteristics investors look for: entry prices well below the national median, a large employment base anchored by Sandia National Laboratories, Kirtland Air Force Base, the University of New Mexico and the hospital systems, and steady rental demand from military and student populations. As with any market, the deal matters more than the metro.
Yes. Video walkthroughs, contractor bids, and a candid read on condition, with the paperwork handled remotely. The advantage of working with a broker who renovates locally is that his condition assessment is the same one he would use before spending his own money.
This is a specialty. David coordinates estate sales, clear-outs, donation and disposal, and make-ready work, which means properties that would not survive a conventional listing can still be sold properly rather than dumped.
Including when the truth is that you should walk away.