New member, starting out with 1st investment property in Vegas

[Eric Gorostiza]

Hi everyone,

I've been listening to the BiggerPockets Podcast for a few months now, figured I'd finally sign up. After being laid off from my tech job 2 years ago, my outlook on my financial aspirations changed, and I started really thinking about how to get to financial freedom. One of the things I've been thinking about is how to lower our taxable income, and build another income stream. We came to the conclusion that real estate would satisfy both. My wife and I recently put a deposit down on a new construction house in Vegas to start our financial freedom journey. This will be our first investment property, so I've been combing through all the resources available to prepare for when the house is finished and getting it ready to rent. Beyond that, I'm also looking for opportunities to invest across the country. 

[Jack Tulloch]

Hey Eric! Welcome to BP. Congrats on putting down the deposit on your first investment. When is it set to be done?

[Nick Thomas]

@Eric Gorostiza

Welcome to BP and congrats on being in the process of buying your first property! Are you planning to live in the property at first or immediately begin renting it out?

[Eric Gorostiza]

Thanks for the welcome Jack and Nick. The house is supposed to be done in the March/April timeframe assuming no issues with supply chain and etc. We were planning to use it as a vacation home at first, but I think once we close we'll probably get it ready for rental. Short term rental is not permitted for this house according to HOA bylaws.

[Michael Robbins]

@Eric Gorostiza congratulations on your first investment property.  I like new construction as a rental due to the warranty and expected lower maintenance cost.  Best of luck with having the home prepared for placing on the market.  Some unsolicited advice: I am here in Las Vegas as well and I advise my clients to install a ceiling fat in the primary bedroom and fixed above lights in the secondary bedrooms, do not install an RO system, and make sure to install window treatments.  I have seen it several times where a new construction home stays vacant because the owner has not installed blinds/window treatments.

[Eric Gorostiza]

Thanks for the tips Michael, I agree to all of them and have them on my list. I've been comp'ing some listings for rent and noticed that new construction homes were missing window treatments.

[Alli Breighner]

Welcome to BP, Eric! 

Congratulations on you and your wife putting a deposit down on your first investment property. Would love to connect, and discuss potential opportunities for you.

[Julio Gonzalez]

Glad to have you on the forums, Eric! 

[Account Closed]

If you invest in rental properties, you become a landlord—so you need to consider if you'll be comfortable in that role. As the landlord, you'll be responsible for things like paying the mortgage, property taxes, and insurance, maintaining the property, finding tenants, and dealing with any problems.

Unless you hire a property manager to handle the details, being a landlord is a hands-on investment. Depending on your situation, taking care of the property and the tenants can be a 24/7 job—and one that's not always pleasant. If you choose your properties and tenants carefully, however, you can lower the risk of having major problems.

One way landlords make money is by collecting rent.

How much rent you can charge depends on where the rental is located. Still, it can be difficult to determine the best rent because if you charge too much you'll chase tenants away, and if you charge too little you'll leave money on the table. A common strategy is to charge enough rent to cover expenses until the mortgage has been paid, at which time the majority of the rent becomes profit.

You can learn more about estate planning with https://interactive-wealth.com/services/estate-planning/

[Jason James]

Welcome to the BP Community!! And a even bigger congratulations on your 1st investment. Your in the right place to keep the momentum going!!!