SuperNewbie+ in Virginia, maybe going to Las Vegas

SuperNewbie+ in Virginia, maybe going to Las Vegas

Leesburg, VA · Member since 2013 · 42 posts · 9 votes

Hi BP People! I’m Robert, but my friends call me something I can’t repeat. For many months I've been reading and gathering information about different topics on BP, but this is my very first post.

I currently live in Northern Virginia, basically a suburb of Washington, DC. However, I am contemplating a move to Las Vegas, NV.

My knowledge of real estate investing ranges between that of a seasoned professional, and that of a sheer imbecile. Therefore, I believe I average out to a SuperNewbie+.

Some Advantages:

I have bought and sold about 7 homes (purchased mainly to live in), and have made a limited number of real estate investments, the most complex of which was purchasing, sub-dividing, and developing a small land deal.

Before the real estate market melted down into the fiery depths of hell, I owned and built a mortgage company from 1 employee to over 50, with offices in several States. We ran a very clean and honest business, and I never needed to repurchase even one loan in 14 years. New regulations and costs pushed me out of the business.

I currently do two things with my work time:

1. Co-manage a family-based business that sets up self-directed 401k’s called iDirect401k.

2. Run a company that assists Foreign Nationals, both around the world and already in the United States, to gain residency in the U.S. through business investment.

Some Challenges:

Everything else! There are many, many aspects of smart real estate investing which I need to learn. Also, I am still over-analyzing strategies and have not been able to decide on a niche. Most likely I want to buy, fix, and rent Multi-Family properties.

Northern Virginia is a very expensive area, and does not appear advantageous for a small investor. Las Vegas is much more affordable, but it seems to me that the cost of property has gone up too far too fast. I worry about the stability of that market.

I suck with technology. I could not even get this post in the right place the first time! I use an abacus to analyze real estate deals. I carve my offers into stone tablets for presentation. You get the idea….

I welcome the opportunity to develop meaningful relationships with knowledgeable people of integrity, whether you are in the Las Vegas market or elsewhere.

Please contact me if you would like to work towards a long term, mutually beneficial relationship. Please do not if you are just trying to sell me something.

Thank you for reading my dreadfully long introduction.

All the Best,
Robert

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  • Investor · Hampton Roads Va · Member since 2013 · 123 posts · 17 votes
    12y

    Welcome @Robert Slatkin ! I enjoyed your post. BP has a lot of valuable information and GREAT people from all over! I suggest you search the Podcast and jump right in communicating with others. You just never know what type of relationship you may begin....BTW I have some left over Girl Scouts cookies at half price are you interested?

    Good luck on your Journey!!!!!!

  • Specialist · Las Vegas, NV · Member since 2013 · 639 posts · 176 votes
    12y

    @Robert Slatkin, welcome to BP, the finest and only online resource you will ever need for investing. You will meet some wonderful people here and make some good friends, but it's like everything else in life, you have to make the effort yourself first, a bit like putting gas in the tank to get anywhere.

    You've been through a rough patch, but look on the bright side, you now have some terrific experience that can be put to great use. Any expertise such as tech, legal or accounting can be bought, so make no apology for any shortcomings you might have in these areas. Very few people who went down in the crash retain the will to pick themselves up and get back into the game, so a heartfelt congratulations on that achievement.

    I went into L.V. to flip houses and lasted for a few years until the hedge funds took control of the market and killed any Investor opportunities stone dead. Las Vegas is not that big (one county!), so relatively easy to control the market. Even short sales are dead there now.

    The other thing you need to understand about Vegas is the difficulty with employing anybody to do anything competently or honestly. It's a toxic environment in that context. If they're not drawn to the gambling, it's the booze and hookers. The casinos will pay a competent person upwards of $50k per year to show up for an 8 hour shift dealing, so you're left with the people with "lifestyles". Many go to Vegas for a fresh start and never get heard of again.

    You need to look for a location with plenty of opportunities you're looking for and I can assure you, they are plenty out there. Wherever you decide to go, just remember flipping and rehabbing property is a hands on business and to succeed, you have to work very hard until you build up your productivity. Easier said than done of course, but a guy like you could do it, IMO.

    You have all the basics and earned your skills the right way - experience.

    Best of luck whatever you decide!

  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @Jose Garcia Thank you for the warm welcome. It's great to hear from someone here in Virginia.

    Daughters grow up fast, so eat all the girl scout cookies you can and enjoy them. I have 2 daughters and years worth of GS cookies!

  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @David T. Thank you so much for the welcome and sharing your knowledge and experience regarding the Las Vegas market. And thank you for the inspiring compliments.

    I have heard about some of the difficulties finding people of character there, and based on your comments, it may be as big an obstacle as anything else. Anyway, I hope we can connect and stay in touch. Best Regards, Robert.

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    @Robert Slatkin Welcome to the site. Look forward networking with you. I am interested in hearing more about the iDirect401k. Shoot me a PM.

  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @James Wise. Hi James. Thank you for the welcome. I will get in touch with you. Best, Robert.

  • Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
    12y

    great first post Robert!!!

  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @Phillip Dwyer. Hey Phillip. Thank you for the complement. I tried to inject a little humor and be different than the standard.

    I'm glad you responded to my post, and I hope you know how much I appreciate the solid guidance on the Las Vegas market.

    Best Regards, Robert

  • Real Estate Investor · Gainesville, VA · Member since 2013 · 30 posts · 0 votes
    12y

    Welcome to BP! I'm in Northern Virginia too right down the road from you!

    You definitely had the best intro I've read so far. Your current work sounds very interesting. It's impressive you have some time for real estate investing too.

    I have a similar model of wanting to buy, fix and rent properties as well as buy, fix and sell. It depends on the property. Northern Virginia can be tough with the prices but I believe there is a lot that can still be done. I was looking at another area as well but decided for now at least that the grass isn't always greener on the other side, so I think I'll stay put for awhile until I build up more experience.

    Are you in any of the local real estate groups in the area?

    Keep in touch!

    Christine

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Robert Slatkin welcome to the site! Great to have you here! If you haven't checked out the The BiggerPockets Podcast yet, I highly recommend it!

  • Investor · San Jose, CA · Member since 2014 · 294 posts · 113 votes
    12y

    Welcome to BP @Robert Slatkin Best of luck on your future investments!

  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @Christine Oliphant. Thank you. Yes, you are right down the road (either 28 or 15). Not far.

    Also, thanks for the complement on the intro. I wanted it to be different.

    To answer your question about REI groups, I have not yet had an opportunity to attend (or join). If you know of a good group to meet up with, please let me know.

    I hope we can stay in touch and share some ideas.

    Best,

    Robert

  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @Brandon Turner. Hi Brandon. Thank you so much for the welcome.

    I have read quite a few of your articles and have listened to a few podcasts you were a part of. That's why I know to refer to you as ............

    Braaaaaandonnnnnnnnn Turrrrrrrrrnerrrrr!

    Likely, without you knowing it, you have been a real inspiration to me. Thank you. I hope we can connect and keep in touch.

    Best,

    Robert

  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @Robert Musallam. Hi Robert. Thank you for welcoming me to BP. We "Robert"s need to stick together! Hope we speak again. All the Best, Robert

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Thanks so much @Robert Slatkin ! Love it!

  • Real Estate Investor · Gainesville, VA · Member since 2013 · 30 posts · 0 votes
    12y

    @Robert Slatkin - I've been going to the ALFA Real Estate Investors Community in Vienna recently and I'll be going again this week. They've had great discussions where I've learned a lot and there is lots of great networking too! They don't charge for the group or sell anything.

    A lot of those people also go to the CAZA Real Estate Investing group in Reston. I haven't been yet but they have a couple of upcoming meetings that look really good so I'll probably be checking it out. I think they typically charge a fee to attend.

    There is supposed to be another CAZA group in Haymarket starting in another month or two. I found all these groups on Meetup.com

    It'd be nice to meet a fellow BPer at one of these groups. Maybe I'll see you there! It'd be great to connect.

  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    12y

    I am a broker in MA and Las Vegas. Please let me know if I can be of any assistance. there are some really good discussions about the Vegas market on BP. Do a search and read as much as possible. Welcome to BP!

    The Adams Team at Rothwell Gornt Companies4.970 Reviews
  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @Robert Adams. Thank you Robert. We have spoken briefly in the past (when I was visiting Las Vegas) and will do so again. Best, Robert.

  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    12y

    @Robert Slatkin thank you for reminding me. I went back and read up on our previous conversation. Glad to hear you are still pursuing your real estate journey. I hope I was able to help you. Let's keep in touch!

    The Adams Team at Rothwell Gornt Companies4.970 Reviews
  • Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Robert Slatkin loved reading your intro post! Welcome to BP.

  • Leesburg, VA · Member since 2013 · 42 posts · 9 votes
    12y

    @Joe Fairless. Hi Joe. Thank you for the complement and the welcome. I wanted to introduce myself in a way that let people see a bit of my personality.

    I admire the success you have had in such a short time, and it would be my pleasure to connect with you. Thanks, Robert

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