Growing invesor / circus acrobat from Las Vegas, NV

New Member Introductions

Growing invesor / circus acrobat from Las Vegas, NV

Rental Property Investor · Las Vegas, NV · Member since 2018 · 13 posts · 5 votes

Hi, Bigger Pockets! Very happy to discover this site. I've been learning a lot reading through the forms and listening to the podcasts. I'm excited to take my REI game to the next level.

Some background on me:

-Have been working as an acrobat with Cirque du Soleil for over 6 years. In my early 30s.

-Also a practicing visual artist / sculptor (www.kentcaldwell.com)

-Moved to Vegas in 2012, bought a home in 2012 and 2014 when property was cheap!

-Currently own 2 rentals: smaller property (owned free and clear) and larger SFR (financed).

-Would love to get into multi-family as a next step.

-Interested in eventually investing OOS, including: Charlotte, Asheville, maybe the midwest, Nashville / Chattanooga. (The Vegas market doesn't seem so great for investing, currently...)

-Currently focused on acquiring property and building equity in homes (next 1-5 years) with larger cashflow as a long-term goal (years 5-10).

Thanks again to everyone for creating a great community-

Kent

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Rental Property Investor · Chattanooga, TN · Member since 2015 · 208 posts · 94 votes

8y

Welcome, Kent!

My husband and I have been investing in long term buy and hold rentals in Chattanooga for about 3 years now and we're loving it. True that there's fewer "deals" to be had these days, but if you're in the market for buy and hold, you can still find cash flowing properties that will help build your portfolio.

Best of luck to you on your search and let me know if you have future questions about the CHA market!

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Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
8y
Welcome Kent. Great to have you
0 Reply
Phillip Dwyer
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
8y
@Kent Caldwell Welcome to BP! Good on you for starting young.
0 Reply
Robert Ombres
Real Estate Broker · Asheville, NC · Member since 2016 · 138 posts · 63 votes
8y
Welcome, @Kent Caldwell!
Asheville is a great place to invest in my opinion- and I may be biased.
Our tourist economy doesn't seem to slow down and is year round. People are attracted to the area during every season and there are a few large festivals that bring large crowds.
The restaurant and brewery industry have a solid foundation here which attract people. We're the location for the upcoming World Equestrian Games, being held at the Tryon International Equestrian Center.
You can find great artists in the River Arts District using many different mediums for their expression.
We have mountain views, hikes, state/national parks, the French Broad River, Kayaking, Fly Fishing, Mountain Biking, good food, beer, and wine.
Asheville has a well connected regional airport and two international airports ~1-2 hours away.
0 Reply
Luka Milicevic
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
8y
@Kent Caldwell
Welcome to the forums. I'm in the Nashville market so if you have any questions let me know.
0 Reply
Kent Caldwell
OP
Rental Property Investor · Las Vegas, NV · Member since 2018 · 13 posts · 5 votes
8y
@Michael S. Thanks for the welcome!
@Phillip Dwyer Cheers - trying to get that passive income maximized by the time I'm 35-40 so that I can comfortably shift away from my current job...
@Robert Ombres I was born and raised in Charlotte, NC and have always been a huge fan of the Smokey Mountains... definitely would love to grab something up there at some point!
@Account Closed Thanks for the welcome. Good to have a contact in Nashville!
0 Reply
Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
8y
Hey Kent! Super cool....not sure I've heard of another acrobat on here. What would it take to get some tickets to come see you? ;) I've never been to Cirque...somehow.
For OOS investing, just be aware of the cash flow potential of each place. Asheville, Nashville and Chattanooga won't cash flow right now. Charlotte can but not sure on their inventory these days. Midwest has some options, just depends on the cities.
What's your budget? Are you wanting to put work into something or go more turnkey?
0 Reply
Jeffrey Holst
Investor · Chattanooga, TN · Member since 2016 · 676 posts · 543 votes
8y
@Kent Caldwell Welcome to BP
@Ali Boone I disagree about Chattanooga, I think it will cash flow as long as you don't over pay and you properly analyze the deals, cant speak for the other areas but I have been doing just fine in Chattanooga. I also have property in South East Michigan, and North Georgia
0 Reply
Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
8y
Originally posted by @Jeffrey Holst:

@Kent Caldwell Welcome to BP
@Ali Boone I disagree about Chattanooga, I think it will cash flow as long as you don't over pay and you properly analyze the deals, cant speak for the other areas but I have been doing just fine in Chattanooga. I also have property in South East Michigan, and North Georgia
What kind of cash flow have you been able to get in Chatt?
0 Reply
Jeffrey Holst
Investor · Chattanooga, TN · Member since 2016 · 676 posts · 543 votes
8y
Depends on how leveraged you are but I think you can still get a couple hundred a door on single families and duplexes and about $100-150 a door on larger multis. The big take away here is prices are up but so are rents. There are aot of "deals" out there where the price is up but the rents are not in line with market. Those are a possible opportunity but the best deals are where they have already proven the higher rents.
0 Reply
Jon Lee
Investor · Las Vegas, NV · Member since 2014 · 471 posts · 241 votes
8y
Hi @Kent Caldwell...Welcome to BP! Understood about investing out of state AND there are plenty of investors here in Vegas that you can connect with that invest both locally & OOS. Feel free to reach out to me if you want to connect sometime at a time when you're not performing (text the number below). There is another Cirque performer @Barri Griffiths (Ka) that's a local investor you could also connect with. I look forward to connecting with you!
0 Reply
Christina J.
Rental Property Investor · Chattanooga, TN · Member since 2015 · 208 posts · 94 votes
8y
Welcome, Kent!
My husband and I have been investing in long term buy and hold rentals in Chattanooga for about 3 years now and we're loving it. True that there's fewer "deals" to be had these days, but if you're in the market for buy and hold, you can still find cash flowing properties that will help build your portfolio.
Best of luck to you on your search and let me know if you have future questions about the CHA market!
1 Reply
Kent Caldwell
OP
Rental Property Investor · Las Vegas, NV · Member since 2018 · 13 posts · 5 votes
8y
@Ali Boone Cheers - not sure of my budget just yet; I'm used to having done traditional lending through banks and don't have much experience cash-out refinancing yet, but currently reading up on all that stuff and exploring options.
I'm actually from Charlotte originally so I would feel a little more comfortable investing in the city....
I think for OOS I would prefer something more turnkey at first unless I was very confident that I had good contacts (contractor) "on the ground." I do have a decent network of college buddies spread across the country, and there's always the potential to team up with them for the right deal in the right market. I would like to get into multi-family ... finding a nice deal on a 4 plex that cashflows nicely would be ideal. Under 500k.
@Jeffrey Holst Southeast Michigan is intriguing to me also (I went to school in Ann Arbor)....
@Jon Lee Thank you for the welcome! Would love to connect. Know a couple local investors in the Cirque community (don't know Barri myself) but looking forward to expanding my network here in Vegas.
1 Reply
Kent Caldwell
OP
Rental Property Investor · Las Vegas, NV · Member since 2018 · 13 posts · 5 votes
8y
Hi @Christina J., thanks a ton for reaching out and that's encouraging to hear re: Chattanooga!
0 Reply
Jeffrey Holst
Investor · Chattanooga, TN · Member since 2016 · 676 posts · 543 votes
8y
@Kent Caldwell I do mainly Metro Detroit but outside of the city.
0 Reply
Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
8y
Originally posted by :

Cheers - not sure of my budget just yet; I'm used to having done traditional lending through banks and don't have much experience cash-out refinancing yet, but currently reading up on all that stuff and exploring options.
I'm actually from Charlotte originally so I would feel a little more comfortable investing in the city....
I think for OOS I would prefer something more turnkey at first unless I was very confident that I had good contacts (contractor) "on the ground." I do have a decent network of college buddies spread across the country, and there's always the potential to team up with them for the right deal in the right market. I would like to get into multi-family ... finding a nice deal on a 4 plex that cashflows nicely would be ideal. Under 500k.
That all sounds pretty good! Charlotte might be a great start then. Cash-flowing 4plexes are hard to find anywhere right now, but I'm sure it can be done.
0 Reply
Robert AdamsBusiness Member
Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
8y
@Kent Caldwell what type of returns are you looking for in Vegas in order for it to be worth it?
[email protected]702-349-9175
The Adams Team at Rothwell Gornt Companies4.970 Reviews
Website View Page
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Terry Lao
Professional · Anaheim, CA · Member since 2017 · 1k+ posts · 686 votes
8y
@Kent Caldwell
Looks like you had good timing in Las Vegas purchases. Las Vegas just topped Seattle as the #1 Top real estate market for appreciation. August was 13.5% year over year. Signs of slowing due to increased inventory, but still double digit growth/appreciation continued for remainder of year.
You will get good cashflow in midwest, but limited appreciation.
I'm vested in southern California and Las Vegas. My portfolio is heavily in real estate and stock market. I will need to diversify soon, as hitting peaks in both. I'm looking into small businesses that will require 10 hours a week and simple business plan. Subway franchise. Simple concept. Cost about 80-100k. Can net 60k annual.
Something to think about.
Terry
0 Reply
Bill B.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
8y
@Terry Lao
Hey terry, thought subway was a wired exampl from you? Are they still building new ones in California? We’re actually seeing them close up here in Vegas. Sometimes I think it’s becuase people are eating elsewhere (even another close subway.) sometimes the whole mall is empty except that last coupe, hold outs. Maybe you can pick up an existing one cheap that an owner is tired of?
Still gotta be brave. Unless things have changed, when we opened computer renaissance stores we were personally on the hook for the lease even as a franchisee. @$7500/mo that was a risk I wouldn’t take again. I’d rather own the mall. The restaurant business seem so fickle.
If I was forced to own/start a business I would think of some kind of truck based business. Plumber, AC/furnace, electrician, pool guy?
I’ll give you my “million $ idea” I came up with 20 years ago and still haven’t put in to practice. Buy a mall, even a small mall, and subdivide each store and sell the stores to the shop owners. Run it like an Hoa with a Managment service. You can sell it to them as...It will be cheaper for them than rent and if they ever close up they have something of value. We closed stores after 15 years and paid to turn them back in to vanilla shells. $1.3million in rent could have been payments towards a store front, something to rent out or sell.
0 Reply
Kent Caldwell
OP
Rental Property Investor · Las Vegas, NV · Member since 2018 · 13 posts · 5 votes
8y
@Robert Adams dunno really, maybe I'm spoiled back from my days of buying in 2012 or 2014 but it seems hard to find things that Cashflow slightly positive (to have reserves for CapEx improvements) when having to factor in Mortgage P&I also. CF seems ok when bought with cash (I have a condo that is doing OK) but maybe not the best return on my money - it's around a 6% cap rate I think, probably slightly less actually. Just very curious what returns are like in other areas right now, since the market for selling is so hot right now in Vegas and it doesn't seem like there are very many small multi-family deals (at least, not much on the market.)
@Terry Lao Thanks for the insight about the benefits of different markets. Just another reason why I'd like to diversify, and try out some OOS properties that can cashflow better and avoid speculating purely on potential appreciation.
0 Reply
Bill B.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
8y
August numbers are out. Median sales prices up 17.5% yoy. IMHO, a Better number, price per sf, up 18.5% yoy. Days on market down 40%.
0 Reply
Brian LevredgePro Member
Investor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes
8y
To piggyback on @Jeffrey Holst's comments you generally won't find MLS listings that work real well. If there's upside on rents it's usually already built into the purchase price. That said, there plenty of off market opportunities for those with the right networking.
1 Reply
Bill B.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
8y
I LOVE LOVE LOVE all the useless posts Jehoha. Pretty much every single post is...
don’t invest there
that’s a bad idea.
Hey that info doesn’t help the poster but I’m certainly not going to post any useful info...
Maybe you could spend a month trying to help people instead of as a “hit and run troll” see if it doesn’t make you feel better like you’re actually helping people. Or at least try just not posting at all for a month and see if the forums aren’t a better place.
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