All Forum Posts by: Brad Bellstedt

Investment Info:

Single-family residence buy & hold investment in North Las Vegas.

Purchase price: $94,000
Cash invested: $20,000

My wife and her mother purchased a small 3 bedroom for $94,000 back in 2009 and when we got married in 2017, I moved in with the two of them and we became 3 way owners. Fast forward to today and we've saved a good amount of money and have opened escrow on our new home. I've listed this property for rent and have my first showing tomorrow. (9/1/19) I believe I can get $,1450/month and the mortgage payment is $715/month.

What made you interested in investing in this type of deal?

I like the security and long term returns of buy and hold investing.

How did you find this deal and how did you negotiate it?

I fell in love with and then married the owner. It's a real long-term play. Costly, but the ROI in invaluable ; )

In my experience it IS a deal breaker more often than not. I don't show a lot of rentals anymore and would agree that it matters less to a tenant than a buyer but I have seen many buyers and a hand full of renters pass on properties for that reason. I would say it matters less in a condo/apartment and significantly more in a SFR. I would also say the importance of the second vanity increases the better the economic situation of the tenant.

Generally lenders will use the purchase price X .91. I've seen from .8 - 1.1. Hope that helps. 

I have one! Of my 5 years as an agent, I've used this guy for all 5 years. He used to be a framer for the builders here in Vegas and has a ton of knowledge, really thorough, and not overly expensive. His name is George Hoeye and he owns the company Nevada Home Inspections LLC. I had an inspection with George yesterday and he was telling me about the last 4 plex they inspected. He's definitely your guy. I'm not allowed to pass on contact info on the forum but if you PM me, I can send it your way.

Thank you @Eric H. I saw that in their "ultimate guide to tenant screening." Looks easy enough to use. Thanks again!

Hello again!

I'm looking for advice concerning screening tenants. I'd like to know what kind of eviction, collection, and criminal history they have but I don't know where to look to find this information. Do you have any suggestions of where I might find it?

I do! I've been listening for about 2 months now. Started on show one and am up to show 90 

@Connie Chan oh! I like that!

I love this community. So many great responses. Thanks everyone!

@Kenny Dahill Thank you Kenny. I appreciate the information and the offer.