All Forum Posts by: Brad Bellstedt

Ah, ok. I gotcha. I'm sorry. I may have misread the your question as well. I just bought another property myself as a non W2 earner so I can tell you from experience that it is all based off of your taxes. Your accountant will tell you that the more you write off on your taxes, the more you may save on your tax bill but the less it shows as a profit that you are keeping. Something that will be important to a lending institution when deciding your credit worthiness. Tax records, a profit and statement and I believe they ask for access to your bank account records for verification is what I've seen in my observation, **but of course, I'm not a lender so you should double check with someone who is ; )**

As a real estate licensee, loan requirements are considered to be "outside of your scope." You do not need to be an expert on the topic and in fact if you are incorrect, you could be held liable for someone else's decision that was based on the information you gave them if they are harmed in some way as a result of that decision. Your best bet is to assure the buyer you work with some fantastic lenders who can provide specifics concerning the requirements. 

Each buyer's situation is going to be a little bit different and each lending institution will interpret the buyer's credit worthiness differently. Your best bet is to steer clear of answering this question with specifics and just put them in contact with your lender who will take it from there. It's cliche to say at this point but if it helps you to remember, you want to "stay in your own lane." You wouldn't give out tax advice without being a certified public accountant with the right licenses to operate, right? You should think about mortgage lending as very much the same. Bottom line: Leave advice giving for the professional in that field. It will elevate you of a LOT of liability and headache throughout your career. 

I too am in Vegas. Not one of our 3 buyers or 1 seller that were under contract were effected. 

In just the last 2 days we have opened 2 escrows (one as a buyer's agent and another as a seller) closed a transaction with a buyer, and have had 5 showings on 2 of our listings. 

So far, so good. 

How long has it been on the market? If it's been on the market for more than 2 weeks without an offer, the market is telling you its not likely to get an offer at a higher price. Something about that other property was so much more appealing to the buyer that they were willing to pay more for that property that for your listing. Raising the price is NEVER a good idea unless you're in a multiple offer situation. 

How long will it take you to save 20% of your purchase? If it's a couple of months, you probably should wait. If it's a couple of years, there's a lot of benefit you are missing out on while you live below your means to save money. 

@Sergio Vega

Thank you Sergio! I appreciate the info.

@Harry Neal

ALWAYS, that’s true.

@Account Closed Unless this lockdown drags on for many more months, I don't think we'll see the king of depreciating home values some of us might be hoping for. In the past 6 weeks since the beginning of the national shutdown, Vegas has only seen a 3-4% downturn in values but the demand for housing is still very healthy here. (That's 3-4% with ZERO tourism dollars coming in for a solid 6 weeks along with a 20+% spike in unemployment.) Now like I said, that can all change if the strip is still closed in 6 months from now but as of this moment, I have little reason to believe we'll see a crash and burn of the housing market here. Of course, I could be wrong but for the sake of the city of our employees, I hope I am not. We'll see! 

@Brian Bagdasarian thank you for taking the time to check it out and for weighing in. I appreciate it. 

@Account Closed I thought that might be a little under. No photos to go off of so I was just figuring in $7,500/unit. I figured that's probably enough to paint, carpet, maybe cheap counters, and possibly some systems work. (Plumming, HVAC, etc.) You think it would be closer to $30,000/unit? I do see newer quads in the same area going for $320,000-$340,000 but those are 25 years newer in all cases than our subject property. Would make sense though as to why it is priced so low if your estimate is in the ballpark of what it would actually take to get this thing back to good condition.