All Forum Posts by: Brian Walters

I heard an interesting non-real estate specific quote the other day.  In order to be truly successful you need to willing to risk everything and fail.

For those that have been significantly successful in real estate investing, or any other venture, what are your thoughts on this?

I'm married with 2 kids, and they are my top priority.  I like to think that I'm self aware and the psychology around failing isn't what bothers me.  No issues with trying something, failing and trying again.  What I can't get past is monetarily taking significant risk because that will impact my family.  Can't put them at risk because of a decision or risk I have taken.

This is making it harder to pull that trigger on a first investment.  Need to cash flow or at least break even from the start (not the easiest thing in the Las Vegas market) in order to not having this impact my family in any way as this is my goal as a way to make a better life for our family as well as help others.

Looking for any advice anyone is willing to give.  Thank you

@Alan Bosca replying with the qualifier that I'm still working on getting that first property.

When running numbers I have been using asking prices for similar units on Zillow but have always wondered if that's the best practice.

What did you use to determine the current rate you're charging?

@Bruce Woodruff how do I find info on your STR? Sounds like fun. Any idea how far a drive from Vegas you are?

Quote from @Justin Whitfield:

Big thanks for all of your responses to my post. It looks like there is much work to be done before ever even making an offer on a property. I was thinking of trying to start off here in my back yard. I'm in Las Vegas currently and it's a very active market for SFH and I would assume it's the same for multi-family. Question, do you think it may be a better idea to go the Syndication route at first or do you think it is better to just dive right in and look to purchase my own property? It seems that if you get with the right group the Syndication can really be a passive hands off/no hard work way to get started? Any input is greatly appreciated!

From what I have learned the multi-family market is very different than the single family in Vegas.  This is largely due to the location and pure amount of multi-family properties.  If this is something you're interested in it's definitely something to research further, including looking at the areas these properties exist to insure that somewhere in town that you want to invest.  Good luck.

If they have been good tenants for years it doesn't seem worth a rehab and vacancy over $15 a month.  That said, I also agree with what the others have said, I don't think negotiating is the way to go.  The numbers you stated still seem well below what you are saying is market value, and you're giving them a lower rate because they have been there for some time.  

I could see if they were contacts about an increase and came back and said we can't do that but can do this, but this sounds like a lot more back and forth than needed.  This doesn't seem like your PM is helping you as much as I would hope a PM would.

@Mike Hern agreed with the saturated markets. We moved to Vegas a year ago and I was getting post cards within 6 weeks of closing asking if I was interested in selling, asking if I knew what my home was worth, rtc.

@Chris A. Sounds like we are in similar situations (in Vegas and getting started in investing). I say that to put out there my lack of experience as I answer here. But from everything I've seen and those I've spoken to, if this place is listed at 380k and on the MLS, it's very unlikely to go for the 275k in your analysis, never mind lower than that to make the numbers better.

Happy to talk and trade notes, maybe learn some together if you want. Good luck

@Anthony Parsons I'm sorry you have had the experiences you have here as I have had pretty much the exact opposite. I've found multiple people through BP forums that have taken time to help me, answer specific questions, give advice, even look over analysis I have done and none have asked for anything in return.

I think the keys are going on acknowledging you need help, but have specific questions at the same time. Going in saying I'm thinking this, what do you think vs someone tell me what to do makes a big difference.

I've spent a lot of time learning as much as I can, setting key word forum alerts to learn more about my area and interests and making local connections. To second what someone said earlier in the post, you get out what you put in. I suggest setting forum alerts that match what you're looking to do. This allows you to see what others in a similar situation are doing and see how that can apply to you, or even ask them some detailed questions.

I hope whatever you decide in the end works out for you.

I know I'm wrong in my thinking here but this has been stunk on my mind for a while.  New to real estate investing and currently looking for my first property where I live in Las Vegas.  To get this first property my wife and I are taking from our savings for the down payment, closing and rehab.  We are looking at smaller properties and condos as that is what we have the savings for.  If/when we purchase, it will take our savings down to a level we are comfortable with, but wouldn't be able to go further.  We don't have enough equity in our home to pull from that and moving isn't an option.

So what sticks with me is, if we get this first one, even if everything goes perfectly (which I don't expect being we are new to this) it's going to take years to save up enough for a 2nd investment property.  For all those that put the bulk of your savings into your first purchase, what did you do for your 2nd?

I'm originally from NYC, moved from Queens to Vegas less than a year ago.  Would love to get your thoughts on the Vegas market, exchange notes, etc.

Good luck with the apartment hunt in NY and hope your daughter enjoys the time at NYU.