All Forum Posts by: Brian Walters

@Kyle Reynolds I agree, seeing the same in the Vegas area. Months ago it felt like you wouldn't see a property on market for over 30 days. Now, seeing multiple listed for longer because they are over priced and sitting on that price point. Recently looked at one that needed a lot of work priced in line with other similar properties that had been remodeled.

The ones staying on the market for longer periods now seem to be because of unrealistic expectations from the seller more than anything else. The market is hot, not desperate or stupid.

@Sarp Ka I agree with @Patrick Drury for Las Vegas. The county accessors office website provides detailed info on every property, including taxes. Best bet is to find that for any area you are looking into to get confirmed numbers.

Be mindful of HOA rules (if applicable) when looking for that property to house hack. Some have rules around renting out rooms or a portion of the house.

There has to be a first.  On top of the cash flow you have the loan pay down, depreciation, and if you buy right the property increases in value.  The more you do, the better you get, the better the returns.  

Then, after you hold, you can sell and 1031 the profits into a bigger property.  Tax savings.  

There are options if it's done right.  It's work, but so is just about anything that's going to bring financial freedom.

I've read in different books and articles that when first looking at properties there can be a high level rule of thumb for rehab estimates.  

For example, if lite rehab is needed estimate X per square foot (i.e. maybe paint, carpet, small touch ups and improvements).  

Medium rehab estimate Y per square foot (i.e. maybe everything in lite and flooring updates or small kitchen upgrade).  

Full blown rehab, Z per square foot (i.e. full gut job)

Does anyone use estimates like this when first reviewing properties?  If so, what do your "X" "Y" and "Z" numbers look like?  

Specifically, I'm in Vegas, looking to get started after being new to the area, but don't know specifics in terms of rehab pricing just yet.

Within Vegas itself, if you are going for multi family, you are in some of the tougher areas of town.  From everything I have read it can work, but there is added risk, lower rents, and lower credit scores of tenants.  

People obviously do it, but know what you're getting in to and make sure that's what you want.

The more leeway you give them the more they are going to take.  It seems like that's what happening here being they are now also lying to you about them being out of the country on top of late/no payment.

Hopefully your lease has detailed language around this.  Stick to the letter of it that way there is no confusion on their part.  If they haven't given you any other issues hopefully after a few late fees they get on track and turn into a better renter.  

@Larry Lim Jr  happy to talk more about the move and the Vegas area.  feel free to shoot me a note if you want.

@Larry Lim Jr welcome. My family and I just moved to Vegas about 6 months ago and are looking to start investing as well. Similar to you, we came from a more expensive market (NYC) where the numbers were just too high to learn.

We love it here and are excited to start investing. Happy to connect, exchange ideas and see where things go. Feel free to reach out if you're interested.

@Kristian Lind I'm new to investing in Vegas but would be interested in learning more about how you built up the units here and would like to help keep building in Vegas if that's something you're interested in.