All Forum Posts by: Garrett Diegel

It's official, I now have my Nevada Real Estate License. On top of what I currently do in owning my insurance and financial business I am now a licensed Real Estate agent in the great state of Nevada. The education was worth it. I'm looking forward to building more local relationships and business opportunities. 

*On a side note, we are getting closer to closing on our tri-plex out in Fallon. It's a short sale so the time line has been ridiculous. But to those who wait come great things.

Here is to a great 2016 and more deals to come.

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For Real Estate Listings, Acquisitions, Insurance or Retirement - Shoot me a message. I'd love to connect. 

After much inspecting the property had what we think is around $5000 of repairs needed. So, back to the bank with photos. $128,000 offer back to them - we'll see where they land on the deal. It still makes money at $140,000 from what I can see. 

Update: The bank has FINALLY countered back at the list price of $145k. We are considering looking at another counter of $140k for the property. Repairs / rehab is unknown currently until we go look at the property (hopefully today). Thoughts, suggestions are welcome. 

We will manage the property ourselves and for now do an all cash deal with 100% financing at 6%. Updated numbers are below: Am I missing anything

Acquisition: $140,000.00 ()

GOI: $1,650.00/month

Debt Service: $839.00/month ($140k @ 6% 30 year)

Vacancy: (10%) $165/month

Management: (10%) $165.00/month

Insurance: $ 67 /month

Taxes: $104 /month

Maintenance: $165.00/month

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Operating Expenses: $501 /month – no debt service

NOI: $1149 /month ($13,788 net annual income)

Cap Rate: 9.8%

Cash Flow: $310 /month

Passed my Agent exam and am now on the path to having my license. If you had to choose. What would be the first thing you do after receiving your license (or while waiting for it to get approved) to get your business off to a booming start? I am thinking along the lines of systems, processes, lead generation, etc. Thank you in advance. 

Thank you all for your responses. It really helps keep me positive while waiting months for a deal. But, if it is a good deal then it is worth the wait. Good news - in the meantime, while waiting, I got my real estate license exam passed!! Good way to spend the time while I waited I suppose. 

Thank you all for your help. I essence it sounds like I am still in an okay position even though it may have been help up on the seller / bank side. We'll just sit tight and see what happens as the deal progresses. 

Okay, I am new to REI and am writing this post while out of the office. So, needless to say I am not in possession of my exact offer dates and info. That being said I wanted to get some advice on a not so recent short sale offer we made on a Tri-Plex. I'm not so concerned with the cash flow and investment numbers in this case as I am with what actions I can take or questions I can ask my realtor to be more informed of the process and hopefully expedite the closing process.

So as I said I don't have all of the exact info but here are the basics. 

Short Sale list price $147,000

Offer Price: Cash offer $127,500 (made in Aug 2015)

Action: Offer accepted by the seller and moved to the bank for review (Aug / Sept 2015)

Most recent update from Chase: (email from bank official regarding the deal ) valuation was completed the end of last week. I just checked with the bank and they have not received it back yet. It can take several days before the bank will receive it but I called to also see if the file was assigned to a negotiator yet. It isn't but last week they said that could take 7-10 business days.  (January 26th 2016)

My Question: I guess I am not so much concerned but questioning the time line here. I know that short sales can take quite a while but is this normal? Should I expect for this deal to not pan out? Am I being to easy on my realtor? Should they be more on top of this deal maybe than they are? As I said I am fairly new to the REI world so I may not be fully articulating the information you need to help answer my question so please just ask and I'll help clarify the deal or follow up with my realtor for more recent info.

Thank you so much!

I'd agree with @Tim Farrell. I'm not terribly active in the Reno market currently as far as REI goes. I do however work with a lot of local investors, homeowners, and businesses regarding their insurance plans and have seen quite a bit of local and outlying growth. I'd love to learn a little more about the Reno REI market as well Tim. The more education the better right. -gd

Welcome @Darren Kanenaga you have found the right place. I am in the Northern Nevada area both as an investor and an owner of a local insurance agency. I'd be happy to help you in any way that I can. Best of luck and I look forward to helping you insure your properties along the way. -gd

@Mike Faulkenberry Great to hear you are taking actionable steps forward. My 2 cents would be that you may not want to work under the same broker forever. Maybe you love being an agent and decide to start your own brokerage in a few years or maybe you want to transition into an investor role and you drop your license. There are so many options and opportunities that will come your way as you get into this business that I would keep an open mind for now. Honestly, no matter what you decide. Your experience as a real estate agent will be a great education and learning experience. Good luck to you!!! I'm sure you'll do great.