All Forum Posts by: Virginia Marphis

REAL ESTATE INVESTORS MEETUP Join us and learn, network, share ideas. You do not need any prior experience in real estate to participate, just a strong desire to grow a profitable real estate portfolio and learn from other investors the best methods and tools to use. Let's do this!

Keep your Third Wednesday of every Month open to join us.

The Month of June will include the following topics:

- Real Estate Law - by Heather Ijames, Local Real Estate Lawyer - The Local Real Estate Market in Reno/Sparks/Carson/Fernley Areas - by Ginger Marphis, Realtor & Investor

Please come prepared with your questions and a notebook and pen to take some great notes from an expert in the area of Real Estate Law.

We are looking for some speaker ideas or topics. You are welcome to submit those ideas so that we may engage this group in interesting, educational topics

I'm looking forward to meeting you all next month!

I’d love to chat about what that looks like. Where do I start? What if I don’t officially convert it? What’s the difference?

Skyler, 

It looks like this is a decision you'll need to make based on your situation. You mentioned you could really use the money. $13K is nothing to sneeze at.  I'm a buy and hold investor, however, I completely understand your situation.

Does the $13K include what you will owe in taxes for the flip of an investment property?

There are variables I always like to take into consideration: 

• How much will you make in Rent Monthly?
• What cash does your cash out refi give you? Not the 13K, right? Equity in a property can be helpful if you plan to take it out to reinvest on another property.... but only if the rents are more than covering your costs for maintenance, PITI, etc, etc.

Great job on the find and the hard work you put into the property! Either way, you learned and are coming out with a nice positive outcome.

Traci Cameron, my suggestion is one or both of the following: 

1) Get your real estate license.... and start working with investors. You will get an education automatically. You can even team up with an agent who avidly works with investors. Getting your license will instantly emerge you into the Real Estate side while earning an income doing it. 

2) Join Investor Groups: Network with other investors, and build relationships. Through this you will meet people who might be open to partnering with you and helping you learn. 

3) Training: Learn all you can. Take a course and implement immediately what skill you've learned before you move to the next thing.

4) Become an expert at one thing. I am really good at buy and hold, calculating my numbers, finding a great team, great tenants, and building my portfolio through excellent negotiation tactics. You must practice to get better.

5) Fail Forward and Fast: JUST DO IT. Failures are learning lessons.

Breaking into a field where you do not have much experience requires training and experience is difficult. Hopefully this helps. 

CONVERT SFH TO DUPLEX? 

Currently we are buying a property listed and shown as a duplex. 

• It has not been officially converted
• Shared Utilities (No separate Electrical Box or Meter)
• Walkout Basement is one unit and original 1941 Home is the other.
• Excellent Income Potential as a Duplex
• Excellent Move-in Ready Condition 
• Area has Plexes 
• Very Hot Area where white collar workers like to live
• No HOA

I’m asking anyone out there for advise and a list of things I should or shouldn’t do. - Convert or Don’t Convert? - REZONE? - Install separate Meters - What am I missing? - Is it worth the money & time? Thank you, in advance, for your responses. - 

Join us to learn about investing in real estate. We will be covering a variety of investment strategies. Be prepared to think outside the box.  

This month's Subjects:

• Creative Financing
• Knowing Your Numbers

All different levels of investors attend this event. 

We promise a networking opportunity the last portion of the seminar. Bring your business Cards. 

No Realtors or vendors, please. This is a learning environment and available to other investors to network with each other.

You can register on eventbrite: Click Here to register for this event.

There is no cover charge for this event. 

See you there!

- Ginger

Jack, We host the meetup every month, third Wednesday of every month at 6pm. Same place and time every month. 

Apologies on the error on this posting. We never start at 9pm. I'm not Sure how that happened, but will be more careful next time.

FYI: Our meeting are like clockwork. We start at 6pm third Wednesday of every month.  

You can reach me quicker by email: [email protected] or by text: 775-846-0349.

@William Dubinsky, I think @Patti Robertson has a good point about the experience level of your team involved. It's so important to have some experience in the mix, especially with a realtor who knows investment properties. I hope it works out. In hindsight, getting the tenants out for failure to pay may be a blessing in disguise. Here in Reno, the rental market is on fire. Some of my clients are getting hundreds of dollars more than a few years ago due to the high demand. Hopefully your market is doing well enough to give you a chance to create some hidden wealth there. Good Luck!

An expensive lesson to learn. Did you have a realtor or lawyer helping during the purchase? There are some due diligence to avoid a lot of this. Estoppel, Current Lease copies and Proof of Rents being paid. You can also do a check on the tenants with their permission.  I would check with your state laws and ask a lawyer. There may be a piece of the story we are not hearing here or understand.  Have you spoken to a Real Estate Lawyer? I am not a lawyer, but am an investor and a realtor who, too, has had to learn some expensive lessons on occasion.  There are ways to hopefully avoid this in the future. Good Luck!