All Forum Posts by: Jacoby Atako

Jacoby Atako has started 10 posts and replied 153 times.

I have 2 properties that I rent by the room and they both have 7 tenants in them. With only 4 rooms it wouldnt be worth it in my eyes. In both of my houses having 1 bathroom shared between 4 people has not been an issue, but I also have maid service and a large house which helps a lot.

Other things you have to think about are parking issues, storage space for each person, and utilities which you will usually end up paying for now and that decreases your profit.

They are also not "set it and forget it" type properties. Most of my people are long term now but I still have to fill a new room every couple of months on average. Last Year I probably only had to fill 4 rooms, but I got a bad roommate that didnt vibe with the others. I started him on a short lease of 3 months, and ended up not renewing, but lost 3 other tenants as a result. So I had to fill 4 rooms in one month.

Just some things to think about.

1 Vote

Cleveland, Ohio

Quote from @Winnie Staana:

Hey Damon,

New to wholesaling too. Let me know if you want to JV. I'm locally at the Las Vegas, NV market.

Hey Winnie, I'm a buyer in Vegas. I purchase but and holds so I can usually get you paid more than flippers. Are you interested in connecting?

0 Votes

Houston, Texas

Quote from @Karina Rojo:

I currently have a mobile home on land that my dad gave me . But it needs alot of work . I don’t like the area to live in but i could rent it out . I need money to rehab should i do a heloc on my primary residence ? Any ideas of what to do

This is a difficult question to answer with no numbers. Things you want to consider would be what your long-term plans are with this property. How much will it cost to renovate? How much will you be able to rent it for? Will you have to how a property manager or are you capable of managing it yourself? Could you sell it and put that money to better use?

if you can figure out the answers to these questions you'll be able to determine what you should do

1 Vote

Zillow, Facebook marketplace and rent groups, apartments.com, MLS, redfin, trulia. I have never needed to go much further than the first two. But you also want to be aware of the kind of tenants you are looking for. If you are looking for section 8 (housing vouchers) then you want to post to their site. If it's a room rental, you need to go to hotpads. etc.

0 Votes

Las Vegas, Nevada

Quote from @Bill B.:

I never know if this is just apartments? In 25 years I’ve always raised rent. I’ll be raising rent 5-7% this year too. It just seems like the most useless data of all time for any city that isn’t 100% identical properties in identical quality neighbors built the same year.

If they wanted to be halfway relevant it would be broken out by property type, zip code, and most importantly rent per SF. lumping $5,000/mo condos on the strip with $2,500/mo SFR in good neighborhoods, with $800/mo 500sf war zones is useless.

Who's reporting this data? I'm not. Are they just scouring rental sites and assuming every property that disappears was rented? Do they count STR? How about MTR? How about house hacking?

A 1.5% rent drop? Are they suggesting people are literally dropping their rent by $20-30/mo? As I’ve stated before. Anyone that leaves for $25/mo was leaving anyway.

I too always wonder how they get this data. I have certainly never been surveyed.

1 Vote

Indianapolis, Indiana

Quote from @Amanda Black:

Hi all. I live in San Diego, CA where everything is expensive. I want to start investing in real estate, so I put an offer in on a 1/1 condo that I could afford (awesome location, good size, needs some aesthetic upgrades). I met with an investor today and he said I am on the slowest, worst road to owning more property quickly. He advised me to go find a multi-family home and explained all the reasons why. I can not afford anything like that in California, so I was looking in Ohio (where I have some family) instead where it is affordable. It looks like I could maybe break even or be a little under each month going this route. I don't want to buy something just to own my own home, I want to buy something to eventually make money and buy more properties. But buying in a state I don't want to be in also seems scary/risky. I would buy in Ohio and rent in San Diego.

What are you thoughts? I know I didn't ask anything very specific, but I would like to hear your experiences especially if your first property was somewhere far away.

Never just take blind advice from someone. Ask him why. Get details on numbers and make him show you a better path to back up his/her words. That being said, it is a tough market right now for even more experienced investors. The key to being able to scale is going to be money. That will come from either cashflow, equity you can later tap, or outside income/assets. The worse deal you take, the longer it will take to buy property #2.

I was pretty frustrated when I started out because I was being told that the type of deal I wanted didn't exist in my market. But I would then jump online and find that others had bought at the prices I wanted. If you want a better deal you will have to do the things people do to get better deals.....network to buy off market; find seller finance opportunities; house hack; or air bnb, etc. etc. A 1/1 condo is always going to be one of the least desirable types of properties, and I wouldnt personally buy it unless I could buy it for 20%+ below what others are selling. Theres no shame in looking for a better deal. But I would start with creating your ideal deal (purchase price, down payment, monthly costs, estimated income, etc). That way when you start searching you will know when you see it or see something close.

0 Votes

Aaah the Poco Way property?

0 Votes

Las Vegas, Nevada

It's still pretty doable for primary residences. If you are looking at investment property HELOCs, that can be a little tougher. Last time I checked One Nevada would still do them but they require first position.

0 Votes

Quote from @Account Closed:

Quote from @Jacoby Atako:

This really depends on how good of a wholesaler you are. I bought my last two deals from a wholesaler who has found some great stuff form me. The other wholesalers I have been sent deals from in the past have been terrible numbers. Find your buyers first and see what they are looking to buy.

are you still looking to buy good deals ?

Not at the moment. We are building funds and stabilizing are current properties.

0 Votes

Las Vegas, Nevada

Quote from @Malieka Henry:

@Jacoby Atako are buying single family homes ? Have you ever tried arbitraging in Las Vegas ?

I don't have any interest in arbitraging. I am not really looking for another job. I do buy single family.

0 Votes

Las Vegas, Nevada

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All Forum Posts by: Jacoby Atako

Jacoby Atako has started 10 posts and replied 153 times.

Post: Rooming house help?

Post: new wholesaler looking to network

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Post: Offer accepted on first property. Having serious second thoughts.

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Post: How Easy/Hard Is It To Get HELOCs in Las Vegas NV Now?

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Post: Mid term Rentals