All Forum Posts by: Josh Edelman

Quote from @Doug Spence:

I would consider narrowing down your focus down to one location instead of many. That way you can really learn that market well, network there, and focus your efforts going deep in one location (that fits your investing criteria) rather than go shallow in multiple locations. 

There are many other ways to fund deals than a HELOC. I think using private money could be the best way for you to grow your portfolio at this stage. I've used private money to do out of state brrrr's and flips, and I'm really glad I did. Happy to chat more about my experience doing that if you want.

If the goal is 10 cash flowing doors, then why focus on SFH? Why not just buy a small multifamily property? You could hit your 6-8 year goal in one transaction. This is very doable.

I was thinking buy, househack, move, rent that out, repeat. 

Can you explain how you could get approved for multifamily given my situation and what that would look like? For example, a multifamily in Vegas would be 800k. 25% down would be 200k. Thanks! 

Quote from @Chris Davidson:

@Josh Edelman sounds like you just pushed through an expansion phase and need to stablize and get ready for the next one which will be bigger. I'd work on paying down the HELOC aggressively and or building up cash, while planning the next move. If you partner you can get something sooner as it would solve the capital issue, but it sounds like it wouldn't fit your plan. Work you plan and realize REI is a slow game the last few years have been wildly crazy and peoples perspective on time has been distorted IMO.

Sounds like you did an assumption already. Look into sub2 or owner carries if you want to move quicker and have built back up some capital.

Best of luck and keep it up!

 Thank you! 

Oakland As:

• - The Oakland Athletics have signed an agreement to purchase a 49-acre site in Las Vegas to build a new ballpark, signaling a move away from Oakland after more than 50 years in the city.
• - The A's hope to break ground on a new stadium with a seating capacity of 30,000 to 35,000 in 2024, and they aim to start playing there in 2027.
• - The construction of a new stadium for the Oakland A's in Las Vegas is expected to cost approximately $1 billion, providing a significant injection of funds into the local construction industry.
• - The relocation of the Oakland A's to Las Vegas will lead to the creation of various job opportunities in the region, both directly and indirectly, and boost the city's tourism industry, generating additional revenue for the city.
• - While the relocation is expected to have a positive impact on the local economy, potential challenges may arise, such as increased strain on infrastructure and rising living costs for local residents.

Quote from @Doug Spence:

@Josh Edelman Good on you for doing real estate on the side while active duty. I'm still active as well and its definitely a challenge building a portfolio on the side while managing your military duties. 

I have a few questions about your situation:

-Are you looking to acquire another SFH in Vegas and you're just not sure how to fund the purchase?

-What are your long term goals? (5-10 years out) 

-What are your strengths within the context of real estate? (acquisitions/deal flow, underwriting, managing a team, etc)

 Thanks for the response Doug.

- I have 1 year left before I PCS...so that complicates it a bit. My goal was to acquire another property (most likely SFR) anywhere. Was looking in Vegas, Texas, North Carolina, Delaware

- In terms of funding it, that's where I'm not sure the best option forward. I have a 48K HELOC I need to pay off as was recommended by other lenders as I am currently over-leveraged.

- Goals would be to have at least 10 cash-flowing doors within the next 6-8 years. 

- I am versed in all areas of real estate investing but don't have a particular niche strength. 

I've posted this before and have some ideas on ways forward. I will bullet point my situation below and wanted to hear what some recommendations are. Thanks!

- Active military with a goal of buying my next property. 

- I own two properties in Las Vegas - both under a VA loan

- Home #1 is rented out mid-term rental: cash flow is $1000/mo

- Home #2 I live in currently. I used a HELOC for the down payment to assume this property.

- So I have two mortgages (both 3.5% rate) and a HELOC. HELOC balance is $48K (already paid $22K off)

- Not advantageous to sell or refinance right now - I would lose money or cash flow or both. Goal is to keep both properties as is and make them rentals. 

- Previous recommendations were to pay off that HELOC first using all the income from the rental. After paying it off, I can go into looking at acquiring another property.

Thanks for any input!

• - Las Vegas ranks 9th in "10 Cities Where Home Prices Have Skyrocketed the Most Over the Past 10 Years," with Atlanta (8), Phoenix (4), Boise (2), and Detroit (from $53,800 to $245,700, a 357% increase) completing the top 10 list.
• -The first Punk Rock Museum in the US opened in Las Vegas with a comprehensive collection of punk music, lifestyle, and culture; it features a bar, tattoo parlor, wedding chapel, and jam room where visitors can play instruments played by famous punk rockers. Tickets are $30, and the museum is open daily from noon to 10 p.m.
• - EDC Las Vegas is scheduled to take place on May 19-21 at the Las Vegas Motor Speedway with headliners such as Zedd, Marshmello, Afrojack, Chris Lake, Kaskade, David Guetta, Dom Dolla, Subtronics, and Tiesto; the event will feature 230 dance-music artists performing on nine stages for up to 525,000 attendees.
• - Las Vegas ranks as the 10th most popular US city for travel destinations, according to YouGov's survey; it received a 56% positive response with Nashville being the most popular city followed by Denver, New Orleans, San Diego, Colorado Springs, Boston, Miami, San Antonio, and New York.
• - Lee Canyon Ski Resort has been sold to Colorado-based Mountain Capital Partners, which will invest in capital improvements and retain the resort's leadership team and support staff; season-pass holders will have access to reciprocal days at other Mountain Capital resorts, which include Brian Head and 11 other ski and mountain-bike resorts from Oregon to Texas.

Happy Saturday, here are some updates from the month of April!

Real Estate Update:

Here's the latest real estate market report for April 2023 (single family homes):

• Median Sales Price: $438,950 (March: $430,000)
• New Listings: 1,595 (March: 1,768)
• Days on Market Until Sale: 24 (March: 29)
• Months Supply of Inventory: 2.1 (March: 2.4)

What does "Months Supply of Inventory" mean?

It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.

Las Vegas ranks 9th in "10 Cities Where Home Prices Have Skyrocketed the Most Over the Past 10 Years," with Atlanta (8), Phoenix (4), Boise (2), and Detroit (from $53,800 to $245,700, a 357% increase) completing the top 10 list.

The first Punk Rock Museum in the US opened in Las Vegas with a comprehensive collection of punk music, lifestyle, and culture; it features a bar, tattoo parlor, wedding chapel, and jam room where visitors can play instruments played by famous punk rockers. Tickets are $30, and the museum is open daily from noon to 10 p.m.

EDC Las Vegas is scheduled to take place on May 19-21 at the Las Vegas Motor Speedway with headliners such as Zedd, Marshmello, Afrojack, Chris Lake, Kaskade, David Guetta, Dom Dolla, Subtronics, and Tiesto; the event will feature 230 dance-music artists performing on nine stages for up to 525,000 attendees.

Las Vegas ranks as the 10th most popular US city for travel destinations, according to YouGov's survey; it received a 56% positive response with Nashville being the most popular city followed by Denver, New Orleans, San Diego, Colorado Springs, Boston, Miami, San Antonio, and New York.

Lee Canyon Ski Resort has been sold to Colorado-based Mountain Capital Partners, which will invest in capital improvements and retain the resort's leadership team and support staff; season-pass holders will have access to reciprocal days at other Mountain Capital resorts, which include Brian Head and 11 other ski and mountain-bike resorts from Oregon to Texas.



The data and statistics used for these real estate updates are sourced from the MLS ShowingTime Market Stats, a trusted provider of real estate information. In addition, news and event information were obtained from reputable local sources such as the Las Vegas Advisor and Las Vegas Review Journal.

Thanks!

• Some points for you. At the end of the day do what is best for you! Not just because of a potential bias!
• 🏠 FHA loans require an appraisal to be conducted by an FHA-approved appraiser, which includes an inspection of the property to ensure it meets certain standards for safety and habitability.
• 🔎 The required inspection can lead to a higher possibility of a remedy (seller fixing items) being needed during the appraisal.
• 🤝 Some realtors have a bias against FHA loans because of the required inspection and the possibility of a remedy being needed, which can affect sellers' perceptions of FHA loans.

@Eric Fernwood When you are looking at Vegas monthly stats, do you mostly use Showing time? I am seeing a disconnect between the LVR monthly snapshot from LVR data and Showingtime. Which one is more accurate and why are they different?