All Forum Posts by: Josh Edelman

@Will M. I've helped lots of investors/first time home buyers with your exact goals buy new builds here in Vegas. @Bill B. hit the nail on the head. Contrary to several other comments and a majority of advice in the traditional BP community, you are not going to make $$$ off of cash flow. Vegas is an APPRECIATION game!! Buy and hold, rent it out, and pull equity/sell later down the line. Vegas will always have a demand. With people moving in, sports investing, Hollywood moving here, continued investment, etc your home will appreciate PLUS rental rates will increase. The game is in the long term in Vegas. 

The new builds offer some great incentives including inspirada communities. I was speaking with a builder from Inspirada yesterday and have my eyes on that area. Please shoot me a message and we can talk more specifics - I can help you run numbers and discuss new build details. 

With all this being said, these new builds are crushing the real estate game in Vegas, making it tough to compete with resales when they offer lower rates and closing costs/rate buydowns. 

Best way to start is get a home yourself, use FHA low down, and rent out the rooms! Then later down the line you can pull cash out or sell and buy elsewhere. That will help snowball your capabilities. Good luck to you!

Fantastic post - especially for Las Vegas! 

@Gabriel Santin You're on the right track brotha! I was in a very similar situation...great savings so far. You will do well; just remember patience is key. It may not be as fast as you'd like but one step at a time. 

I know a great realtor in the area you are looking to invest in. If you'd like to connect shoot me a message! 

@Jacob Olson Everyone wants a cash-flowing property. Vegas is not cash-flowing city (depending on your financial situation this could be different). But in general, Vegas is not a cash-cow rental city like you hear in BP podcasts and older Rental books. Why?

- For one, rates are higher right now, making it difficult to cash flow positive.

- Vegas has a high demand, but low supply of homes = driving the price up!

- The rents on most places won't cover the expenses.

In general, as a beginner investor/buyer, you need to get your foot in the door and get into a property with the best deal you can get. Years from now you can sell/ cash out refi, HELOC, etc to get more to use for your next investment. Use that VA loan!!! Hit me up if you'd like - I am active duty in Vegas and invest as well.

 @Jacob Olson Hope all is well and welcome to BP. It crushes me to hear you backed out of that property and here is why:

- The rates offered and incentives you CANNOT find anywhere else. I don't work for new builds but in North Las Vegas, DR Horton especially, you CAN'T beat this. You won't find rates like this for a long while plus the Closing cost assistance.

- This is a brand new home with all the warranties - you won't be throwing money at fixing it, rennovating, etc. PLUS it has all the warranties.

- Vegas is an APPRECIATION game, not a BRRR game as much as other locations. You've been listening to podcasts of course and some could be outdated and not reflect the current market place. You need to get your foot in the DOOR. Get your first property. Home values are only going to go up big time in Vegas over the years. THEN when rates drop, cash out REFI, get big money to use on another property, have a lower payment.

- Rents will increase as well. Your payment will be lower from REFI and you can demand more from rent.

- PLUS you get to live in a nice new home while stationed here.

I can go on and on. I'd love to give you more insight - shoot me a DM. I am active duty stationed at Creech. 

-- Real Estate Update --

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

• Median Sales Price : $445,000 (April: $438,950)
• New Listings : 1,710 (April:1,621)
• Median Days on Market Until Sale : 18 (April: 24)
• Months Supply of Inventory : 2.0 (April: 2.3)

- 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.

- Check out TheRooftopGuide.com's compilation of the 14 best rooftop bars in Las Vegas for an excellent selection of elevated drinking spots. Whether you're a Vegas expert or not, if you enjoy sipping your drinks with a stunning view, this list is definitely worth exploring. Cheers!

- The F1 street conversion project has progressed to the corner of the Strip and Flamingo, causing significant challenges for southbound traffic on the Strip and creating a nightmarish situation for those traveling east on Flamingo. It is highly recommended to avoid the area if possible. Stay tuned for updates on how the ongoing work might impact other parts of the city.

- According to a study by The Beer Institute reported by BeerInfo.com, Nevada ranks sixth in per capita beer consumption, with residents consuming an average of 35.8 gallons annually. This places Nevada behind North Dakota, New Hampshire, Montana, South Dakota, and Wisconsin, while Utah consumes the least amount of beer per capita.

- On May 8, 2023, Las Vegas high schools celebrated a major achievement as more players from their schools were selected in the NFL Draft than any other jurisdiction in the nation. Bishop Gorman led the way with three players, followed by Desert Pines with two, and several other schools also contributing to the impressive tally of 259 football players drafted from 243 high schools nationwide.

Have a great day!

Josh Edelman

Thank you @Anne Gatus. That is exactly what I am doing. I am tracking everything you said but you summed it all up very well. 

@James Hamling Update for you - I have been aggressively paying down the HELOC. From $70K balance, I am down to $40k. I am on track to be at $30k by the start of August. Thanks again for the help. Hoping to clear this all out soon.

 I do the exact same thing. Furnished Finder to find tenants, keycheck for the background checks, and Avail for payments and leases.

I end up listing homes from sellers attempting FSBO. More times than not, FSBO do not have an understanding of the market and believe their property to be much more higher than what it really is valued. Additionally, they end up with lots of concerns and questions throughout the process that could have been mitigated by having a professional agent handle it.

Not to say that there aren't competent FSBOs out their - just a word of caution. Putting $100k down is a lot and depends on your financials and goals. What does he need? Does he need to cash out right away or would a seller financing option or assumable deal work? I assume he wants to sell and liquidate but if not, could be a possible option. 

If getting a loan makes the deal work for you, I would recommend looking at that route to save you cash down.