All Forum Posts by: Josh Edelman

If $50K is all of your cash, I would not necessarily recommend throwing it all as a cash purchase. As above comments suggest, I'd take out some sort of loan to cover some the purchase (if the numbers make sense of course). This way you have actual cash on hand to handle any repairs/renovations or buy another property down the line! Good luck and keep us posted on how things go! 

@De Chappell I use my bank with USAA. I have a bundle with my vehicles. I am sure there are better options out there. I haven't heard of  recommended NV specific home insurance plan so I am interested to hear why you are looking for that over using an insurance plan from your bank. I also use USAA for my Rental Umbrella Insurance policy. 

Are you in the process of offering on a home without an agent or are you already in escrow? 

@Mike Menahem 
Several people have been asking me about multi-family in Las Vegas. Some points as to why it's NOT a good investment in this city. Of course, nothing is impossible, but things are impractical. I tried myself when I first moved here. Hope this helps!

• 📌First, your competing with the casinos, new build homes, new build apartments, and investment groups all looking to get their hands in the cookie jar in the desirable parts of town.
• 📌 The duration of a tenant's stay in multi-family units in Las Vegas are trending to be less than a year. Lots of evictions, job loss, damages to property in some of these multis. 
• 📌 Las Vegas multi-family units primarily cater to low-skilled workers earning close to the minimum wage. 
  
• 📌 Speaking with several multi-family investors, they have generated significant losses due to tenant-related issues or the deferral of necessary maintenance.
• 📌 Many multi properties in Las Vegas were constructed prior to 1987 and are situated in economically rough areas with high crime rates. This makes it tough to raise rents. 
• 📌 Many landlords in multi-family investments in Las Vegas advertise higher rents than the actual income received from tenants.
• 📌 Landlords owning older multi-family units in Las Vegas face the challenge of keeping up with the evolving market to attract and retain tenants in the face of fierce competition from newly built alternatives as I said. 
  

Not to get your hopes down, but I'd recommend looking at other options! 

What type of FB groups? Are you military by chance? If you have access to local military groups - you can find single folks who need a room to rent. Try outbound marketing to find tenants; meaning don't just let it sit on Furnished Finder - message and call everyone who is somewhat close to your criteria. It's tough to rent out room by room but keep trying and I hope this helps. Good luck! 

Chicago Title - I work with them almost every transaction. I have particular names of folks I can connect you with. Feel free to DM me for more info and good luck! 

Amazing Gray!

That's the name of it! Works great and easy to clean. 

• Several people have been asking me about multi-family in Las Vegas. Some points as to why it's NOT a good investment in this city. Of course, nothing is impossible, but things are impractical. Hope this helps! 
• 📌 The duration of a tenant's stay in multi-family units in Las Vegas tends to be relatively short, averaging less than one year. High vacancy costs arise from frequent instances of skips, evictions, and property damage.
• 📌 Las Vegas multi-family units primarily cater to low-skilled workers earning close to the minimum wage. During periods of economic turbulence, they are particularly vulnerable, often being the first to face job losses and the last to secure new employment.
  
• 📌 Speaking with several multi-family investors, they have generated significant losses due to tenant-related issues or the deferral of necessary maintenance.
• 📌 A significant proportion of multi-family properties in Las Vegas were constructed prior to 1987 and are situated in economically distressed areas with high crime rates. This geographical constraint limits the potential for rent escalation, as individuals capable of affording higher rents typically opt for more desirable locations.
• 📌 Many landlords in multi-family investments in Las Vegas advertise higher rents than the actual income received from tenants.
• 📌 Landlords owning older multi-family units in Las Vegas face the challenge of keeping up with the evolving market to attract and retain tenants in the face of fierce competition from newly built alternatives.
  
  
  
  

My partner just purchased Sub to and I just purchased an assumable here in Las Vegas. Both of us are realtors/investors.  On this particular deal, my partner bought out the sellers with a $13K check so they can move out. She is inheriting their loan balance of: $420,247 interest rate: 3.25% and monthly payment of: $2,368.33. Can rent the home for $2600.00/mo LTR and MUCH more with MTR. 

Here are some tips with the Sub To:

- Hire a transaction coordinator (TC) experienced in the specific types of contracts you need. It's better to have guidance during your first few transactions. Cost us $1200

- Take the necessary steps to prepare the home for sale, including getting the sellers to move out, transferring utilities to your name, and cleaning the home. These are standard procedures.

- Contact your Escrow company through the TC. Discuss whether you need title insurance for this deal. Expect to pay around $2,000 for the transfer tax. 

- Follow the advice to maintain the sellers' insurance and add yourself as the primary account holder while moving the sellers to the secondary position.

- Engage in discussions with both the escrow company and the TC about the necessity of escrow. Consider whether you can handle recording your own deed. Remember, in a subject-to (SUB-TO) deal, the existing mortgage stays in the sellers' name, and you become the new owner through the deed transfer.

- Currently, you need to review and notarize the documents sent by the TC. These documents authorize the release of information regarding the mortgage and insurance.

Hope this helps! 

Nice job Matt - looks a like a nice website and business you have. I will keep you in mind as I am a realtor/investor in Vegas and work with many clients that rent out their properties (military especially)!