All Forum Posts by: Juan V Lopez

Congrats on the 6-unit in Vegas, brother. A few options I'd explore if you haven't already:

1) Since you own the 6-unit free and clear, you may be able to get a line of credit quickly. Not a HELOC (since those aren't allowed on commercial properties), but your asset makes you a strong borrower. Use this HELOC to finish acquiring your duplexes and pay off the HELOC when you are able to refinance the 6-plex in 2023.

2) Seek a private loan. Since you have the 6-plex, a private lender may lend you $100K (for example) as a bridge loan to help you acquire your duplexes. Their repayment would be contingent on your 6-plex refinance.

3) Find a hard money lender that will refi your 6-plex as is now. I've done this before on a 6-unit I had in Chicago when I needed some money quickly. They have higher rates than conventional, but it's much quicker and then you can refi to a conventional loan a few months down the road once you are settled.

Hope this helps and wish you guys the best, brother.

Congrats on your first acquisition, brother. Some ideas for you to consider:

1) Househack it – Live in one of the units, rent the other. The money you save on monthly rent can be used to continue to renovate the property slowly. Once your unit is fixed up, move the renter into that unit and fix the other unit.

2) Seek an equity partner – since you own the property, you can put together a proposal for some private money to finish the rehab and refinance when you're done.

3) Apply for a line of credit. Depending on your income and history, you may be able to get a LOC to complete the work. HELOC is great too, just takes longer.

4) Get a hard money loan just on the rehab. If your numbers are strong, then I'm sure you can find a lender who will lend to you only for the rehab. You may have to look outside of these markets to find one, but they are out there. Once the rehab is done, you'll bite the bullet with higher interest rates to refinance, pay off the lender and keep your rental.

Hope this helps bro.

Awesome, looking forward to it!

Eric, congrats on the acquisition, brother. Truthfully, we get a ton of noise in Las Vegas. If it's not police sirens, it's helicopters, or neighbors dogs, or kids, or planes, or slot machines lol. I don't think it's an issue to worry about.

Whether it was supposed to be reported on a SRPD is irrelevant now since you've closed, but you shouldn't have anything to worry about.

Wish you the best with your STR. I'm active in the local market. Let me know if you ever need anything.

Great stats on this thread & great question @Ju Feng. Las Vegas market is not immune to the correction happening across the country right now.

It's a good thing. The market is becoming more stable and returning to levels that are sustainable. No more waived inspections, $100K over asking price, people frantically buying for FOMO, etc.

Properties time on market has increased which has led some quick sellers to drop prices, but there are still a lot of hedge funds buying in Las Vegas.

Truthfully, nobody knows. A lot of speculating. The best advice any investor can give you is to buy with enough margin to give yourself wiggle room in case sh*t hits the fan. Don't over-leverage yourself, have strong principles for your buying and have multiple exit strategies.

Orlin, hey brother. Have you ever used hard money to finance your projects? They are asset-based loans (no tax statements, mostly depends on the financial stability of the property you are trying to acquire).

I've used hard money lenders for 5 projects I've done and have had great success. Yes, you give up some capital with interest payments, but it allows you to do more projects and build your own capital. Eventually, you won't even need lenders. You'll have enough cash to be your own lender.

If you need some help with this, send me a message. I have lenders in Las Vegas I work with. I can send you their rates. Wish you the best, brother.

Hi Jaeson, getting a timeshare to use as an AirBnB seems a little backwards. Who would do maintenance at the maintenance if it's damaged by an AirBnB tenant? Would you be responsible for prepping and cleaning the unit before an after an AirBnB stay?

I understand the core of what you're asking, but it doesn't make practical financial sense.

Personally, I would look into exclusively getting an AirBnB property in Las Vegas. Even getting a condo at the MGM to use as an AirBnB (for example) would be more lucrative.

Wish you the best, brother.

Rick, I don't think your criteria is over the top. The one item I would ask you to reconsider if you want everything else to check-off is:

"Rent ready condition/no upfront Capx repairs or updates."

More often than not, properties that need no renovation will have much lower CoC. Another investor has already forced the appreciation and maximized the equity.

If you change your approach to looking for a property that needs work, you can exponentially increase your CoC and knock off every other requirement you have.

If you need a recommendation to a great company who does work in Florida (they find the deal and provide the contractors to do the work for you), please DM me. I've used them before and they are great. I have no affiliation with them, but if I can connect someone to a great company, then that's enough for me.

Wish you the best, brother.

Henry, this is great. I recently helped my sister and brother in law purchase a short-term rental property and renovate it (he does tile, painting, cabinets, a little bit of electrical, etc just like you).

What I would recommend to you is to connect with investor-friendly agents in the Indianapolis area. If there are local Facebook groups for investor agents, join the groups and ask there. You can also go into the Network here in BiggerPockets and look for investor agents in that area.

Tell them what you are looking for (for example: Single family home, max purchase price $200,000, needs work). Then they can send you properties that fit your criteria. They are also able to tell you what the ARVs are (comparable sales).

Since you do the renovations yourself, you have an advantage over many investors because you can keep renovation costs down and do estimates yourself. Once you get to a home and do a walk-through, you can see if the deal would work for you and make you money once you sold it (based on the ARV).

I hope this helps. Feel free to ask questions here or DM if you need help. Wish you the best, brother.

Nice, Brandin! Thanks for sharing. Are you planning on renting each individual unit? Or renting by room since it's close to the university?