All Forum Posts by: Kurt Brauner

If you are buying the property it is not your obligation to have an SRPD completed. It is the sellers obligation. 

Per the NRS 113.130 it is required that a seller provide a buyer with a SRPD within 10 days of the sale of a residential property. There are a few exceptions, bank owned, transfer of title between spouses etc. (review the NRS for more specifics). 

As for is this happening in all transactions such as off market deals, I have never received a SRPD from an off market seller nor have I requested a seller provide me with one. I do from time to time sell properties off market and I will always provide a buyer with a SRPD. I buy properties at a deep discount and feel that I assume the risk.

The SRPD is a seller disclosure that protects the seller and informs the buyer of any known defects. It limits the liability of the seller by disclosing any known issues. 

I would have to agree you are going to have a tough time cash flowing on those 3 high rise properties you have listed. All three of those properties require a minimum of a 6 month lease based on each properties CCR's. I could see the possibility of making these properties cash flow as a STR but unfortunately Clark County has banned all STR and all 3 properties are within the county.

HOA Monthly Fees & Average Rent (Based on Smallest Unit in Building currently listed - HOA are based per/sqft)

Veer $556/month. - $1950/month

Martin $678/month - $2200/month

Panorama $681/month - $1850/month

Also, as stated above, trying to get traditional financing on this type of asset is extremely difficult too secure. I would almost would almost venture to say with current lending turmoil it would almost be impossible. 

I purchase all finishing materials (flooring/vanities/cabinets/fixtures) and supply my contractor with those items. More often than not, if I'm using my preferred contractor, once our scope of work is agreed upon with the contractor we will order and have delivered to the job site all building materials (lumber/piping/electrical) once demo is complete. It is an extra step (sometimes a headache) in our business that we are reward for by way of Amex points :)  

Do what I did! Buy a property and develop a scope of work! Then take 10 months to do the work that would take a pro 6 weeks to do! My holding cost equaled the difference in the money that I saved in month number 3. Since then, March of 2004, I hire 95% of the work to contractors. I still do some work that I enjoy but I leave the heavy lifting to the pros.   

We have used LifeProof from Home Depot in the past with good success. Very durable and extremely easy to install. We now us a product in our rentals and flips from MSI (Home Depot sells) which we buy for under $2/sqft at a local flooring store.   

I have used The Law Offices of P. Sterling Kerr, to review contracts in the past with with good results. 

I just paid 3.75 on a 30 year conventional loan in Las Vegas. 

I might have aged myself with using the "wave" expression. Depending on your time in this market this has been a wave . I don't see any indication that 2020 will regress from the current market that we have today, although certain older zip code are currently showing negative appreciation. Over the past 4 months we have seen some flattening of the overall market which I believe is due to less foreign money purchasing homes and . As for the rental market, average rent is up 4.5% YoY. As the others posted before Vegas is inherently a boom and bust town. When a national/global economy slowdown happens less people travel here. Lack of tourism = less jobs = population regression. 

If you purchase with the right fundamentals, the right deal, good reserves and a long term goal it is an amazing place to invest.

Awesome! Like a lot of us that purchased multiple homes in Vegas between 2012 & 2016 we all are in the same boat riding the appreciation wave. What made you decide to sell this property now? Was this your original plan to sell the property?