All Forum Posts by: Marty True

 Ditto here Keisha... I'm happy to chat while you're in town as well.

Yes, echoing others' comments about being careful of areas. Fourplexes in Vegas are notoriously known as 'D' class assets and most of the ones available are in 'D' neighborhoods. The East part of Vegas is mostly "stay away" areas and also some of the North/NorthEast are sketchy. Just do your homework and I would suggest having some "boots on the ground" here that can help advise on specific properties/areas before you dive in. Especially if you plan to live in one of the units yourself.

This just out yesterday... https://www.lasvegasnow.com/news/local-news/las-vegas-approves-change-to-short-term-rental-regulations/1643072531

I have a realtor that can keep your house rented consistently, with 30-day type rentals. But yes, it would need to be completely furnished, including all the items needed for a short, long-term stay (e.g., linens, kitchen plates/utensils/pots/pans, etc). Private message me if you want her contact info.

Too early to tell... While one could make assumptions based on who was elected; in my experience, you have to wait and see how they behave now that they've been elected.

Hi @Mike Neubauer - yeah MF here in Vegas is a little "quirky". The resi stuff (2-4 units) are mostly all in 'D' neighborhoods, with 'D' tenants. And the 5-30 unit stuff is hit or miss. I'd be happy to connect with you. I'm a "10-30 unit" MF investor myself and have a few things I'm eyeing.

With regards to wholesalers here, you're not really going to find any. The only ones that are even on the grid are solely SFR and even those are not very easy to find. For off-market deals, you really need to be here or have someone here that can be "boots on the ground" and literally be able to drive areas and identify assets that might be potential deals. That's pretty much what I've been doing since I got here in June.

The point about accommodating 12+ guests is something to mention also... So one of the primary reasons that short-term rentals are not permitted in many parts of Vegas is because well, it's Vegas and people come here to party. These "party houses" that were renting illegally on AirBnB drew lots of attention from the neighbors and have caused loads of problems.

The fact that you mention this house can accommodate 12+ people implies that you are looking to fill that "12 person, higher nightly rate" space. If that is the intention, then the deal again, seems a bit risky by the fact that it could become that "sour apple in the neighborhood".

In addition to what @Peter Lim asked, coming back to the question of "have you confirmed that it is legal to short-term rent the property?" - I think that without being able to answer "YES" to that question, it would be too risky for external investors to jump in the deal.

The "deal" is all about the huge numbers you're projecting and that can only be achieved (assuming your projections are accurate) in the short-term rental model. If you're inviting external investors to consider your deal, I would make sure I could answer the question of "is it legal to operate in the model that I am pitching?"

Yeah, sorry that is a long link from Airbnb. If you just copy/paste the whole thing in your browser, it works...

https://www.airbnb.com/s/North-Las-Vegas--NV-89032--United-States/homes?refinement_paths%5B%5D=%2Fhomes&place_id=ChIJxz3IVQnCyIARMH3_8Ju0c5E&query=North%20Las%20Vegas%2C%20NV%2089032%2C%20United%20States&allow_override%5B%5D=&s_tag=6AEvsNYM

I would call the city of NLV to confirm. It seems they may have finally banned it according to this article: https://thenevadaindependent.com/article/short-ter... (last paragraph).

Also, I think your daily rate is extremely high. Take a look here: https://www.airbnb.com/s/North-Las-Vegas--NV-89032--United-States/homes?refinement_paths%5B%5D=%2Fhomes&place_id=ChIJxz3IVQnCyIARMH3_8Ju0c5E&query=North%20Las%20Vegas%2C%20NV%2089032%2C%20United%20States&allow_override%5B%5D=&s_tag=6AEvsNYM