All Forum Posts by: Megan Roop
Megan Roop has started 1 posts and replied 4 times.
Quote from @Bill B.:
Here’s the post and DM I tried to send you yesterday but after 10 years and thousands of posts my “email hasn’t been verified” so I couldn’t post or DM. Anyway….
Personally I think SMF is the worst type of property for sale in Vegas. While I prefer newer homes with tile roofs and stucco siding in good residential neighborhoods. 90% of Vegas SMF is the opposite. If you insist on SMF, Try to find something as West as you can afford, away from the college and the AF base. I’ll try to look up the one California BP member that was a local expert/proponent and tag him for you if I find his name in an old message, but it’s been a long time.
@Terry Lao is the name but it’s been 3 years since we talked. Interesting to see if he’s still around.
@Bill B. - thanks for this info!
@Basit Siddiqi, sorry for the lack of clarity. We are currently in the 1031 exchange process and engaged at time of sale.
@Alex Olson, thanks for your reply! We have KC on our radar. For this transaction, the timeline is going to be too tight. Would love to connect with you about this market in the future!
Hi all, we recently sold a duplex in CA and want a 1031 exchange for a multi-family in the Las Vegas market.
We are leaving CA for tax reasons and because the distance of maintaining properties was getting to be too much (there were not great property managers or contractors so we were having to travel back for everything).
We have made a few offers on 4plexes in Las Vegas but have not found the right property yet.
I'm wondering if there are other strategies we should be looking at other than multi-family for this market.
We have a lot of experience with multi-family and we're good at it, but it's a different market here. The CAP rates aren't great, the vacancy rates are high, majority of multi-family locations are in areas with unreliable tenants.
Overall, it just seems like it's difficult to achieve reliable passive income here.
We have found different non-profits to work with who guarantee rents, deposits, extra money for repairs, and money to turn over the unit between tenants. This is a different direction than what we have gone in the past, but feels like it could make a multifamily more doable here.
Thanks in advance for any thoughts or ideas!