All Forum Posts by: Michael Rodriguez

@Joe Fairless and @Benjamin Lapidus - Thank you for ...

1) Putting this on in my home town!  Great to meet more Denver and OOS investors 

2) I'm DELETING ALL PODCASTS but one... Time to pause on learning, and Start DOING

3) Starting a Master Mind starting with attendees from this event - MRod's Mastermind

4) @Chris Clothier and Scott Lewis taught me SCALE and SYSTEMS wins the race

5) @Jered Sturm and @Jeremy Roll reminded me to be humble, patient and respectful of OPM 

Looking forward to seeing how all of you succeed. 

MRod

Howdy Arizona folks,

I am a contractor / investor here in Colorado and I am visiting this Monday and Tuesday the 13th and 14th.  I would love to meet with any local investors Tuesday morning or afternoon.

I will be at the Phoenix and Tucson AZREIA meetings starting at 5:15 on Monday and Tuesday, so maybe I will see some fellow bigger pockets members there at the social hour.

Let me know via BiggerPockets.

Best,

Michael

Howdy @Bryan Mears  I'll be downtown around that time and I'd like to meet / pick your brain about Columbus.

Look forward to meet you as well @Bill S.

MRod

I pulled from my 401k for my first rental before the appreciation went made here in Colorado and made out big, just REFI'd and got my 401k money back including the penalty! BUT that was because the market was on my side.

Now I wouldn't do it here in Colorado.  Maybe somewhere else like the mid-west but you've got to be ready to be in it before you do that.

IF you bounce from your job I believe you can move your 401k $$ into a self directed solo 401k and then buy passive real estate (no involvement) without penalty.  

Good luck,

Mike

BP and our local MeetUp called "BADASS REAL ESTATE INVESTORS" that I attend are tag teaming and having a meet up at the BP office !! Here's the deets - looking forward to meeting you Neal at one of these local events. 

MRod

https://www.meetup.com/BadAssREI/events/236915155/

BadAss Real Estate Investors

Hey Denver BadAss Real Estate Investors!Join us (Anson and Dan) at BP HQ from 6-8:30pm to have an EPIC meetup in February!

@Christopher Brainard

@Christopher Brainard

Thanks for the feedback Christopher.  I grew up in NYC, Brooklyn, East New York specifically.  I am used to the feeling of getting shot at.  That's what attracts me to the area -:)   Now OF COURSE Brooklyn is a better bet than DT Las Vegas.  It had (still does) bad neighborhoods that eventually drew in enough capital to revitalize Atlantic Avenue, Williamsburg and Dumbo because Manhattan got tooooooo expensive.

@Robert Adams

@Robert AdamsWow! Thanks for that very specific pre-melt down case study Robert.  

QUESTION:  Was all the new city hall, court house buildings all completed before the crash? I saw those buildings and learned of Zappo's move into the old city hall and felt very encouraged.  But if all of this happened pre melt down then I could see local government putting their sitting on their hands now.   

@Bill R.

That Hsieh article is a great data point.  And someone that has indeed made a big bet of his own personal wealth on DT LV.  And I know its easy to brush off and say he's just another mil/billionaire putting money where he doesn't have any experience.  IE Zuckerberg's bad bet on New Jersey schools.  

QUESTION:

Gentrification always seems to have that balance of homeless, crime and young people in an area and then government relocates the homeless people once the area has put in enough tax dollars to afford the new police presence.  

As Tony Hsieh's reflects on a primary mistake of the ReDev not being ENOUGH good near-by rentals for millennial to move into...  For example, the ReDev project invested in restaurants and parks but visitors didn't see any place near-by to live.   

If Zappo's / Hsieh will no longer invest in the area are there any other businesses or government activity NOW that would start momentum up again?

Thanks for the lively discussion.
MRod

Hi friends,

MRod here from Colorado. Just got back from a trip to LV with the intention of understanding the real estate landscape in Henderson, Summerlin, Spring Valley and Downtown Vegas.

But I ended up being attracted to Downtown Las Vegas and it's redevelopment plan.

Let's use this post to share information about the redevelopment of DT LV and see if we can gather enough information in this post to make some informed purchasing decisions.

My interest is multi-family in this area BUT I am of course concerned what would happen to this area in a correction.

Question: Can this area withstand a correction?  I understand there is a lot of Freemont and Art district entertainment venues for millennials in this neighborhood. But what about jobs? Is there a case being made for this area being gentrified AND if so is there more momentum than Zappos for jobs that are bringing in millennial renters into this area?

Question 2 : Is the city redevelopment plan for this area strong enough to attract businesses with high paying millennial jobs?

Here is some research that I did on the area.  Please add to this in comments.

Respectfully,

Michael Rodriguez

---

This link shows some example multi family properties in the area as of Dec 2016:

MF 10 U 7.33% Cap $700-800 rents

I checked out this 100% occupied multi 10U @ $979k and the rents are spot on for $60k+ earners.

MILLENNIAL ATTRACTIONS

I visited this coffee shop called PublicUs (delicious zucchini bread) - 1126 Fremont St, Las Vegas, NV 89101 - and there were a lot of young people there.  WIth a small theater connected to the same building.

REDEVELOPMENT PLAN LINKS:

Link to RD Master Plan power point
Website for the RD Plan
Downtown LV Real Estate projects

MAP:

The area in grey surrounds the district documented in this file as boundaries

- NORTH Stewart (you can see the Zappos HQ (brown marker) (old city hall) just a bit north before the hallway.

- Click to expand map

Hi Fellow BiggerPockTonians,

I found a really interesting search engine for real estate details called HomeFacts.com.

While researching an area for investment I found along with a moderate crime rate and C school rating, There are 70 registered offenders, 34 foreclosures and 82 environmental hazards including a EPA superfund site.

Here's a peak at the listing above - http://www.homefacts.com/address/Colorado/Pueblo-C...

I'll definitely add this site to my due diligence.

MRod

Hi Tim,

You and your wife sound like a motivated team that are both behind using RE as a vehicle to wealth.  We started right away with a foreclosure, rehab and rent and its been great.  

Are you thinking buy and hold going forward?

Respectfully,

MRod

Hi Bryan,

To respond to your inspection question.  Most BUYER SELLER CONTRACTS will have an inspection deadline.  Here's an excerpt from a document from my last deal that I backed out of the day before the Inspection Deadline.

Hope that helps.  And as far as jumping on your First Property, First Visit...I advise you to do a cram session on this book by thee Gary Keller, "The Millionaire Real Estate Investor" http://amzn.to/1e5upbd

Hopefully you've rocked this neigbhorhood with all kinds of analysis before you pull the trigger.  Now don't get me wrong, put the prop under contract and then you can do your due dillegence with inspections, rent analysis, cap rate, etc.

Ya dig?

Respectfully,
MRod

"Buyer’s Inspection(s).

1. Home Inspection(s). There are several types of inspectors that specialize in particular

areas, for example: structural engineers; geotechnical engineers, roofers, plumbers, sewer

line scopes, electricians, HVAC contractors; environmental professionals; industrial

hygienists; surveyors; etc. Buyer is strongly encouraged to perform as many inspections on

the property as Buyer deems necessary. If Buyer desires to have multiple inspections

performed on the property by additional professionals, Buyer should do so prior to the

“Inspection Objection Deadline” in the Contract to Buy and Sell Real Estate. The Brokerage

Firm strongly encourages the Buyer, at a minimum, to hire a professional home inspector to

conduct an inspection of the physical structure on the property. While a home inspector

cannot guarantee that the home inspection will identify every single problem with the

property, the home inspector should investigate several different components of the

property."