All Forum Posts by: Non Phan

I've been in Las Vegas for about a year now in the Southwest area, it's been nice and growing! 

This is an interesting topic and definitely anyone who is building their real estate business in the long run will run into this problem. 

My team actually have just formed a relationship with a new local lender that we hope to bring a lot more options to our clients versus the traditional banks  they have 8 underwriters right in the office so they have been speedy with responses so far. I was actually going to go in next week to talk about my own options for investment loans, if it is ok with you @Christopher Brainard I would love to bring your case up and see if they have options you can explore as well. 

I'm interested in any input from the rest of the community regarding finding OPM to invest with as well. 

Did you said that you hired and inspector for estimating the property's value? You can hold him responsible for not disclosing the problems you're having with foundation repairs/electrical wrings. The seller is also responsible for disclosing information regarding the state of his house to you through a seller's disclosure form, were the damages noted? If not you can also go after the seller for withholding information about the home and be paid for damages. Best of luck and despite it all, congrats on purchasing your first property! 1st step is always the hardest!

Hello @Joe L. and welcome to BP!

Mark is right in this is one of the most resourceful site (with no hidden agenda) you can find on the web to learn about RE investing. I also live in the Las Vegas area so if you have any particular question, please do not hesitate to just message me. I love talking about real estate and share the knowledge!  

I'm also interested in this topic and any recommendation would be great!

The Administrative Brokerage fee have many names but is almost always a fee required by a Brokerage from their agent on a transaction basis for the service of processing and keeping record of the paperwork involved in a transaction. (Even if a transaction does not complete, the Brokerage is still required by law to keep records for up to 5 years after last use). Since both the seller's and the buyer's agents have a brokerage behind them each side have the fee enacted upon them. 

Note that the fee is definitely negotiable and on a large transaction (500k+) you can reasonable ask the agent to take the fee out of his own commission. On smaller transactions however, the fee is considered passed on to the client by the agent just as it would a seller's agent. I hope this helped!

I'd argue that paying in full with cash is not a smart investor's way of thinking, she'd be putting too much of her own money at risk for no reason rather than having it be tied up to one property. The main reason why one can get so much farther with real estate is from the leverage one gets from being able to borrow and use other people's money to purchase and invest.

In Las Vegas right now the market is neutral so demand and supply are at a standstill. A typical 3 bedrooms/ 2 baths does stick around the 200,000 point. There haven't been any indication that a new primary job supplier will be coming into the area anytime soon to drive up demand (and therefore the price of the property), especially not in the next 2 years, so I would say that 200,000 is a stable price to sell at since you are making a profit from initial investment. 

There are other factors to consider, however, such as where she'll be living in the meanwhile between now and moving to Japan? Leasing/renting is a viable option when you're planning to move out of the area, but she also have the option of re-investing her money from the sale into a more valuable property to live in and sell for a profit after the 2 years mark. I live in the area so if you want to reach out for some advice, I'd be more than happy to go more indepth about your situation and needs. Just shoot me a message. 

Thank you @Phillip Dwyer , I'm meeting with several brokerages right now and will hopefully have everything set in place to get started the moment my license comes in.  

Thank you @Robert,

My goal is to start part-time and transition into full time within 6 months once I've gain a firm understanding of the area. I'd love to keep in touch with other investors in the Las Vegas area like yourself and will be available anytime you need any assistance.