All Forum Posts by: Omar Merced

Hello All,

Dr Kerry L Johnson will be speaking at our next Meetup about Negotiating the Deal!

Dr. Kerry's bio;

Speaking at least 10 times each month, Dr. Kerry Johnson logs over 8,000 miles each week internationally from New York to New Zealand and from London to Los Angeles. As a pro tennis player in the Mid 1970s, Kerry competed against the world’s best.

Today he brings his experience in professional sports, university research and business to communicate ideas that will help your attendees greatly improve their skill, performance and motivation. Kerry’s programs are consistently rated “excellent” by audiences around the world. Dr. Johnson’s goal is to provide your attendees with transferable content, applicable entertainment, and audience participation that will keep everyone on the edge of their seats.

A prolific writer, Kerry contributes monthly to at least 15 well known magazines. He is the author of 7 books including, Mastering the Game (Louis and Ford), Peak Performance: How to increase your business by 80% in 8 weeks (Prentice Hall), Will Power: The Secrets of Self-Discipline and his newest book,"Behavioral Investing: Why Smart People make dumb mistakes with their money."

These books are consistently listed among business best-sellers.Educated at the University of California, San Diego, Kerry also earned the Certified Speaking Professional (CSP) designation by the National Speakers Association. Dr. Johnson has also been recognized by the U.S. Jaycees as one of the most Outstanding Men in America.

This is open to everyone that will be in Las Vegas, North Las Vegas, or Henderson on June 15, 2017.

Hope to see you all there! Networking afterwards.

 And in my humble opinion, no signs of slowing down for a while unless there was a major turn down on tourism. Great time to flip Vegas. If you're ever in town come out to one of our Meetups where we discuss the market updates every month. 

Ok. Ok. Ok. I know it's been a while. Nothing much has happened over the last year. I've been so busy in my flipping business here in Las Vegas that I haven't had any time to do much. But here's what has happened. I've also included some lessons learned. Most are pretty common sense but good to reiterate for our new investors.

I ended up missing my deadline with the city for the delinquent taxes so I had to renegotiate the terms. The original payment was going to be around $800 per month. Because I missed it I ended up with a $3k per month payment. Its finally over in June. Lesson learned. Don't procrastinate.

My property manager (bless her heart) fired me. And that's ok. I would do the exact same thing if an owner wasn't making progress. I hope she'll take me back once I get started. Lesson learned. Have a clear understanding with your property manager.

I made a pro forma of the property and it looks very promising.

My original plan was to boot strap the renovation with my flips but the market here in Las Vegas is on fire and I need to ride this flip wave for a little longer.

I received several code violations from the city of Dayton and I drew some unnecessary attention to myself. Lesson learned. Get someone local that can drive by the property every once in a while and coordinate repairs and cleanup. Preferably your PM.

I have trip planned in the next few months to interview some project managers or GCs to handle the renovations.

I'll be raising about $350k and offering a preferred rate and 70% equity with a two year plan to refinance out and hold. Lesson learned. Sometimes you have to give up the majority in the short term for the long term goal.

After this one I want to go after high vacancies and rundown multifamily and make it my niche.

I'll have more details very soon. Thank you all for your interest. I plan to share the exact expenses as I progress as well as videos. I don't know how some of these people post so much I have to do better with time management. 

Sent you a PM.

Hi Cory, welcome to BP. I would definitely connect with the local REIAs. There are many ways to do what you are trying to do. There's one meeting next Tuesday and I run Sin City REIA, that meets the third Thursday of every month. And I tell you to go not necessarily for the information they provide which is good, but more for the people that you will connect with and potentially learn from. I always like to meet as many people as I can and try to help. Call or text me sometime and we can meet for coffee or lunch.

Hey Lynn, call me if you would like some help.  This kind of stuff makes me angry. 

Hot off the press!

https://www.reviewjournal.com/sports/raiders-nfl/r...

The Oakland Raiders have closed on the purchase of 62 acres west of the Mandalay Bay resort clearing a hurdle in the team’s bid to relocate to Las Vegas and build a stadium in time for the 2020 NFL season.

Terms of the deal were not immediately available.

The purchase price listed in documents posted Monday morning in the Clark County Recorder’s Office is $77.5 million.

Great post Jason. Most people don't realize that most wholesalers have and only need 3-5 people that they work with because they know that they can and will close. Thats why I find it entertaining when I get a new wholesaler asking a lot of questions and when I ask if they have a deal they say they are building their buyers list. Also, there is always the bigger fool theory. Marketed correctly to the wrong person and someone will overpay. I recently had someone outbid me $20k. Based on my numbers it was already tight. Those individuals might get burned and then say that flipping  doesn't work. 

I do have a counter point as far as the thinner margins. I don't necessarily agree. I think that we all need to stick with our models, however, you need to adjust to the market. Las Vegas is hot and will be for the next couple of years (in my opinion). I have lowered our margin spread but even with that I will not go any lower than my current spread because I have flipped a few houses and I know that if you cross that threshold and something goes wrong  (and eventually something will always go wrong) you will be lucky to get out unscathed. 

Hello All,

Please come join us for great discussions on the reality of investing. This will be a meeting like no other. No sales pitch, not trying to get business from you. Just talking about the good, the bad, and the ugly real estate investment.

This month we have an amazing speaker. You do not want to miss out on the information that will be provided.

Matt Theriault is a USMC “Desert Storm” Veteran who enjoyed 15 successful years in the music business as a record producer and label owner. When the digital download killed the record store, he found virtually everything that he had built become obsolete in a matter of months. The demise of his music business was swift and unforgiving to the point that Matt was forced to start life, personally and professionally, from square one at the age of 34. The transition from a 7-figure year to $7 an hour bagging groceries was a humbling one to say the least.

When the most unlikely of mentors, the grocery store manager, shared with Matt the wisdom “Real estate is the final frontier where the average person has a legitimate shoe at creating real wealth,” he embraced it, ran with it and has never looked back.

Theriault, now an accomplished real estate investor and coach has built a cash flowing real estate portfolio of 100+ units over the last 10 years, is enjoying his financial independence, continues to build his portfolio and has discovered a new passion for creating systems and showing others how to replicate his results.

You will find that his approach to real estate investing is conservative, simple, to the point and efficient. Matt credits his success to performing as much, if not more, due diligence on his real estate team as he does the market and properties themselves.

Please sign up here where you will find all the details.

Networking afterwards. This is for my Las Vegas, North Las Vegas, Henderson, and anybody in town that day. You don't want to miss out.

@Victoria L. I say it's too early to tell but I've already seen speculators already paying more for properties. I've never been in a town that got a NFL team. Maybe someone else might be able to give some insight on what it does to the surrounding area and overall market. Right now I'm just guessing.