All Forum Posts by: Phillip Dwyer

Will what are your expectations/goals?

Hi Manuel,
Can you grid this out including the garage info, lot size, financing/concessions, and transaction type (REO, Short, "normal")? This would help to see if you're missing anything. As it's gridded now, one would assume a 2 bath is worth much more than a 1 bath. Were there no 3 bedroom comps available?

Have you considered getting a job in a real estate related field? There are a ton of occupations out there that will pay a ton more than a couple grand a month. Take what you learn from the job and apply it to investing. Here's a few fields that could pay the bills and provide some solid skills that will be helpful when you are ready to invest: RE agent, appraiser, home construction.
You've probably been pitched a bunch of crap about how real estate investing is the way out of the 9-5 grind. While this may be true down the road for someone with experience and/or dollars, it's not typical for someone that brings nothing to the table. I would imagine that most successful wholesalers will tell you it takes a lot of work too.

Rich Weese Thanks, I think....
Hope your trip home was short and pleasant.

I was going to post this earlier, but I got side tracked:
http://www.clarkcountynv.gov/depts/constable/las_vegas/pages/evictionprocess.aspx
This is the link explaining the eviction process in Clark County Nevada (Las Vegas metro).
Jeff S. I use Southern Nevada Eviction Services: http://www.vegas-evictions.com/. Just for the record, I'm not afiliated with this company, but my office is a customer.

I think Lennar is building something like this in the Vegas market. As our population continues to age while senior living costs rise, this makes a lot of sense.

Look up discussions on the probate process. Basically when someone dies, their stuff goes through the probate process in order to make sure creditors and heirs are accounted for. This process can be avoided with proper estate planning. I'm not sure how it works in your state, but real estate is usually appraised with an effective date being the date of death. The appraisal is then used by the courts when looking at offers.

Here's some fun reading for you from the State of Nevada:

NRS 118A.470 Holding over by tenant. If a tenant remains in possession without the landlord’s consent after expiration of the term of the rental agreement or its termination, the landlord may bring an action for possession and for rent and the landlord may also recover his or her actual damages. If the landlord consents to the tenant’s continued occupancy, the tenancy is from week to week in the case of a tenant who pays weekly rent, and in all other cases the tenancy is from month to month. Such occupancy is otherwise on the same terms and conditions as were contained in the rental agreement unless specifically agreed otherwise.
(Added to NRS by 1977, 1342)

NRS 118A.480 Landlord’s recovery of possession of dwelling unit. The landlord shall not recover or take possession of the dwelling unit by action or otherwise, including willful diminution or interruption or causing or permitting the diminution or interruption of any essential item or service required by the rental agreement or this chapter, except:
1. By an action for possession or other civil action or summary proceeding in which the issue of right of possession is determined;
2. When the tenant has surrendered possession of the dwelling unit to the landlord; or
3. When the tenant has abandoned the dwelling unit as provided in NRS 118A.450.
(Added to NRS by 1977, 1342; A 2011, 239)

NRS 118A.490 Actions based upon nonpayment of rent: Counterclaim by tenant; deposit of rent with court; judgment for eviction.
1. In an action for possession based upon nonpayment of rent or in an action for rent where the tenant is in possession, the tenant may defend and counterclaim for any amount which the tenant may recover under the rental agreement, this chapter, or other applicable law. If it appears that there is money which may be due to the landlord by the tenant after the day of the hearing or if a judgment is delayed for any reason, the court shall require a tenant who remains in possession of the premises to deposit with the court a just and reasonable amount to satisfy the obligation, but not more than 1 day’s rent for each day until the new hearing date. The court shall order the tenant to pay the landlord any rent which is not in dispute and shall determine the amount due to each party. Upon the application of either party, the court, after notice and opportunity for a hearing, may for good cause release to either party all or any portion of the rent paid into court by the tenant. The court shall award the prevailing party the amount owed and shall give judgment for any other amount which is due.
2. In any action for rent where the tenant is not in possession, the tenant may counterclaim as provided in subsection 1 but is not required to pay any rent into court.
3. When the court renders a decision on the landlord’s claim for possession, it shall distribute any rent paid into court under subsection 1 upon a determination of the amount due to each party.
4. If a tenant fails to deposit with the court within 24 hours after the original hearing the entire amount required pursuant to subsection 1, the tenant relinquishes the right to a hearing and the court shall at that time grant a judgment for eviction without further hearing.

Joshua Dorkin Thanks Josh! I love buying stuff at Home Depot.

The answer to the first question depends on your market. Are properties in your price range typically receiving multiple offers? What's the average days on market? What's the average sales to list price ratio?

The answer to your second question has to do with strength of your offer versus competing offers. Are there a lot of cash buyers to compete against? Will the REO bank net more with your offer?