All Forum Posts by: Phillip Dwyer

@Kuvinder Matharu as @Bill B. mentioned, you'll likely pay a premium price if the seller does those things for you.  I guess the positive of that is less out of pocket expenses for you after closing.  The down side is that you're not in control of the fixes.  I'd rather get a discount on the price and be in control of the vendors doing the work after closing.  You'll want to get estimates first though.  If the units are that old, it's possible that some reconfiguration of plumbing will be needed.  Additionally, the new water heaters are typically larger, so if there are space constraints, you may have some moving of walls to do which will add to the cost.

@Casey Johns are you looking at investment property or a primary residence?

@Kacee Bui You mentioned you may move to Vegas when you retire.  Will that plan include you moving into the property you purchase now?  If so, many of these questions are mute, because you should really consider where you'd want to live when you are here.  The rental portion until that retirement, is just a vehicle to pay for your retirement home in meantime.  

@Carly Bryan let’s chat. Pm me to set up a call. 

@Account Closed As Bill mentioned, the target properties and numbers you mentioned no longer exist in the current Vegas market. 

@Frank H I'd suggest looking into what Jon and Bill are talking about.  There are so many for financing options in that scenario.  You might not need to have the lease in place to do the deal, but if you're having a hard time meeting debt-to-income requirements, then you may have to go that route.  

If you need that lease to qualify, you could also buy a property with a tenant.  The downside to this is that you'll have a higher interest rate than with an owner-occupied loan and you'll be putting more down likely.

@Brad Bellstedt If you're doing 2.5 deals a month for a total of $150,000 in GCI before the 50/50 split, we can estimate that your total production is roughly $5,455,000 (that assumes an average commission percentage of 2.75).  That would mean that your average transaction is around $181,000.  So there are 2 points to tackle here.  The first being the number of transactions:  30 for the year between 2 agents is ok, but you could kill that.  Second, your average price point is well below the median.  If you put effort towards moving up a price point, you wouldn't have to do more transactions.  That would leave you with more time to focus on investing or whatever you want.  Maybe instead of dumping more money into the marketing, you just need to allocate the current spend to a different target that yields higher commissions.  

@Terry Lao The 57 listings comes out to about the same supply ratio as the sfr. In MLS this morning for just the Vegas valley, there are 53 multi listings, and 26 have sold in the past 30 days. That's a 2.03-month supply. For SFR, there are 4995 listings and 2122 sold in the past 30 days. That's a 2.35-month supply.

@Brad Bellstedt put the money back in your business. Based on the numbers you mentioned of $75k gci, that’s probably less than 1 deal a month.  There’s nothing wrong with that, but you probably have the bandwidth to handle more than double that amount. 

@Masud Khan You asked about DTI calculations on future loans. If you're worried about that, then you should probably stick with the 30 year to keep your DTI down while accumulating the additional properties.