All Forum Posts by: Account Closed

100 miles is too far to drive for self management.  In Las Vegas, there is a law that requires the property manager must live within 60 miles of the rental property. It would be a violation that if you live 100 miles away and self-manage it yourself in Las Vegas.  

@Wayne Brooks

Most low ball offers are from investors.

@Dana Whicker

I saw that many over-price properties are sitting on Las Vegas MLS forever (more than 4 months without offer), I don't want it happen to me, so I list it using the most recent comp price as market price. I thought market price would shorten the selling time. Good question, you help me to think a little more. Overpriced properties would sit forever, market price properties should take average number of days (not lightening speed) to sell. May be only below market price properties would get quick sale...

But it is hard for me to accept below market price at the moment... I’m not ready yet to accept price below market rate... 

hmm... need more time to think about the pricing strategy...

Thank you 

Like I mention before, I currently have double digits properties listed on MLS for sale in Las Vegas. To shorten the selling time, I have already listed them at market price already; however, I still receive low ball offers:

House: 2600 sq ft

List at $400,000

Received offer at 350k, I rejected offer

Townhouse: 1400 sq ft

List at $245k

Received offer at $215k, I rejected offer.

2 bed condo:

List at $162k

Received offer at $140k, I rejected offer.

1 bed condo:

List at $135k

Received offer at $110k, I rejected offer.

Are the buyers ... greedy?

Or I’m the ... unrealistic seller?

 It is in Las Vegas Area.  Yes, it include grouting, but not hardiebacker in case it is upstairs.  If it is upstairs, Hardie backer are $1.50 per sq ft additional.  Usually, 2 people can finish 400 sq ft a day.  At $1.50 per sq ft, 2 people make $600 per day, or $300 each person per day. 

@Alex Mendoza

Company is always expensive. So I never hire a company to do tiles job.

I pay between $1.00 to $1.75 maximum per sq ft for labor only last 9 years. I never paid more than $1.75 per Sq ft (any type of tiles, square, diagonals, wood-look tiles, all same price.)

There are many flooring guys (not company) charge much less than less the company.

Yes, double digit properties, max out conventional loan already, must use portfolio loan.  

Some lenders don't like BRRRR.

They think it is too risky, and may not want to lend to you.  

One time, I told a lender that I'm going to BRRRR, they said too much leverage (their loan ratio to me was only 55%, and still said too much leverage to BRRR), and kind of hesitate to lend the money to me.

Since then, I never told any other lender that it will be BRRRR. I just told them I want the cash-out refinance, and need the money for improvements etc, but I never mention BRRRR again, I don't want to scare the lender away.

In general, condo has more problems than SFR. SFR would have less headache compare to a condo.

@Charles Carillo

We have been directly invest, purchased the properties under our LLC.

However, recently, we don't look good on the housing market, so we are currently selling all our double digits properties on MLS now.

Some of the properties in Las Vegas has gone up 3 to 4 times from $40k to $150k already.  

If you don't think we are at the top of the cycle now, if you think that the market is still very good that it will go up another 3 to 5 times from $150k to $600k in the next few years.  To maximize your profit, you should use all your fund today as a down payment, to get the maximum leverage, get as many loan as possilbe, and buy as many properties as possible today, so you won't miss today's "Great" housing market.  Good luck buying more properties in the "Great" housing market today.

I'm currently selling all my properties.  I can sell my properties to you at 120% of the market price today, before my propertes goes up to 200% of today's price soon.