All Forum Posts by: Rito Altamirano

hello all thanks for reading my post . So the other day i came across a deal here in las vegas nv, i spoke to the owner of a home who owns a home free and clear. In a nice part of the sw side of las vegas the comps on the area are 180 to 200k. The gentleman is asking 115k cash. Im think i can get it and add another 10k on top for a profit.  It only needs cosmetic repairs no more then 10k.  

Its a great deal number wise but heres the issue ... the title is not clear because he purchased the home at auction and said "they wont insure the home due to the hoa deeding" off the title. 

Is this deal possible and would any investors be interested in a deal like this or is this a deal to walk away from due to title issues

hello all thanks for reading my post . So the other day i came across a deal here in las vegas nv, i spoke to the owner of a home who owns a home free and clear. In a nice part of the sw side of las vegas the comps on the area are 180 to 200k. The gentleman is asking 115k cash. Im think i can get it and add another 10k on top for a profit.  It only needs cosmetic repairs no more then 10k.  

Its a great deal number wise but heres the issue ... the title is not clear because he purchased the home at auction and said "they wont insure the home due to the hoa deeding" off the title. 

Is this deal possible and would any investors be interested in a deal like this or is this a deal to walk away from due to title issues.

@David Famiglietti thanks again. I got this whole year to finish saving up my dp money im currently at 25% of my goal and once i have all funds im going to be hunting hard...primarily in that area..and i will be speaking with charlie as well when that time comes. 

Im glad you recommend him seems like hes a go to guy for lots of people. Ive actually spoke with @Charlie Fitzgerald over the phone before and hes part of the reason im working towards these goals... we spoke about some financing but due to my credit and lack of funds he recommended me to try for a mfu live in investment on fha with 5% down which is what im working towards now. He did mention he would be willing to partner up on a deal if it strikes his interest, but i would need to provide at least 30% of the funds which is also the reason im saving for such a large dp. So im hoping to purchase a mfu with no more then 10k down and use the leftover savings for POF to qualify for the help i need when i come across these deals like i did today. Looking foward to working with him and hopefully others on here as well.

@omar 

@Omar Merced 

Thanks for that map pretty neat!!

thanks to all that have replied i appreciate your input!!. 

@David Famiglietti thanks for your thorough response , i go to the lvac at aliante, and on my daily drives ive noticed  the northwest is growing rapidly. i have noticed the bridge devolopment  and the 215 expansion is all being done fairly quick too. With this said the north west seems to have buy and hold potential for a long term equity growth , so it has been my main peak of interest for investing. however as mentioned i prefer my first investment to be a MFU and there is 0 standard  MFU (duplex , triplex, fourplex)  in the northwest. If i decided to buy property in the area whats a possible idea/recomendation on how to use 40k to invest in sfh in the NW area? 

And another question , i found a home for sale through a wholesaler  he just got this listed TODAY the home is being sold for 125k on the sw side of town , comps in the area are 180k to 220k. The home is not mls listed and is being sold for 125k 40% down with 8 year carry finance on the balance. The home is being sold super cheap and needs to sell fast due to a court order to sell home because of the owners divorce. 

Now i cant afford the 40% down yet . But would this soulution be possible? 

1-Find a hard lender or maybe family loan ? 

2-put 40 % down rent out home, average rent in area is 1100-200....  carry loan for 6 months 

3-refinance with conventional lender with better interest rate 

4-get money back from refinance continue renting out property  use money back to re invest in next property .. 

5- sell the house once its appreciated to my liking if so... 

Is this a possible way of setting up the deal?.....im just trying to learn financing ideas... from the looks of things this seems to be awesome deal , ive been learning for a few years and i wish i was ready but  still feel i need more learning to go before i take a step in. 

hello everyone , well this  is more a question for las vegas investors  so if youre from the las vegas area please chime in. 

This year im saving up to have a nice 30k to 40k downpayment for a mfu i will be purchasing that i want to house hack since i feel this would be my best stepping stone. 

However lately ive kindve been watching the news, and found out about the pig farms up north closing and leaving the area within 3 years. In the surrounding areas of the pig farm there is some really nice homes. i know alot of the time they have trouble selling due to the foul smell that spreads for miles, especially during the summers. Now with them leaving there will be alot of nice homes in the area that are sure to appreciate, but do you think it will be much? With appreciation considered, do you think it would maybe be a good idea to use that 30 to 40k for down payments. Maybe for 2 or 3 decently nice homes near the farm? Now would be the best time to purchase and i wouldnt mind dealing with the smell if it profits well in 3 to 5 years when they leave. I can live in one and rent out the others im sure i can find a deal near the farm that will cashflow at least a little while i wait for the perfect time to sell. 

Or should i stick to getting a mfu and living for free for now? Lol 

What are your opinions and thoughts of the areas around the farm now and what do you suspect will happen when the farm is gone? 

 Gotta take action steps otherwise i aint taking action. My goal is to close 5 deals this year and find my first deal before end of february. 

thanks for all the feedback guys!! 

So heres a quick update on today , i stopped by the property during day light to get a good look inside. The place is pretty beat up  no carpet or any other flooring , missing drywall panels , ugly as hell kitchen needs some good work , outside the house pretty much the same needs a complete landscape make over and roofing job plus paint job also id probably rip out the ugly gate it has too.  But over all id say the home needs a good 30k in reno.

as far as contacting the owner i called the 2 numbers i had found both were old and not in service. 

So i went to the second address i found under his name. (Literally 3 houses down) And knocked on the door. I spoke to a young women who said she knew him since she was a young girl and that he did not own the home she lived in but she knew him he was a family friend and still came around the neighborhood often to visit old neighbors & could pass along my contact info. To his good friend bobby who could pass the message to him , she mentioned he never rented the home out he lived in it for years then he just abandoned it and has no idea why.  the house isnt bank owned so maybe preforclosure? 

Either way its just a waiting game now hopefully he contacts me real soon before the charges hit for abatement. She said she would pass the message promptly due to me telling her i found a abatement letter on the door.

What should i do next? She pointed out the house where this bobby lives should i pay him a quick visit? 

Also was maybe considering writing a hand written letter expressing my interest and taking it to her in hopes she can pass it along. 

Or should i just wait it out and keep hunting for more deals!? 

 Thanks. Awesome Ill remember that. Especially during the hard times when results arent coming in and ill need to remind myself to work harder to achieve whats desired.