All Forum Posts by: Robert Strohmeyer

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $215,000
Cash invested: $20,000

House hack for the first few years we lived in it. Put solar panels on it and are charging above market rent including the electricity.

What made you interested in investing in this type of deal?

Easy deal. Moved out of my original home and rented that after a year of ownership. Now this house rented with minimal out of pocket cost they could easily be refi'd out now.

How did you find this deal and how did you negotiate it?

MLS, Wife was an agent. She found it and was paid to sell herself the property.

How did you finance this deal?

Conventional, owner occupied loan

How did you add value to the deal?

Added Solar panels to the house. Small remodel in the bathrooms, paint, and a kitchen backsplash.

What was the outcome?

A brilliant house that took care of us for a few years and now it producing a hefty cash flow.

Lessons learned? Challenges?

Trying to convince a loved one to move out of a house they really like to put another door on the books is difficult and takes time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm an agent now. Reach out if you would like to talk.

I too am evaluating a 40 unit park(first time in the MHP world). Do you feel a 7.5 cap is worth it in your area? Most of I've heard from Frank Rolfe is that you want a cap going in a deal of 10% with a plan on getting it up to 12% in the relatively near future. My seller is asking for around the same price and the deal would still make money, however most of the deals I've read about are 80-100+ pads for less than a mil.

Sorry I couldn't be of more help. I'm interested in the results from the group think as well.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $143,000
Cash invested: $2,000

New build house hack turned into invest property. VA zero down just a few thousand for closing cost.

What made you interested in investing in this type of deal?

At the time it was a great price for a new home build in Las Vegas next to the air force base.

How did you find this deal and how did you negotiate it?

Real Estate agent at the time.

How did you finance this deal?

Zero down VA loan.

How did you add value to the deal?

House still has original flooring and paint. Tenant has been in the house long term for about 4 years. Once they move out I'll add more value with upgrading the flooring.

What was the outcome?

Still holding the property.

Lessons learned? Challenges?

Management of tenants is difficult even when you have a good tenant.

@Eric Fernwood beat me to it. California is the 6th biggest economy in the world. People are getting fed up with the costs involved with staying in California. With the large projects we have going, the land constriction starting to play a role, and influx of California's. The Las Vegas market will hold strong for the foreseeable future.

From my experience YES. The minimum is sharing expenses. My now wife paid rent while I airbnb'd the other bedrooms. Ultimately she owns half of that investment now.

I'm in a similar market, Las Vegas. I'm pushing out to smaller surrounding towns. For help with the mindset on out of state investing I would suggest listing to BP Podcast 301 with Alex Felice. It was randomly suggested to me and it did not disappoint when enlightening on how it can be a benefit to invest out of state.

I'm new to BP. Once I understand the layout of BP I'll think about the upgrade.