All Forum Posts by: Andy H.

My goal for this property is a rental property. I initially looked into the LV market for a rental that would pass the 2% rule. Since I was only looking for SFR, I quickly found out this is not possible with my criterias. Than my focus changed and I found a neighborhood I like in LV to invest, and I could still rent for 1.2% of the purchase price. It was far from the 2% rule, but I know this property would appreciate if the market rebound in LV one day. Plus, the positive cash flow would be decent in the meantime.

Thanks to everyone who posted, it's been very informative and I have learned a lot from this thread and forum.

@Jake K - I don't always offer 10% below list price, I have done it on one listing because that property reduced prices twice in the last few months. Knowing that the property had major issues (REO), I didn't want to buy it at full listing price.

I was able to put in my second offer on a HUD home. Once again, my agent recommended submitting an offer of $100 above listed price, but I did my research and analysis and submitted an offer below list price. Offer got accepted this morning.

I'm looking for SFR in the price range of $75-$100k. I'm still trying to figure out the LV market, it's crazy out there.

I'm just starting out in LV. So far, I was able to put in 1 short sale deal, but found out the bank won't finance it due some unpermitted addition. Continuing to look.

Is Las Vegas a different market than Orange County, Calfornia ? I'm an investor looking to buy a rental property in LV. I got a realtor looking through craiglist. Anyhow, she sent me a few homes, and each time I tell her I'm interested a property and I want to make an offer, she advices me to put an offer $100 above the list price. She said I won't get it otherwise. I would have to convince her to put in my offer. It is usually 10% below list price. She makes me feel like I'm being cheap.

On top of that, she charges a $500 flat rate above the commission. Apparently, it's common practice in LV.

Anyone else have this issue or this is just an isolated incident. Should I get another agent ? She seems very knowledgeable about the LV market, especially REO market.

HOA fees for condos in the OC can be up to $400 a month. Thus, one of my reservation to buying condos to do my first flip.
I don't have a specific property I'm looking at. I have around $130k to invest (comes from HELOC and brrow from 401k). I want to kknow where I should focus my research, condo closer to where I live or sfr further away. Is it easier to flip condos or sfr? If i'm stuck with a property I can't sell for a profit, generally, is it better to rent out condo or sfr? Thanks for your advices.

There is no official redemption period in California but the owner have the right to challenge the tax sale up to 1 year. Therefore, most people do not make major improvement to the property. Plus, bank will not lend money on the property during this period.

First off, I want to thank everyone in this forum. The wealth of knowledge is incredible, and the willingness for people to share and help is ridiculous.

I want to start investing in real estate, this will be my first deal. I have done a lot of reading, but there is much much more to learn. I live in Orange County California, and the real estate prices around here is not cheap. I'm planning to buy using cash using either tax deed or trustee sales.

If I buy near where I live and familiar with, I can only afford a 2 bedrooms 1 baths condo. If I'm willing to drive further out, more than 1 hr, I can find 3 bedrooms 2 baths SFR. I hope to buy and flip the property and if I can't flip them, I will rent them.

Knowing my current situation, which route should I take ? Condo or SFR ? Thanks in advance for your advices.

I saw someone on Craiglist posting he need emergency money. Willing to pay interest on loan, need money for 45 days. Since the amount is relatively small, I want to help him. How do I make sure I get paid ? Do I use a promissory note ? What is the best way to protect myself or is this a scam and I should just ignore it ? Any help is greatly appreciated. Thanks.