All Forum Posts by: Vincent Owyong

Good Day BP,

I am looking for a professional housecleaning service that can do potential routine cleanings, Long Term/ Airbnb turnovers, or deep cleanings for new investment properties. If you have professional carpet cleaning service, then that is a plus as well. If you can provide a brochure/ advertisement of your business with references and ratings, then the better. I am local investor in Las Vegas, NV with a small portfolio and would like to expand my team to cover that. I appreciate any and all recommendations you may have. I appreciate it!

Thanks @Lawrence Potts. I am certainly no expert, but I do with what I can and with what I have available to me. I would love to educate those who aspire to do what I do in the Las Vegas Market and show that it is possible.

Thank you @Dmitriy Fomichenko. Although, I wish the driveway to be repaved, it still gets the job done. In time, I save up to replace that, but that would be an expensive replacement.

Thank you @Stephen DeThample. Even in the worst or hardest of markets, Househacking is the strategy to go if you want to get yourself into real estate. It is definitely the slowest, but I slow and steady in a difficult market like Las Vegas wins the race.

Investment Info:

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

Purchase price: $426,000
Cash invested: $22,000

4th House Hack in Las Vegas

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

Add an additional room to increase cashflow on Househacking strategy. Great neighborhood next to school and wanted SW area.

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

MLS through Zillow/ Agent. Buyer's market to negotiate down under asking + seller credit included.

How did you finance this deal?

Own equity with the VA 5% down payment.

How did you add value to the deal?

Projects Phases:
I) Convert Loft to Room
II) Convert backyard to more modern landscaping
III) Install Water softener
V) Stainless Steel Appliances
VI) Convert to all LVP

What was the outcome?

Initial asking was $445,000. I was able to negotiate to $435,000+9k seller credit. Overall purchase summed up to be $426,000. Original interest rate at escrow was 6%. Decided to buy down to 5.5% with $3500 of my own equity. Cash flow still works, but would like to refinance to lower rate possibly.

Lessons learned? Challenges?

If the seller accepts the 1st initial offer, then I probably could have negotiated lower with better terms. Interest rates were the highest I have ever seen in my career at 6%. Was able to buy down to 5.5%. Still, numbers still worked to my favor will be able to househack and cover the entire mortgage to the property.

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

Yes, I used the same real estate/ property manager/ investor friendly agent to coordinate this transaction as my previous investments.

 I agree! A lot of potential growth in the area with all the residential and warehouse construction. There is definitely some areas in North Las Vegas closer to Nellis that you definitely want to avoid living in. Overall though, I see plenty of potential in the area!

Investment Info:

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

Purchase price: $400,000
Cash invested: $34,609

3rd Househack

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

Added value potential from simple upgrades.

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

MLS through Zillow/ Agent. Tough market to negotiate down under current housing market.

How did you finance this deal?

Own equity with the VA 5% down payment.

How did you add value to the deal?

Projects Phases:
I) Upgrade critical equipment (Water heater and HVAC)
II) Convert Loft to Room

III) Convert front yard grass to desert rock landscaping to save on water bills.

IV) Upgrade Kitchen with stainless Steel Appliances
V) Paint and add kitchen cabinets and fixtures.
VI) Replace Carpet

Lessons learned? Challenges?

Always update team members on current RE goals. CPA was not aware of current investment decisions and needed to be informed. Property Managers/ Realtors are not always available to walk you through the process and you must learn on your own. This halted the due diligence/ closing of the home by a day. Always be on top of you team.

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

Yes, working with agents who understands the market and a lenders who that understands your goals will smoothen out the process from beginning to end.

Sure, finding good quality tenants was not easy, but it is not impossible. I was fortunate enough to find my tenants prior to COVID. That being said, I would be very strict in your screening process (i.e. stable job, not on unemployment, no criminal history, credit score above 620, etc). Homes in the SW go for a pretty penny, so I would search outside of the Summerlin area, but close enough, like my first househack.

I would advertise on Facebook Marketplace, Craigslist, Zillow Rental, Realtor, Roomies, word of mouth, etc. 

Good luck and please keep me updated on your first househack! 

Investment Info:

Single-family residence other investment in Las Vegas.

Purchase price: $380,000
Cash invested: $22,000

2nd House Hack to live in. 3 tenant occupancy with 1 dog and 2 cats.

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

A good deal with the family. MLS stated it to be $430,000. Appraised for $380,000.

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

Family Connections. Bought this house for myself and to assist in my parents retirement home.

How did you finance this deal?

Traditional Financing with 5% Down. Closing and repairs covered by Seller.

How did you add value to the deal?

Small repairs done. Patched paint, deep carpet cleaning, repaired water damage.

What was the outcome?

Currently house hacking. Will refinance in 1-2 years to reduce payment and remove PMI. Will stay for 10 years possibly.

Lessons learned? Challenges?

Find the right tenants to house hack with you during COVID. Neighbors can affect Appraisal. Front neighborhood had a divorce and affect my home appraisal. Good for me, bad for seller. One tenant was delinquent on rent.

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

Find the right lender, contractor, and drama free roommates.

If he does not comply with household rules (i.e. smoking in the garage), is that sufficient evidence to deliver a "notice to comply letter"? If he continues after that, then eviction?