All Forum Posts by: Zen Lenon

Hello, everyone!

I am looking for great property managers who are in the Las Vegas market. Here's more context. I have 3 different investors who will need this service in about 3-6 months. Can you please share your favorite PMs, why and what to look out for when hiring and managing property managers? Thank you so much. 

Zen

I appreciate the tip, thank you

Hey hey, 👋 Michael,

Congrats on diving into the fix-and-flip world! It's a wild ride, but with the right moves, you can totally nail it. Let me share some practical advice to get you started:

1. 1. Broaden Your Search and Hold Off for Deals: 
2. When houses are pricey and sellers are being stubborn, it's a good idea to expand your buy box. Check out neighborhoods that might not be hot right now but have potential for growth. Here are projects in Las Vegas to help you choose locations: https://www.buildcentral.com/top-10-upcoming-construction-pr...Don't rush into buying; good deals often take time. You can also explore distressed properties, expired listings, or foreclosures, but be ready for a lot of manual work. 
3. 2. Choose an agent who will work and make you a priority:  
4. Interview Multiple Agents
   Don't settle for the first agent you meet. Interview at least three real estate agents. Ask them about their experience with investment properties and their strategies for finding you the best deals. Read there reviews and referrals online. Pay close attention to their responsiveness—do they reply promptly to your messages and inquiries? Are they willing to show you properties even on short notice? This will give you a clear sense of who is genuinely committed to helping you and making your goals a priority. Hard work pays off but first you need to find the right representative who will work as hard, if not harder, than you. Remember, a responsive and proactive agent can make a world of difference in your real estate journey.
5. 3. Connect and Build Your Dream Team: 
6. Having the right crew is a game-changer. Find a real estate agent who knows the ins and outs of investing in rehabbed properties and is willing to work within your budget. And don't stop there; find an agent who has a network with contractors, specialists, inspectors, handymen, vendors, and other experts in the field. These folks can save you money and stress. I can share my vendor lists with you if you need help. 

7. 4. Begin with Smaller Properties and Smart Team Selection

   Start small by looking for properties with lower square footage, preferably under 2000 square feet. Focus on properties with larger land square footage, which can potentially accommodate additional units or casitas. Opt for properties without Homeowners' Associations (HOA) restrictions to give you more flexibility in your investments.

   When it comes to contractors and realtors, be meticulous in your selection process. Choose professionals who are well-versed in the local zoning and licensing requirements. Don't rush into partnerships; take your time to vet potential team members. Ask for their clients' contact information and give them a call. Inquire about the challenges and experiences previous clients had with these contractors or realtors. Due diligence will help you build a reliable team that can support your real estate endeavors effectively.

Listen, sending offers that are 60%-70% below the listing price will often be dismissed by sellers, especially if sellers have signed a waiver of disclosure, and agents aren't obligated to present these offers to them. This means that a significant majority of such offers may go unnoticed, ranging from 90% to 95% of the time. It's essentially a numbers game, and you'll need to send out hundreds of offers to secure one potential deal. If you're willing to put in the effort, I can likely support you. However, don't lose hope, as there are many hardworking agents out there who can assist you in this process.

Stay positive and keep at it. The real estate investment game can be a challenge, but with grit and smart moves, you'll get to that flip by the end of 2023. You're already surrounded by helpful people; just don't forget to apply what you learn. You've totally got this, Michael!

Good luck with your fix-and-flip adventures!!

I'm trying to learn what's the best method to use. I'm trying to assume and wondering if I should get partners, use a heloc for the down or if subject to is better. 

Hello everyone,

I often come across creative financing properties, but I've recently stumbled upon a compelling opportunity: an assumable 2.75% VA Loan deal in North Las Vegas. This property features a 4-bedroom layout upstairs, with 3 full baths (including 1 3/4 bath and 1/2 bath), a 3-car garage with an epoxy floor, a loft, and a den. It's a 2021 build.

While I'm contemplating the purchase of this property, I'd like to hear your insights, especially considering I'm in the process of closing on another property set to close on 12/27/23. This opportunity appears to be an attractive medium- to long-term buy-and-hold investment.

I'm particularly interested in your recent experiences with financing options like HELOCs, cash-out refinancing, syndication, investment partnerships, or any other loan products, including hard money loan options you've used in the past 180 days. Your input will be invaluable in helping me make an informed decision.

Thank you in advance for sharing your insights.

Best regards,

Zen

 Correction MTR = Med Term Rentals 

"Master Tenant Rentals" = auto-incorrect 

Hi Allen, I'm currently offering MTRs today. I'm based in the southwest and I currently have 9 units and I am currently helping 3 investors for MTR at this moment. One of the investors closed last night, and luckily I have the perfect property that meets their needs. However, the challenge with MTRs lies in the CC&R (Covenants, Conditions, and Restrictions) and HOA (Homeowners Association) regulations.

To proceed with MTRs, it's crucial to carefully review the CC&R to ensure that leasing out a portion of the lot to tenants is permissible. This process requires a significant amount of effort. Lately, I've been constantly engaged in phone calls for the past 6 days, trying to obtain the necessary information. Unfortunately, some realtors don't respond to their phones, some HOAs have outdated contact numbers, and some CC&R documents are not up to date. It's quite frustrating, but I've been able to navigate through these challenges and gather accurate information for my clients.

I'm curious to know how you approach obtaining CC&R documents at scale. In my experience, this has been the most time-consuming and cumbersome aspect.

I'd go with Hawaii because I'm from there and love the vibe. Lake Tahoe would be perfect for seasonal mountain activities, and Las Vegas has so much to offer with its hiking, gambling, and events. Three awesome choices for STR investments! If I could only choose one, Hawaii because it is the most healing and the STR rates are the highest. Below are some comparisons however please note I was not able to get the 2023 stats for these locations. I can find out; it just takes a little more research on my end :-)

Hawaii (Beach):

• Tourism: Hawaii had almost 10 million visitors in 2019, and most of them were from the US.
• Occupancy Rates: In 2019, vacation rentals in Hawaii were occupied around 72% of the time on average.
• Rental Rates: The prices varied depending on which island you're on. On Oahu, you'd be looking at around $240 a day, while Maui would cost you around $349 and Kauai about $314 in 2020.
• Seasonality: Hawaii sees a pretty steady stream of tourists year-round, but there are times when demand spikes during the popular travel seasons.

Lake Tahoe (Mountains):

• Tourism: Lake Tahoe had about 15 million visitors in 2019. Lots of folks head there for outdoor activities like skiing, hiking, and boating.
• Occupancy Rates: In 2019, the occupancy rates for vacation rentals in Lake Tahoe were around 60% on average.
• Rental Rates: Depending on the specific area and season, you could find vacation rentals ranging from $200 to $400 per night .
• Seasonality: The winter ski season and summer months are when things get really busy in Lake Tahoe, but the shoulder seasons can be slower with lower occupancy rates.

Las Vegas Strip (City):

• Tourism: Las Vegas is a hotspot with over 42 million visitors in 2019. People come from all over the world to experience the entertainment, casinos, and nightlife.
• Occupancy Rates: In 2019, the vacation rental occupancy rate in the Las Vegas area was around 75% on average.
• Rental Rates: On average, vacation rentals in Las Vegas went for about $170 per night, but prices can vary depending on the property's features and how close it is to the Strip.
• Seasonality: Las Vegas attracts tourists all year long, so demand stays pretty consistent, but there can be spikes during events and holidays.

That's awesome! I want to try this next. I'd love to learn the land square footage. The reason I ask is perhaps there is a way to add value. An example would be to add storage spaces and rent them out for an additional $50-100 per month, depending on their size, of course, and ensure they are climate controlled. Could you explore the possibility of adding a short-term rental (STR) angle? For instance, can you fit an RV in the driveway? We have Formula 1 and so many conferences, including EDC. STR units are a great way to add to your portfolio without requiring a purchase of a new property. Is there a way to add additional units? Are there any unused spaces that can be converted into units? I'm excited to see your journey through the BRRRR stages.

 You're most welcome! Now I understand the context a little bit more. Have fun with the process. It's a great prob to solve :)