Rookie REI in Las Vegas looking for connections and groups

Las Vegas, Nevada
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Rookie REI in Las Vegas looking for connections and groups

Joe Fermin
New to Real Estate · Las Vegas, NV · Member since 2023 · 62 posts · 16 votes

Hello all,

my name is joe and just looking to connect with other investors here in town.  fairly new to the community and looking to grow my knowledge base before proceeding any further.  currently own 1 property aside from our residence.  looking forward to meeting with you all.  

joe

3Reply
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Most Popular Reply

Eric FernwoodBusiness Member
Realtor · Las Vegas, NV · Member since 2014 · 997 posts · 1k+ votes
3y

Hello @Joe Fermin,

While meetups are good, the skills you need can only be found with an experienced local investment team.

Here is the problem. The knowledge you gain from seminars, podcasts, books, or websites are generic. You will purchase a specific property in a particular location, governed by local rental regulations. To make the right decisions, you need localized knowledge, which can only be obtained from a local investment team that has extensive experience working with investors.

How do you find a good team? Start by finding an investment realtor.

Residential or "Investor Friendly" Realtors

Residential realtors are the go-to folks for purchasing or selling homes. The drill is simple: you pick properties and realtors provide access. After you select a property, the realtor manages the offer and closing process. Residential realtors only offer MLS data sheets that are of very limited use to an investor.

Below is a table comparing what an MLS data sheet contains and what you, as an investor, need to make informed decisions.

https://www.lasvegasrealestateinvestmentgroup.com/nwassets/images/20220706-846.png

Investment Realtor

While residential realtors sell homes, investment realtors sell income streams. Investment realtors also provide the information you need to evaluate an investment property.

Investment realtors are always part of a team. Only a team of experts can provide the end-to-end processes, skills, and knowledge necessary to bring a property to market. See below for a diagram of the process we follow.

While the above diagram depicts our process, any investment team will have a similar process. Now that you see the value of working with an investment realtor, how do you find one?

How to Find an Investment Realtor

There are thousands of residential realtors in a metro area, but only one or two investment realtors. How do you find one?

Start by compiling a list of candidates. Get names from

  • Real estate investing websites (such as Biggerpockets.com)
  • Property managers
  • Local investors
  • Talk to real estate brokers
  • Google searches
  • Local meetups

Once you have a pool of candidates, evaluate each using the following interview questions. I listed the top 5. If you’d like more or have questions, DM me.

Interview Questions

  • Tell me about your investment team. If they are not already part of an investment team, look for another realtor.
  • Did you or your client select the properties? This is an important question. Residential and investment-friendly realtors do not pick properties. They send MLS data sheets for the properties the client requests. The client evaluates the properties and selects one or more to make an offer. The realtor adds almost no value if you do all the work. Reject the candidate if the client selected the property.
  • What were your primary selection criteria? - It could be the initial return, appreciation, tenant pool, or something else. You're looking for a plausible answer based on analytics, not opinion or “feelings.”
  • Tell me about the tenant pool you target. - Understanding the existence of tenant pools and their characteristics is not common knowledge. It requires a person with a lot of investment experience. If they do not have a plausible answer or do not understand the question, go to the next candidate.
  • How did you estimate rent and time to rent? - They should be able to describe a process like, "I look at recently rented comparable rentals." Another good answer is that they work with a property manager who supplies this information. If they answer Zillow, Redfin, Rentometer, etc., they do not know how to evaluate investment properties. No online tool can provide accurate, property-specific rental estimates.

Joe, focus on finding a good local investment team. They have everything you need.

[email protected]702-358-8884
FERNWOOD Team, KW VIP Realty520 Reviews
WebsiteView Page
5Reply
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15 Replies

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Joe Fermin:

    Have you joined a meetup in your area? Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

    The DIY Landlord Book4.7247 Reviews
    WebsiteView Page
    1Reply
  • Joe Fermin
    OP
    New to Real Estate · Las Vegas, NV · Member since 2023 · 62 posts · 16 votes
    3y

    thank you.  will do just that.  i havent explored much yet, thought id start here

    0Reply
  • Alli Breighner
    Lender · San Diego, CA · Member since 2022 · 587 posts · 298 votes
    3y

    Hi Joe,

    Welcome to BiggerPockets! I'd love to discuss real estate with you and connect.

    1Reply
  • Louis Davis
    Flipper/Rehabber · El Paso, TX · Member since 2015 · 379 posts · 201 votes
    3y

    What's up Joe. I love talking real estate and helping our new comers. Reach out and we can link up. I am here in Vegas as well. 

    2Reply
  • Joe Fermin
    OP
    New to Real Estate · Las Vegas, NV · Member since 2023 · 62 posts · 16 votes
    3y

    thanks louis i appreciate it!  will have some questions shortly.  

    0Reply
  • Jordan Murrell
    Las Vegas, NV · Member since 2020 · 162 posts · 113 votes
    3y

    Hi Joe,

    Welcome to BP! There are a couple of meetups that I attend on a regular basis here in Las Vegas that welcome all types of investors. Let's connect.

    1Reply
  • Joe Fermin
    OP
    New to Real Estate · Las Vegas, NV · Member since 2023 · 62 posts · 16 votes
    3y

    thanks jordan.  i will definitely reach out for those

    0Reply
  • Eric FernwoodBusiness Member
    Realtor · Las Vegas, NV · Member since 2014 · 997 posts · 1k+ votes
    3y

    Hello @Joe Fermin,

    While meetups are good, the skills you need can only be found with an experienced local investment team.

    Here is the problem. The knowledge you gain from seminars, podcasts, books, or websites are generic. You will purchase a specific property in a particular location, governed by local rental regulations. To make the right decisions, you need localized knowledge, which can only be obtained from a local investment team that has extensive experience working with investors.

    How do you find a good team? Start by finding an investment realtor.

    Residential or "Investor Friendly" Realtors

    Residential realtors are the go-to folks for purchasing or selling homes. The drill is simple: you pick properties and realtors provide access. After you select a property, the realtor manages the offer and closing process. Residential realtors only offer MLS data sheets that are of very limited use to an investor.

    Below is a table comparing what an MLS data sheet contains and what you, as an investor, need to make informed decisions.

    https://www.lasvegasrealestateinvestmentgroup.com/nwassets/images/20220706-846.png

    Investment Realtor

    While residential realtors sell homes, investment realtors sell income streams. Investment realtors also provide the information you need to evaluate an investment property.

    Investment realtors are always part of a team. Only a team of experts can provide the end-to-end processes, skills, and knowledge necessary to bring a property to market. See below for a diagram of the process we follow.

    While the above diagram depicts our process, any investment team will have a similar process. Now that you see the value of working with an investment realtor, how do you find one?

    How to Find an Investment Realtor

    There are thousands of residential realtors in a metro area, but only one or two investment realtors. How do you find one?

    Start by compiling a list of candidates. Get names from

    • Real estate investing websites (such as Biggerpockets.com)
    • Property managers
    • Local investors
    • Talk to real estate brokers
    • Google searches
    • Local meetups

    Once you have a pool of candidates, evaluate each using the following interview questions. I listed the top 5. If you’d like more or have questions, DM me.

    Interview Questions

    • Tell me about your investment team. If they are not already part of an investment team, look for another realtor.
    • Did you or your client select the properties? This is an important question. Residential and investment-friendly realtors do not pick properties. They send MLS data sheets for the properties the client requests. The client evaluates the properties and selects one or more to make an offer. The realtor adds almost no value if you do all the work. Reject the candidate if the client selected the property.
    • What were your primary selection criteria? - It could be the initial return, appreciation, tenant pool, or something else. You're looking for a plausible answer based on analytics, not opinion or “feelings.”
    • Tell me about the tenant pool you target. - Understanding the existence of tenant pools and their characteristics is not common knowledge. It requires a person with a lot of investment experience. If they do not have a plausible answer or do not understand the question, go to the next candidate.
    • How did you estimate rent and time to rent? - They should be able to describe a process like, "I look at recently rented comparable rentals." Another good answer is that they work with a property manager who supplies this information. If they answer Zillow, Redfin, Rentometer, etc., they do not know how to evaluate investment properties. No online tool can provide accurate, property-specific rental estimates.

    Joe, focus on finding a good local investment team. They have everything you need.

    [email protected]702-358-8884
    FERNWOOD Team, KW VIP Realty520 Reviews
    WebsiteView Page
    5Reply
  • Joe Fermin
    OP
    New to Real Estate · Las Vegas, NV · Member since 2023 · 62 posts · 16 votes
    3y

    thanks very much for the info @Eric Fernwood

    0Reply
  • Jasmine Joseph
    New to Real Estate · Las Vegas, NV · Member since 2019 · 10 posts · 6 votes
    3y

    Hey Joe! My name is Jazz. I am also fairly new to Las Vegas and am looking to connect with experienced investors and newbies alike. Im more interested in creative financing and am currently looking to build a team (title company, real estate investor agents, attorneys, etc). Let’s connect! 

    1Reply
  • Joel BongcoBusiness Member
    Investor · Honolulu HI & Los Angeles, CA · Member since 2018 · 371 posts · 179 votes
    3y

    @Joe Fermin @Jasmine Joseph - Aloha Joe and Jasmine! It was pretty frustrating to start out as a Newbie Investor as I got lots of opinions and comments on what to do at a high level, however, nothing actionable and measurable. Local support from credible resources is key! I recommend that you start with Off Market leads (Vacant, Distressed, Out of State Owner, Tax Liens, etc.). Tackling the MLS market is tough. Season veterans will outbid you often since they can do it faster, cheaper with predictable outcomes. Based on my research, there are about 6000+ Vacants/Distressed Properties in Las Vegas. I am currently in Las Vegas for my daughters' 21st birthday and would be open to meet up for Coffee. Please let me know. Mahalo! Joel

    [email protected]808-427-2444
    Inspired Life Investments LLC.
    WebsiteView Page
    1Reply
  • Joe Fermin
    OP
    New to Real Estate · Las Vegas, NV · Member since 2023 · 62 posts · 16 votes
    3y
    Quote from @Joel Bongco:

    @Joe Fermin @Jasmine Joseph - Aloha Joe and Jasmine! It was pretty frustrating to start out as a Newbie Investor as I got lots of opinions and comments on what to do at a high level, however, nothing actionable and measurable. Local support from credible resources is key! I recommend that you start with Off Market leads (Vacant, Distressed, Out of State Owner, Tax Liens, etc.). Tackling the MLS market is tough. Season veterans will outbid you often since they can do it faster, cheaper with predictable outcomes. Based on my research, there are about 6000+ Vacants/Distressed Properties in Las Vegas. I am currently in Las Vegas for my daughters' 21st birthday and would be open to meet up for Coffee. Please let me know. Mahalo! Joel

    Thank you very much Joel.  Guidance is certainly appreciated.  
    0Reply
  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    3y

    @Joe Fermin @Jasmine Joseph welcome to both of you!

    What questions do you have so far? Let's see how we can all help get you going in the right direction!

    There is a wealth of info and a great network on here so leverage that to get to where you want to be. If I can help with anything reach out anytime.

    [email protected]702-349-9175
    The Adams Team at Rothwell Gornt Companies4.971 Reviews
    WebsiteView Page
    1Reply
  • Joe Fermin
    OP
    New to Real Estate · Las Vegas, NV · Member since 2023 · 62 posts · 16 votes
    3y
    Quote from @Robert Adams:

    @Joe Fermin @Jasmine Joseph welcome to both of you!

    What questions do you have so far? Let's see how we can all help get you going in the right direction!

    There is a wealth of info and a great network on here so leverage that to get to where you want to be. If I can help with anything reach out anytime.

    Thanks very much Robert.  I dont have a ton of specific questions at this time.  Currently trying to figure out our budget and im sure we will have many once we establish that.  
    1Reply
  • Abhijit S.
    Member since 2024 · 3 posts · 2 votes
    2y

    Hello Joe,

    Did you find any REI meetups in the Las Vegas area? Can you share some information?

    0Reply
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