Las Vegas Padshare

[William Nast]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $420,000
Cash invested: $33,300

Puchased this home with intention of padsplitting it. I am currently living in the master bedroom, and renting out the other 3 bedrooms. This is my first investment of this sort and it has not worked out how I originally intended but I am learning from my mistakes and will be making better decisions in the near future

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

When I was 22 I had to move from my home town to Las Vegas in pursuit of HVAC trade school. I had 2 weeks to pack my stuff and leave the rest behind. When I arrived I wasn't able to find a home, but I was able to find a house to rent a room from. Fortunately the Master bedroom at the time was the one that was open. From leaving my home friends and family I met some really good people and I hoped to share that experience and learn more about realestate in the process

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

My Realtor did most of the work for me on this deal, as I told him what I wanted and what my plans were. He did a good job but looking back on it now I think I could've done alot better with more insight and direction

How did you finance this deal?

FHA loan. I put more than the 3.5% required. We looked at a couple different options as far as % downpayment and I figured I would refinance in the near future to help the payment get down lower.

How did you add value to the deal?

I'm not sure that I really added alot of value. The home was a rental property prior and had been sitting. They were asking 450k for it and we offered 420k. The deal went pretty smoothly

What was the outcome?

As it stands, I live in the master bedroom, I have had 1 long term tenant that has been with me since the purchase and the other 2 rooms have been listed on airbnb and have found some temporary tenants through mutual friends. The area i chose to buy the house in isnt super popular and I have had a hard time getting it filled

Lessons learned? Challenges?

Lesson learned, check your numbers more thoroughly ahead of time and actually do your research. Talk to someone more knowledgeable about what your trying to do. Even though your Realtor might be good and helpful their ultimate goal is to get the house sold and no one will see the vision you have set for yourself, in the same light that you will.