HELOC=Short Term Rental=Mulit-Family

[Nicholas Prorok]

Investment Info:

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

Purchase price: $180,000
Cash invested: $180,000

My fiance bought this house cash. We have lived in since we bought this house 4 years ago. Since then this house has doubled in value. Our plan is to take a HELOC and use that as down payment to buy 5 short term rentals.

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

My fiance was originally scared to use debt to create passive income. But after a few years of talking to her about it, I have finally convinced her to use the equity in her house to buy more real estate. My dad told me about Avery Carl and since listing to all her podcast and interviews I would like to take a similar approach to short term rentals, to lead me eventually into multi-family.

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

We had the cash and it created a strong offer. I believe this was in 2018 and the Las Vegas market had a lot of inventory.

How did you finance this deal?

Cash borrowed from family.

How did you add value to the deal?

If managed and invested will this equity will be the root for generational wealth.

Lessons learned? Challenges?

Don't sit around and wait for the perfect market to buy. Get aggressive and start taking action daily. Never stop learning.

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

Daniel Prorok was my Realtor best Realtor in Las Vegas.