All Forum Posts by: Ace A.

That sucks @Bruce L. 

I have a few rental, but I really wouldn't know what to do with your situation.

@Phillip Dwyer  is a local property manager here in Vegas, maybe he has a suggestion.

Hi BPer's !

I own a property here in Las Vegas and thinking about offering a Lease Option on the property.  I have done this in the past, but this was 8 years ago.  After reading a few post here on BP, I'm affair I might be out of date with my contracts.

1) First question I have is, if I do a L/O, and my Tenant/Buyer doesn't pay the rent, in Las Vegas, would you evict them or do you have to foreclose on them?

2) With my lease options I offered before, it was basically a normal lease agreement with a separate contract for the lease option.  Is there more paperwork I should have?

Thanks.

@Jonathan Sowinski

Just wondering what you ended up doing for those two properties?
Did you ever get an answer as to when you decide to sell?

I'm going through the same thing right now as deciding when I should sell. I'm a big believer in systems & numbers, but deciding on what system or numbers should be the indicator as to when I should sell. My long term goal is to have a net of $100k /year in passive income.

@J Scott

Why not pay cash for all your income producing assets??

Thanks for all the great feedback guys!!!

Didn't think about the bankruptcy protection @Michael Cerny, but I believe in NV, if you homestead your property, you are protected.

"When you record a Declaration of Homestead, Nevada law protects the equity in your home up to $550,000 from general creditor claims (unpaid medical bills, bankruptcy, charge card debts, business/personal loans, accidents) but would not preclude a seizure or forced sale of your residence from general creditors if your equity exceeds the $550,000."

http://www.clarkcountynv.gov/depts/assessor/services/pages/Homestead.aspx

There are definitely Pros and Cons, and I think it really comes down to your own comfort level, but it's good to be educated by all the Pros/Cons prior to making a decision.

Thanks!

Hey guys, so I'm currently renting and looking to buy myself a primary residence. So, if you could pay cash for your primary residence, would you want to and why / why not?

I heard even, Mark Zuckerberg has a mortgage on his house, but it's a super low rate that only the elite has access to; 1% or something like that.

Note: I currently pay more taxes on my income then I would like to (Full time job, and a few rentals) and getting a mortgage would reduce my realized income.

Thanks for the fast responses guy!

@Sam T. @Jon Holdman @josh

Did you think it would be alot of work & money to:

1) Redirect & plumb the gas line for double ovens?

2) Move the island sink about a foot back away from the stove? Would you need to cut into the concrete stab for the water supply line & drain?

Hi guys,

I'm looking to purchase this property as my primary resident and the kitchen is fugly. I need your help!

Could you please estimate what you think it would cost to convert this kitchen to this kitchen without appliances.

Note: I really don't like the refrigerator in the corner, so I will be removing the pantry door and place the refrigerator it's in place. I will also be extending the kitchen cabinet to the end of the wall.

BEFORE

AFTER

I know it depends on a lot of variables, but I'm just looking for an estimate.

Thanks!!

What about kitchen shelves?

I can see a tenant putting the dishes away onto the shelve before it's completely dry.

Hi BP!

I was wondering if any of you landlord out there have problems with water damage on your cabinets floors & shelves and what you use to protect it. I understand if there's a flood, not much you can do about that. This would be for small leaks / drips that sit on top of the floors / shelves for months.

This is an example of the inside of a kitchen cabinet floor, not my cabinet.

I'm contemplating weather to use an adhesive vinyl tile where you could just peel and stick to the floor or an vinyl linear where I would just cut to size and float it on the floor (Maybe use a little bit of glue).

My concern with adhesive vinyl tile is that 5 years from now, then I go to remove it.

1) How easy would it be to remove?
2) How easy to remove to adhesive from the floors?
3) How bad is it going to look?

Most of vinyl tile I've seen are $0.38 cent to $1.00 per 12x12. and the vinyl linear is a bit more around $8 for a 20 inch x 4 ft. Both are easy to install, and should take about 30 minutes each to do.

Has anyone here use any of the two?
I would love to install the vinyl linear for all my kitchen cabinets, but would be time consuming and probably run me like $100.

Thanks in advance.