All Forum Posts by: Alexander Yates

Welcome!

There are at least two meetups in the area that you can find on here under Forums > Events & Networking > Events & Meetups. 

If you do end up wholesaling, let's connect!

Cheers,
Alex

Lyle,

Ditto to what others mentioned above. It is tough to find deals right now; you have to make them.

If you plan to live here, house hacking is definitely the way to go. I got started with a 4BR single family house here in Reno where my spouse and I lived in the master bedroom and rented out the other 3 rooms. We renovated here and there as rooms turned over and then did a major remodel after about two years to substantially increase the value.

As far as where to look, I would start by connecting with people at meetups like Ginger's (there is another one in town put on by Alex Ficco) - talk with realtors about what you're looking to do and connect with wholesalers to get on email lists for off-market properties. There are other tools you can use (such as Invelo - included with BP pro) to contact homeowners directly if you're looking for your own off-market properties. Rachel mentioned above that you should analyze deals - find a tool you are comfortable with (even if it's not the BP calculator) and learn what numbers work for you so you can hone in on your criteria. A simple method I've used in the Reno area to quickly evaluate whether a property is worth looking further into is price per square foot. Another suggestion is to look at days on market. Owners of properties that have been on the market longer may be more willing to negotiate on price and/or terms. 

Just a few suggestions from someone still early in their RE journey. Hope this helps and wish you the best of luck. Keep us posted on how your search goes!

Cheers,
Alex

Hi Priscilla,

I haven't read the book you're talking about but have attended a meetup with someone who does cost segregation studies and, from my understanding, you need to have a certain amount upside from a tax perspective for the study to be worth it. I believe it costs a few thousand dollars to have a professional complete this for you. Not sure if it is worthwhile on a single family rental/BRRRR (unless you plan on purchasing a multi-unit) but am very interested to hear how it goes for you. Please post an update when you're further along in your journey!

As a side-note, I live in Reno and invest out-of-state; my partner and I recently purchased a 6-unit and a cost segregation study isn't worth it based on the financials of this deal. So it may be case-by-case that the strategy works for you. It looks like you own and run a separate business too, so perhaps you're looking for tax breaks to help with that side of your life. I can't speak to that of course but again wish you the best of luck!

Regarding LLCs, I agree with Greg's response on your other post about this. Not necessary to get started and if you end up deciding you need one, they are very easy to set up quickly. I can recommend a local RE lawyer if you don't already have one, just shoot me a message.

Cheers,
Alex

@Alazar Wubet - I didn't see this mentioned yet: you may also submit an offer with a lower EMD. Worst they can do is reject your offer.

The typical practice for an on-market property is (or at least used to be) a 1% EMD. So, if you were looking at a $300k property, your deposit would be $3k. However, submitting a larger EMD may show the buyer that you are more serious/committed to the purchase. But again, just because they are asking for a $10k EMD doesn't mean you can't submit an offer with a $1k deposit. Just know that they may not take you as seriously or may deny your offer. Definitely listen to others above when it comes to terms and exit options to get your deposit back. It is all about the language in your letter of intent (LOI) and purchase/sale agreement (PSA). I would recommend keeping it simple and working with a lawyer for your first PSA. Then you can use that version to modify for future deals.

Hope this helps!
Alex

@Jessica Villasenor - I mentioned above: Stewart Title is experienced in working with wholesalers.

Hi Andrew,

I am in NE Ohio and Northern Nevada if you want to connect.

Cheers!
Alex

I've always told other investors in the area that we live in a little bubble of housing demand that is not going away anytime soon. With the continuing influx of jobs and industry, I believe demand will continue to stay high here in relation to other areas of the country.

 Thank you for sharing this! I got about as far as everyone else in this thread trying to determine if Shivers is legitimate or not.

Also dug up this profile in LinkedIn: https://www.linkedin.com/in/scott-larry-1602511a7/

Similar to what others have said above, there are plenty of options without your own money. I purchased a 4br house with a friend and lived there while renting out the other three rooms, which covered all expenses and plus provided additional income. Friend contributed down payment and all upfront costs from a distance while I managed the house logistics.  There are plenty of people with money sitting in the bank that don't have the knowledge or drive to invest in RE, but would invest if they had someone they trusted to do the work.

Hi @Mikey Schaefer,

Not sure about the CPA, but Heather Ijames is a lawyer I’ve used in the Reno area with experience specific to RE. She’s spoken at a local RE meetup as well and clearly knows her stuff.

Please share if you find a good CPA!

Cheers,

Alex