All Forum Posts by: Alex Yee

Hey @Gina Francis how did it go with the seller? Curious to hear if your Sub-to deal went through!

Congrats on picking up a new build! The interest is definitely high for these new builds. Visiting the model homes were crowded and feel competitive. Hopefully there are enough new developments out there with good deals still coming in the next couple of years that missing on one community isn't too bad. I see you're a multi-family and apartment investing contributor on BP. Have you found success in picking up multi-family units? I started my search there but found duplex and triplexes in more class C neighborhoods, which is too risky for me as an early investor. 

It's great to be connecting with so many LV investors. Thanks for your advice!

Thanks for the warm welcome @Zen Lenon ! It’s great to hear you were able to adjust to the heat of LV, coming from SF. There’s definitely a lot going on in Vegas and I want to be a part of it! I’m not yet ready to move to LV and hope to manage these properties out-of-state but I have family that live there so I can visit often.

Some new developments already have long interest lists. I'm hoping I'll get one. Since the new builds will take a while for me to close on- around 3 months to even be able to put in EMD, I worry my pre-approvals will expire and I'll have to take another hard inquiry hit. Hopefully I can find another deal in the meantime.

As for as rehabbing, thank you for your tip on joining a FB group for landlords. I wouldn't even know where to start in finding a contractor I could reliably add to my team. How have you been able to find off-market deals? Does the old-school postcard method work in Vegas? I will look more into the ARM products, however I don't know what restrictions there are if I'm not planning on living in any of the properties. Unfortunately it means that house-hacking is not possible for me since I have to stay here for my job.

Is there a Las Vegas Investor community that hosts meetups? It’s been great meeting folks on BP. There are definitely a lot of Bay Area investors coming to Vegas so I bet these kinds of discussions are happening quite often!

Thanks again Zen for all your advice- truly appreciate it!

@Andrew Day So glad you asked these questions! I am wondering the same for #1.

If one got pre-approved for a home and found two good deals, how would a new investor go about in considering purchasing both? I just found two properties -one resale for BRRRR and one new build that won't be ready for a few more months. I worry that if I buy the resale property then I won't qualify to buy the new build in a few months. How are investor buying so quickly? How do the finances work?

Thanks in advance!

Welcome Zen! I am also starting out with investing in the Las Vegas market. I'm investing out-of-state from the SF Bay Area. I have family in Las Vegas and see so much exciting potential and growth in Las Vegas. It's much more than the strip!

I started out looking for multi-families but it seems they are all in older neighborhoods and aren't very safe. I'd encourage you to check out some new build communities- they have some good deals going on with builder incentives. Vegas is an interesting market with few resale home inventory, but high new build inventory. It seems like there's a lot of competition among builders too. Is that right @Josh Edelman?

Also, Zen, as a UX Designer myself, I agree with you that the message threading is a bit confusing. 

Hi folks! This is my first post on BP (yay!) I appreciate all the advice on this platform and love being a part of this community.

I just came back from Las Vegas where I was looking for my first investment property. I found a new build I like and joined the interest list (it's long) and was told I can expect to be able to purchase a house in 3 months, then take possession after it's built around November. The new build deals are pretty good right now and their prices are comparable to older resale homes. Plus, builders are offering incentives to cover closing costs & things come with warranties. It's a great deal and I 100% want to get in on this new build since it's within my budget. I was really excited to buy a home and kickstart my REI journey but I'm conflicted because it sounds like I'll have to wait 4-5 months to make my first purchase and do another hard inquiry on my credit.

I also found a great home that would need minimum rehab that I could use as my first BRRRR to learn from. It's open to offers now. However, I worry if I put an offer on this resale home, I won't qualify for the new build anymore. I really like this one and can see myself learning a lot from it. Should I even consider buying both?

Does anyone have advice for how to balance purchasing multiple homes? How are people qualifying for conventional loans? Or are most folks using creative financing & hard money? (In Vegas, it's rare to find anything that will cash flow in Y1)

My main goal is to do whatever I can to learn and get the ball rolling. I look forward to hearing any advice you have on starting out! Thank you!!

Did the meeting happen? Is there a meeting scheduled for July yet? Thanks!

Welcome to REI! I'm just getting started as a REI myself and am from the Bay Area looking for similar homes that you described but in Las Vegas. I felt the Bay Area was too expensive to get started so I am starting in a less risky, more affordable areas. However, with all the agents representing Sacramento, now I'm thinking otherwise. Investing in Sacramento wouldn't be OOS but it'd still be a good drive. Maybe that opens opportunity for BRRRRs?

Hey Dan and Samuel, I'm also from the Bay Area, living on the Peninsula. Like you Dan, I felt like investing within a few hours drive from me was unaffordable so I'm currently looking at the Las Vegas market where I have some family. It's definitely scary getting into REI, beginning with an out-of-state property. I've found a lot of the responses helpful. I look forward to following along your journey! I am headed to Vegas this week to look at properties and potential put in offers. My head is spinning in excitement and anxiousness. Samuel, would you mind us connecting? I'd love to hear about your experience investing in Vegas. Thanks!

Hi Wilson! I'm just starting out new to REI too! Wishing you the best of luck on your journey. MTR is a great option. I'm excited to hear your updates. I am looking in the Las Vegas area myself and am from San Jose/SF Bay Area too. It's way to expensive to buy here so I'm looking to get my foot in the REI door this way. What have you found to be a great resource for learning? I just finished reading the "First Time Home Buyer" book and "Set for Life"- both are great!