All Forum Posts by: Aaron Smith

Interesting.  Looks like there could be some major redevelopment of that area, whether they renovate it or demolish and start from scratch.  Definitely worth following.  Its also very close to downtown and Freemont Street, all good signs.  How is that area currently?  A,B,C or D?

Thanks for the article.  I'll likewise post anything interesting I come across.

Hi All,

I'm interested in everyone's opinions are which areas in Vegas are currently in the process or likely to gentrify.  @Omar Merced mentioned the Fremont Street area close to downtown.  Which areas are people starting to see changes in this direction?

Hi All,

I'm considering taking a break from my job in order to have more time to focus on multifamily investment. I have a decent bankroll, 1031 from another property and IRA self direct, however I'm wondering how difficult it will be to get a commercial loan without the income from my job. If I'm buying properties that cash flow, will that be enough to qualify for standard 25% down commercial financing for 5+ unit properties. Will the banks also take extra cash on hand as a consideration? Thanks for your advice.

If anyone knows a good multifamily specialist real estate broker in Las Vegas, I'd appreciate any recommendations.

@Dave Foster , thanks for advice. 

Let me give you my scenario with the real numbers.

I have a property worth 550k. I owe 280K, I have 35k in principle (FHA loan). I think if I hold it for a year, it will likely appreciate more as Denver is still a very hot market. At the same time, I want to take money out so its not just sitting there. My plan:

take out 100k in a cash out refi to invest in multifamily properties during that year.  At the end of the year, sell the original property doing a 1031 exchange.  However, I read that you need to invest all of the proceeds from the original property in the new one.  So, therefore the 100k I took out for the cash out refi would be taxed as boot, correct?

Also, can I put the 1031 money into more than one property worth = or greater than the original property.  Thanks for your input.

I was wondering how cash out refinances work in relation to 1031 exchanges.

In the 1031 exchange, you have 45 days to select 3 different options for the next property to buy.  But as far as I can see, a cash out refinance has no such time restrictions.  Is this correct?

I'll add Olde Towne East, King-Lincoln Bronzeville, and Franklin Park to that list as well.