All Forum Posts by: Austen Carroll

Investment Info:

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

Purchase price: $225,000
Cash invested: $2,500

single family 4 BR 2 b. currently renting to small young fam. monthly profit is very low (

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

military. received orders to Nellis AFB in NV. Had to buy a home. decided to buy with VA loan. knew I could easily long term rent or sell home if I was to relocate again.

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

had a friend in real estate in the area. standard process, nothing special buying this particular unit.

How did you finance this deal?

VA loan. 0% down. just paid half closing costs approx. $2,500.00

How did you add value to the deal?

completely revamped the back yard. before- all gravel and dirt, decomposing leaves and trash. yard was not taken care of. Spent a couple weekends in July (way too hot!!!!!)
After- turf, putting green. string lights.
the backyard became a haven. a green shaded sanctuary in crazy hot Las Vegas.

What was the outcome?

First family viewed the prop and signed the lease. "the backyard is the top reason we want to live here." -current tenant.

Lessons learned? Challenges?

Though landscaping does not truly add value to the property when it comes to appraisal. Landscaping CAN increase the perceived value of the property immensely. Landscaping can give you the edge in a competitive market.

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

Amanda Bidell at Keller Williams in Las Vegas NV

I'm gonna throw this out there. Just something to think about.

Class d...... Sometimes there are efforts being made by City/county/state to bring these neighborhoods up to a C class. Cuz what city wants to have a class D??

That being said sometimes efforts are being made. Not saying this deal is a good one, but if you take time to analyze the whole situation MAYBE just maybe city hall has grants approved and plans in the near future to try to bring the area up a grade. tho have no experience in this subject I can speculate, there could be potential for investors if they know or think this area is gonna class up. Then those low number deals can really pay off. But you gotta have the balls (lady balls included) and money to stick it out.

Savings. Personally i would rather use money not doing anything than tap into my primary home equity.

@DARIOUS BYRD thanks for the advice. Definitely know I need to LLC just haven't done the homework yet. Got any good resources for me to learn more about how?

@Hunter Locke thanks dude. I'm really stoked for finding this resource!

@David Pere thanks.

Just read your bio. I have lots of questions I'm gonna DM you if you don't mind.

@Jim K. You have a gift my friend.

Looking to collab with other investors and create the new phenomenon..... adult bnb.

Short term rental properties with amenities tailored towards the adult entertainment client population.

- fully furnished

- wifi

- 7.0 sound system

- high privacy walls/fences

- complimentary oils

Let's turn this lemon into lemonade!

Tile is expensive... But small hack if you clean and manage the unit physically. Baking soda and vinegar. Mix it up. Lay the paste over the grout for at least 1 hr. Use a brush and some water and scrub it off. Grout will be super bright and look like new. Just did it to my unit in Vegas before new tenants moved in... Took me two hrs total.

I live in NC. Purchased a rental prop in Oregon. Sight unseen still have never seen the house.

Also purchased houses after visiting them and walking through them.

Personal opinion, I felt more comfortable purchasing the unit out of state. We are humans with urges and emotions. And I can tell you, my emotion was not involved with the out of state house. I think there's a psychological advantage buying out of state because you're forced to truly analyze the opportunity. You can to read and look on Google maps and read Yelp reviews. All of that homework is done through screens and over the phone. The age old mistake of saying " well I'd live there " is not as prevalent. I truly feel like I was calculating and doing what I read and learned I was supposed to do instead of walking through the house and saying "Yep! I like it!"...... Cuz who cares if you like it!? You shouldn't. You should like the numbers you ran on it. And you should like the opinion if your property manager (hopefully you have them walk through).

But you should be the money and the brains. The puppet master dislocated from it's employee. You shouldn't have any emotional stake on the table. And I think out of state is an easy strategy to minimize the risk of getting your emotions involved.