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All Forum Posts by: Barri Griffiths

Barri Griffiths has started 16 posts and replied 61 times.

Post: Las Vegas????

Barri GriffithsPosted
  • Las Vegas, NV
  • Posts 62
  • Votes 28
Quote from @Michael Bell:
Is Las Vegas a good location to purchase buy and hold properties?

Hey Michael, just sharing what I'm experiencing now. It's what Robert Adan's said. Prices have appreciated significantly over the years, but the rent growth hasn't kept up with that at all. That along with interest Estes bring where they are, makes it a hard place for cashflow. If you want to buy any hold for the appreciation it might not be a bad play. We're currently looking to buy a primary here, and then turn around and rent it out in a year. We've done a lot of looking, and barely found anything that works. Rent is just too low. And the nicer the areas the harder it is. I'm not saying you can't do it. Because people are obviously doing it. But it's going to be challenging. You might not find what you're looking for on the MLS, and it'll be hard to just buy a property that's turnkey that works. Make sure you get good at analyzing deals, and really understand what any property will really rent for. This isn't a cashflow market. But I do believe long term it'll be a good appreciation market.

https://www.youtube.com/watch?...I think this is a very interesting video. It talks a lot about current data. Without necessarily giving an opinion. I think it’s a good watch for anyone who has an interest in the Vegas market. 

@Rashad Shaw

Hey Rashad,

@Terry Lao is your guy. He specializes in four plexes.

Out of interest would you care to share us the numbers on the deal, what you’re buying for, what returns do you think you’ll achieve, what expense ratio do you hope to run it at etc?

Post: Multifamily Mastermind Zoom

Barri GriffithsPosted
  • Las Vegas, NV
  • Posts 62
  • Votes 28

@Gregory McKinley great idea, I’d love to be a part of it too.

@Janice R. what are your goals with this property? Is it to hold long term and cashflow, is it to fix up and sell? It’s fine if you don’t know it might help us guide you better if you knew. 

Are you going to have to pay a lot in taxes if you don’t do a 1031? 

Section 8 is an option, and it might seem appealing as the government pays a good portion of the rent. But there’s a lot more to it than that, and you want to really understand that niche before you get yourself into it. 

If you could my advice would to wait a little longer, we haven’t seen the affect of people not getting the extra $600 unemployment check yet. And prices now are not far from the all time high(I believe median is $315k, high was $319k) With unemployment hitting 33% at one point, and a number of other factors, it’s very hard not to see the Economy here taking a dive.  @Casey Powers has written a lot of good Informative posts, and I would re read those. When it would benefit her to say the opposite, you know you can trust what she’s saying. So It doesn’t look good for Vegas. Because we are so tied to tourism this will be a boom and bust town. People claiming that it’s ‘resilient’ are unfortunately doing you and other people a disservice. 

Not to say that you shouldn’t invest in Vegas, me and a lot of people have done very well here...and will continue to do so.

You just want to understand what to expect if you do. 

Hopefully we can help guide you in the right direction to meet your goals 

@Casey Powersundefined

@Bill Brandt

because I asked a question I’m bullying? That’s a little odd.

Maybe I agree with Guy’s line of thinking more than yours. Even though I don’t think Vegas is finished. It is in a lot of trouble. And this is coming from a person who has a LOT to lose if this is the case. I work in the entertainment industry here, and I have no idea when we’ll go back to work....if at all. My wife is in the same boat. So I’m really hoping for the best.

Interestingly though no one knows what’s going to happen, no one. But what we do know is Vegas is at 25-30% unemployment, think about that. That’s a staggering number. They estimate 20% of small business will go out of business. Where will the unemployment rate be when all this settle in Vegas,7/8/9 maybe even 10%. That’s a lot of people out of work unfortunately. People aren’t going to be spending if they don’t have jobs, which could lead to more people being unemployed. How do people pay for their mortgages without jobs or money. I don’t think there will be nowhere near the foreclosures that happened in the last recession. People have way more equity in their homes, and the banks learned last time they don’t want really want to take over properties, they’d much rather try and do some kind of workout with the lender. They also learned its better to fix up the properties and get top dollar rather than sell for cheap.

But I do think a lot of people could be forced to sell, which is going to lead to cheaper prices.

But that’s just an opinion. I think I’m allowed to share that.

Hopefully nobody felt bullied by this post.

@Bill Brandt I’m confused you’re saying everything’s going to be Ok here in Vegas? Any negative post on this thread you seem to go after.

@Scott Louis

Hey Scott,

Good job on saving so much, that gives you a great head start. But I’d be very careful about talking about how much money you have. There are plenty of people who’ll be more than happy to take that money off you. Like many people suggest, I’d say wait a while, we have no idea where this is taking us. But I do believe that there will be some deals in the future. Take the time now to educate yourself, and figure out what you want to do and what your goals are. Decide on a niche, and drill down on it, pick a market and a submarket, and familiarize yourself with it. Then start analyzing deals, so that you know what a good deal looks like. Also reach out to people on here that are doing what you’re doing, and try and pick their brain.

Lastly, I don’t think you should listen too much to Grant cardone. He’s very successful at what he does, but he’s a salesman, and a slick talker. There’s not much substance behind what he says. But that’s just my opinion.

@Matthew Rosenbaugh How are you opening on only putting down such a low down payment?

@Matthew Rosenbaugh how are you financing this?