All Forum Posts by: Bill B.

There are companies like fig.us building new small multi (4-20 units) in Idaho, Utah and Texas. I’d love to move up to small multi but in Vegas they are the least attractive properties. I certainly have some properties I wouldn’t mind exchanging as well but with nothing to buy and cash coming in monthly there’s just no fire to get started. 

@Brandon Phillips

Airbnb is illegal in much of the vegas valley and very heavy regulated in the rest with minimum distances, licenses and such. If your plan is STR do a lot of research first.

I love my vets rental properties but they are all multiple year tenants. 

@Justin Ignacio

Look around a little at that price range. For $260-265k there are 2000sf 4 bed/2baths in that nice complex behind Lowes at Craig and jones. 30% larger and twice the bedrooms in gated community for $10-$15k more. (Less once you get your third bedroom.)

Almost anything north of Ann should work, and If you go east to NLV you have almost unlimited choices. 

Yes. That’s a huge discount in Las Vegas for cash (16%) . These days 5% would be closer to the norm for a non-distressed property. With a good inspection, an appraisal, and title insurance you SHOULD be protected. (Assuming the biggest reason for a a larger than average cash discount would be fear it won’t appraise, maybe a title problem or less likely, a problem with the property.)

Having $250k laying around is a good problem to have  is that the only neighborhood you’re looking at?

GL and keep us informed on your progress  

@Justin Ignacio

@Justin Ignacio

If you’ve owned your current house for 3 years you should be sitting on 40% appreciation. Now, and for the next 3 years that’s tax free. Rent it out for 3 years and a day and you’re paying tax on that money. 

Personally I’d never buy a 2 bedroom unless you got plans and costs locked down on 3rd bedroom. $250k doesn’t seem like a steal for a 2 bedroom but as Casey mentioned if it’s ‘WORTH” $300k who knows. Personal friend selling it to you for $50k off? Relative? If the numbers are right maybe just flip it for the $30k profit and stay put. 

@Max Petrov

Max, insurance will cover the roof if a tree falls through it. If it wears out after 20 years it will not. 

Same with ac/plumbing/heat/foundation/driveway. If a storm destroys it you’re covered. If it wears out or fails or dies after 5-10-20 years it’s 100% on your dime. 

There are “home warranty” options for mechanicals and some pipes but usually not for roof/concrete/foundation items. But many of these are scams. They’ll wait you out for an AC part in the middle of the summer is ship in 7-10 days or the reverse for heat in the winter. 

Generic 2400sf house with pool (3 pumps) and electric car my 3-4 summer bills (June-Sept.) can hit $200/mo electric. Last month was $60. (Time of use billing.) Everything else (Gas/water/sewer/garbage/recycling) combined is much less than $100/mo.

Property taxes on $425,000 house about $1900/year.

No income tax, no snow, nothing an average person would call traffic. Car tabs are higher than average as is gasoline but not insane. Lots of restaurants/shows and entertainment. Cheap flights to almost anywhere. 

Its not a bad life.

If you find a deal in your target market the selling realtor will usually have a link.  Research them, find some reviews and how many properties they are listing/closing in that part of that market. If you find one of the big fish it will usually be obvious.  You can than contact that realtor and say, "I'm interested in your property @ XXX Street and any other similar properties, can you set up a search for me...." Be specific about what you want so your results emails is manageable and shows the realtor you know what you want. (# of beds/baths, garage? sf? price? zip codes/or boxed in a neighborhood by defining streets.)

It will take them less than 15 minutes and they've done you a solid that you can repay by using them if the results payoff.

Most agents are only licensed in their home state, maybe a neighboring state or two if they are based close to the border with another state. So you will most likely need a new agent. 

Since you’re already on BP, when you find a target market I would repost this question rephrased as “can anyone out there investing in city X recommend a great agent for an oos investor.”

At least 10 times between 2009 and 2012 I refused to buy a property because it was $5-10k more than another property I had bought the month before in better shape. Each of those properties is worth at least $150k more today. The invisible losses are as real as the visible ones.