All Forum Posts by: Bill B.

Does anyone out there understand the ins and out of the new “opportunity zones”?

Las Vegas has chosen at least 5 new ones here in the valley. It sure sounds like you can 1031 exchange in to property in one of these zones and if you hold it for 10 years all your capital gains with become tax free. 

1) is that a correct representation of what it is?

2) does it include tax free depreciation recapture?

3) anything else I should Know?

Thanks

-Bill

Las Vegas or Texas for growth. Florida or Nevada for lack of state taxes and weather. 

@Michael Darten

Michael,

Let me know who choose and how it works out, I wouldn’t mind having a backup. If you decide you need a third choice and didn’t choose them already. I’ve had a great experience with Brian Hartsell at key properties for my vegas properties. 

Ive never purchased a fourplex. I just keep buying houses in Vegas. I’d have no problem living in any of them. That’s why I was talking about the median prices of houses and getting a loan. 

Obviously if these were fourplexes it would be even easier. They could easily afford the mortgages because they could count the rent as income to qualify. And the average income to median house price info given wouldn’t matter at all. 

But I’m sure they appreciated all the helpful information your post provided to help them get started. 

@Michael Bailey

Don’t worry Michael.

Linda forgot it’s 25%-28% of your Income when you’re buying and 25% when you’re renting, never 20%. She also forgot that half the houses are less than the median price. And then when she accidentally said houses have tripled when she meant doubled, and forgot to mention they are still 20% less than they were 10 years ago ($340k) maybe that’s where she go the 20% from. 

I’m not quite sure why houses being more affordable to buy would be a good thing for a landlord anyway, but either way. You’ll find plenty of people just pop in to your life with a don’t do that, or you can’t do that and ZERO help, just ignore them and keep on moving forward. 

I have literally shown 100 people what I’ve done, maybe 3 people wanted to hear more, and one might have bought the fourplex he lives in because of me, or because he didn’t want to move, I’m not sure which. We live in a world where the media celebrates the lottery winner instead of the business man/woman. 

@Jay Hinrichs

Mostly echoing Jay here.

I’ve only bought about a dozen properties so I’m not as experienced as a realtor,  but I’ve never met a seller at any closing in Vegas or in MN. 

I’ve also had about 6 of those properties where the person I was going to use to place my offer (sometimes the listing agent, sometimes a preferred contact.) had some $300-$350 bs paperwork fee and the second I said no thanks, they, “took care of it”.

Try not to let it keep you down. Hopefully you’ll find a better place or a better solution. Good luck. 

Don’t forget Lance. They also always think it’s a great time to sell...

So every realtor should be forced to tell every seller how much faster they could sell using opendoor or offerpad? If you want them to educate sellers about what a realtor could do for them the realtor should definately be forced to tell sellers about their options. You can’t ask them to help their competitors for free. 

And don't forget. You have to make these suggestions/laws/rules, whatever you want to call them apply to every wholesaler and every FSBO. After all that's all they are is wholesalers or birdogs. Depending on their deal.

@Bob Smith

Nope you’re not the first Bob.

In fact I do the opposite. I live in Vegas and bought a house on lake Minnetonka in MN. My family living in Mpls and my in laws farming on the South Dakota border MIGHT have had something to do with that. And I might swing by to see them while inspecting my rental. Or I might schedule those inspections around holidays. :-). 

I would warn you against short term air bnb type rentals. Vegas doesn’t like them. Google “Vegas woman fined $73,000 over short term rental”

If you’re pissed about Zillow taking 19%, I’m sure you’ve been bitching about wholesalers taking 30% for years. Go to open door or offerpad they both take 12% total  in Vegas And that was off an estimate 10% above zestimate.  How much money will a realtor put in your bank account in 7 days versus Zillow? The same reason people sell to wholesalers is the same reason people should sell to Zillow or Opendoor or offerpad. And the best part, no ones forcing them to. They get an email in 24 hours saying you will get this much money, here’s the expenses, a clear half a page email, we close in 3-90 days you choose.

I just don’t understand the anger at Zillow for offering WAAAY more than wholesalers have been offering for years and years. I don’t think I’ve read one post about people being pissed at wholesalers for their ”lowball” offers?