All Forum Posts by: Bill B.

Depends on the area. In MN it’s common to test for radon. in Nevada it’s never done. It comes from different soil types like grainier so it’s more common in certain areas. The dangers were really overblown in the 80’s and there was a lot of pushback. 

For $70 I’d have it down if your local realtor/real estate expert says levels above 4 are often found. Make sure it’s a multiple day test. The average “fix” is relatively cheap, sub $2,000.  

@Aaron Hunt

I know you didn’t mean zero legit PMs deal with fourplexes. But just Incase you haven’t found any...

I’ve only dealt with key property management in Henderson. But they said they do plenty of fourplexes and would love to do any I buy. Just In case the only reason you haven’t bought a fourplex is you can’t find PM. If you’re looking at buying one give them a chance. They’ve been great. 

I doubt they’re the only “legit PM” that deals with fourpkexes. But maybe you haven’t dealt with a legit one before, or at least a legit one in Vegas. 

His ID said realtor, I just assume he had newer info than me. 

@Jay Hinrichs

Thanks for the suggestion jay but I think I follow your wife in that regard, I’d rather own. My wife’s best friend owns a couple weeks in Kauai and talks about how awesome it is. But when I showed here she could could buy more weeks for $1 each on eBay if she was willing to pay the maintenance every year she said no thanks. 

Ps. “The gentleman”? Thanks. That’s certainyl a first for me. Sounds better than “that guy” or the guy over there. 

@Steve C.

Thanks Steve, I had never heard that. My only out of state rental is MN hopefully they don’t have the same law as I just fired renters warehouse. I wonder if there’s a minimum size for that law or if small time operators get a pass? I know there’s no info like that in the leases I see from my property manager here, maybe it’s in separate paperwork they handle. We’ve definitely had emergency situations come up and they seem to handle it. 

Yup. Finally a 2 month supply? it’s gotta help. New homes sales are setting records in quantity and prices too. Hopefully higher interest rates, kids back in school, and upcoming holidays will get buyers to slow down and take a break. It would be nice if a house on the market at a reasonable price didn’t have 5 offers the first week. (At least in the price ranges I deal with, sub $300k.)  Didn't that report say most of the housing sitting on the market were over $450 or $500k? (Something about double the median price I thought.)

I don’t need or even expect a buyers market, but how about anything other than a screaming seller’s market?

Ps. Found one of the articles I was thinking of. 4550 end of July. 5800 end of August. Now you're saying 7100 on September 6th. +1300 in the last 6 days. I wonder if the sellers will pull their listings when the figure out it's not April any more or just let them rot on the MLS? I assume less than 10% have to sell.

Weird they all waited until school was back in session to list their houses.

https://www.reviewjournal.com/business/housing/las-vegas-home-sales-show-signs-of-slowing/

I own some rentals in Las Vegas where I live and my wife still works. 

My out of state property is Lake front property in MN on lake Minnetonka and another up in Big Lake. 

It’s Retirement property while it was affordable. I hear they’re not building any more lake front property within 30 minutes of MPLS/Saint Paul. :-)

Also let’s me expense most of my travel back to MN to see family before or after business part of the trip. And pick up some negative MN state income for tax purposes  if I happen to make any money in the state in the future. 

I’d like to pick up a small multi in Florida on the beach, or MAYBE Hawaii. Something I can rent 3/4ths out all the time and use 1/4th for self and family for vacations. 

Don’t worry. He never reads my posts. It clearly states that I’m using today’s values for you because you can’t buy 7 years ago like he knows I did. I guess I shoulda shown the numbers at a total purchase price of under $350k for all 3?  Just so OP could feel bad? But thanks for reminding me I made that $350k as well as the cash flow. Just another guy that has said investing in Vegas has been bad for the last year because it’s only up 15% and it will be still be saying it’s bad next year. 

I never understand why they even bother posting if they aren’t going to read others posts. I really loved the “pushing Vegas comments...” who’s pushing it? I don’t sell real estate, I’m not willing to sell my properties, I don’t make ONE $ if someone buys in Vegas or buys in Hawaii. I must have a “secret” reason for “pushing Vegas”. It’s weird I would show such low performing examples then. 

He probably didn’t read the initial post either. The one that said “hey we’re going to look at Vegas next week we’d like some info...” maybe someone shoulda popped in with a “I sell real estate in the Midwest you should buy there instead...” since that totally ignores OP’s questions as he often does. 

@Ho Eun Park

Lotsa good questions, I’ll give a little clarification. 

Nevada is also a no income tax state but yes you will still owe California tax as long as you live there. Though most properties won’t a]have any taxable income for the first 5-10 years at least, because of interest and depreciation. (Unless you plan on paying 100% cash.)

I have never heard of the landlord/responsible person within 60 miles “law”? Don’t think that’s true but I’m no lawyer. You can ask @Terry Lao about that as I’m sure he manages his Vegas MF from California, more than 60 miles away. I’d say stick with single family but he’s made small multi work well for him. 

There is very little short term rentals as Clark county banned it, Las Vegas heavily regulated it, and everyone assumes North Las Vegas will follow. 

In Las Vegas I’ve had a very good property Managment experience with 12 properties over 10 years with Brian @ key properties. I’d avoid the C class or worse neighborhoods here. If you lived local and wanted a part time job sure, but not as out of state investor. 

You could look at 1031 exchange if you wants to get out of any the properties in California. 

If you look at my previous posts you will find examples of properties I own with performance based on current values with 25% down and there’s little if any cash flow but you are making money. 

Feel free to reach out with questions, others can speak about the other states you listed but IMO they would have to be way better to justify the farther distance away. 

Las Vegas is probably the only market leading the country in year over year appreciation for 5 years straight and is still below its 2008 prices.  No other market outside maybe Florida (being a judicial state really screwed them up.) could have anywhere near the appreciation without being way over 2008 prices. 

Some other markets have had nearly 50% of the appreciation but they are waaaay over 2008 prices. Or their average price is $600k or $800 (Seattle, San Jose, etc.) not $280k.  

I posted some real life examples of my properties compared at their current values. I’ll try to find you a link. It was for someone else that asked the same kinda question. 

Click on the link below and look at my last post, about 7 posts up. PM if you have questions. Want addresses. They’re not for sale but let’s you see neighborhood for comps. 

https://www.biggerpockets.com/forums/311/topics/602570-vegas-market-research?page=1#p3645552