All Forum Posts by: Jason Poelma

Travel is the easy answer... down  payment on a trophy/pre-runner truck could be fun too...

 The only thing that I would caution you toward is that by and large multi-units in Las Vegas are D class neighborhoods. That is not to say they can't be profitable, just a lot more vacancy.

I have a guy who is great that I have always used. The national bank said they could get me a HELOC on my primary residence at a higher CLTV. So I tried them out. I spent so long on the phone explaining this to the underwriter that I began to wonder if I was just confused.

I set out to do a refi on my personal residence with a bank who would also give me a HELOC at more favorable CLTV than I can get from my normal lender. I just found out that they denied me for excessive DTI. When I asked about it they said that it was because I show a loss on both rental properties they wont count any rental income. I showed that the "loss" was wholly a result of depreciation expense and that I was actually cash flowing. They are a national bank and to be honest I have never used a national lender before. Is this normal? I can't wrap my head around this logic. Even with the loss how is there not an offset for rental income.

@Robert Adams I am not currently invested there at all just researching the area at this point.  Seems so far though that there is a plethora of houses sub 75k and rents seem to be around 7-800.  

As I mentioned in my introduction I am exploring the Omaha/Council Bluffs area for buy and hold purchases.  My question I was wondering is if most licensed professionals in those towns are licensed in Nebraska and Iowa.  As I look to assemble a team to work with would I need to find and agent, property manager, contractor, and lender in each state. 

Thanks for any help

There is still definitely options around the valley to make money. I am teeny tiny compared to many other Las Vegas investors and am admittedly a little lazy so I am just exploring markets where I am able to make offers without financing contingencies. I still continue to look around Las vegas as well, it's just impossible for me to get a decent COC return lately.

Hi, after lurking for a couple years figured I would make a post.  My name is Jason Poelma I am a buy and hold investor from Las Vegas.  Currently looking at expanding to a cheaper market.  Currently researching the Omaha/Council Bluffs area.