All Forum Posts by: Brad Bellstedt

Adrienne - 

YES! Have you seen the sales charts for Vegas this past month? We went from 2,600 sales in September to LESS THAN 500 IN OCTOBER! I looked up the 10 year history, and that has not happened in at least the last 10 years. I understand this season gets slow but there is DEFINITELY a market correction taking place right now. Between the price resistance we were already seeing the and interest rates going up for a 4th time this year, the demand for housing has dipped far under the supply. Call your seller and encourage a price reduction. There have been more than 1,200 in the past 7 days. 2 months ago, that number was single digits. 

Hello Devoneer! My name is Brad and I am a Realtor here in Las Vegas. I would be happy to help you on the agent side of getting your license and MLS training, contracts and the like. I don't know a whole lot about wholesaling yet but I am the owner of a brokerage here in Vegas that looking for licensed investors and agents who are looking to work with investors.

Thank you Christopher. That was very informative. I will made sure to use 4 and 5% figures for repairs and Capex. A close friend of mine has been telling me about Vegas and the declining CAP rates. I'm a little late to the party but I want to be fully prepared to pounce on those 8+ caps when they come back around! Thanks again!

Thank you Mark. I appreciate the help : )

I agree. Yes, I ran this one as cash. When I ran it as financed, it wasn't very good. When I went back to try the all cash option, I hit the "cash purchase" button but it didn't zero out the $75,000 in loan fees. I didn't realize it until after I posted it. 

Knowing now that these are monthly expenses and that the $75,000 loan fee isn't supposed to be there, do my numbers look close to what they might actually be?

The insurance is based on an estimate a lender gave me. She said as a general rule, I can multiply the loan amount for owner occupied by .0033 or investment by .0035 which will give me the yearly expense. 

For the repairs, I used the numbers in the offering memorandum. It says $8,725 for the year in repairs and $7,850 for "cleaning and maintenance."

For the taxes, I pulled that from their offering memorandum as well. They have $49,878 listed for their yearly property taxes. This is Vegas don't forget. It's WAY cheaper here than in any part of NY. (I'm originally from the Utica area)

Is there another/better way you know of to find these numbers? 

I know how to find the property taxes for individual properties but this one being 45 units, it that listed somewhere or would I have to look up the taxes for each unit?

Hold

I want to make sure I am understanding this correctly. The "Purchase cap rate" is solely based on what the property is purchased for and it's ROI, and the "Pro forma cap rate" accounts for the purchase price, repairs, and ROI. Is that correct? If so, the Pro forma should ALWAYS be lower than the purchase cap rate, right? Unless you calculate with no repairs. Is that correct?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I just want to be sure that my expenses look correct and not crazy high or crazy low. Thank you!