All Forum Posts by: Brian Walters

Sounds like an interesting way of renting. Do you know if they are getting people to sign month to month leases or doing STR via Air BnB or something like that? I ask because there are a lot of restrictions on STR within Vegas itself. If it's leases it would be interesting to hear how they are structured, especially if these groups are coming for shorter trips.

@Jeff Cantrell why not leverage the units you have already, finance a loan to purchase more assets and increase sources of cash flow as well as the added tax benefits. Use debt to your advantage.

@Jimmy Woodard the city is built on tourism and gambling revenue. I get not wanting to jeopardize it in any way. Gotta keep all those hotels filled and people coming so I understand having some level of restrictions.

This city is great, love living here and want what's best for the city more than myself. I don't love the restrictions, but I get it.

@Jimmy Woodard there are also specific areas where a STR is prohibited, even if it fits the other criteria. These are specific planned communities where no STR would be allowed by the city.

@Adrian N. Be sure to read up on local laws on Air BnB, a lot of restrictions within Las Vegas.

So much attention goes into getting started, analyzing deals, financing, purchase strategies, and everything up until you make that first investment purchase.  What I would love to learn more on is steps and processes after that.

Once that first purchase is made, regardless of what kind, is there anything out there going into detail over what happens next? Best ways to get tenant applications, screening tenants, collecting rent, banking, taxes (with or without creating a LLC), self managing the property and/or tenants, and everything else that comes with renting a place. I feel like this is an area I would love to learn more about while I work towards that first purchase so I know what to do once I actually own an investment property.

Are there any books, podcasts, or just general advice anyone has for the best way to learn more about this before actually doing it?  I don't think anyone would advise someone to buy an investment property without first learning about the process, I think the same should be true on what to do once that leap has been taken.

Open to any suggestions or advice.

Thank you

@Branden Drebing HOA costs are big given how much they can fluctuate, even for similar type properties in the area.

I've asked similar questions and looked into this some.  Agree with most here in that speaking to a lawyer is the best course of action.

One thing I have learned from speaking to others is a LLC is a business, therefore not qualified for a FHA loan. If you were to purchase through the LLC from the start it would require the higher percentage down payment than a FHA would require. Also, as others have mentioned, the lender could require the full loan amount due on sale when it's moved from your name to the LLC.

Definitely speak with local professionals before moving forward with something like this.

@Branden Drebing don't think you will find too many multi family units in great parts of town. If that's the road you're going to take it's going to be C neighborhoods at best from what I've been told.

For the 1031 exchange, everything I've read and heard doesn't limit what type of property. I don't believe going from single to multi would be an issue so long as the other rules around 1031 are followed, such as timing.

Good luck

@Ruby Villa Andrew and his team at PIF Lending. Can't recommend them enough.

If you go through them please mention my reference as I told them I would tell anyone that asks about them.

Good luck