All Forum Posts by: Adrian N.

Sorry I have been M.I.A. I am returning everyone's messages that send one inquiring about the ticket. Giving it to a family member that expressed interest. I have a colleague selling her ticket. I told her to check this thread too. Some of you mentioned you already booked flights and hotels. If you did and end up going I know a few pros meeting up there anyway. They are local, but do deals nationwide and are holding tons of meetups during the conference for those who can't attend. I would be happy to connect you guys. As far as I am aware they are free meetups.

How do you sell it? I am interested in selling mine. Last year I just showed my ID at registration. Does BP allow attendees to sell their spot?

Had no idea you could do that. I don't feel like going anymore. If anyone is interested send me a message and I will get back to you. How are people selling theirs anyway?

Agree with Isaac. Why are you putting in money on a property that is already maxed out in a crappy state? There is no upside. We also need more information.

What are your criteria? That is ALL that matters. You need to know what they are to know if your deal works.

For criteria you should know, by heart:

COC

Monthly cashflow (After factoring in CapEx, Vacancy, Repairs, and Prop Mgmt)

and in this case rehab budget/scope of work.

After applying your criteria for those categories against what the numbers are showing you will know if this is a good deal or not. I wouldn't do the deal unless there was significant cashflow, since it's already at the high end for market rents. All the money I would be dumbing into it would not bring me in more money so I would find one I could BRRRR instead. But that is just me. Without knowing your criteria there is no way to evaluate this deal fairly and correctly.

@Stephen DeThample that's what I figured. Sometimes they're unreasonable with what they're projecting ARV to be and cost of repairs, but I'm trying to be open to meeting wholesalers so I can try to get those off-market deals.

@Brian Walters that's what I am doing. Hotels everywhere have pressed local governments to put the squeeze on STRs and I can't imagine the Vegas Big Boys aren't fighting them tooth and nail. Hoping the licenses aren't too bad and can still work with my numbers. What are you doing in Sin City, investments-wise?

@Connor Martin do you know of any REIA's meeting up, currently? Seems like Vegas is pretty open, is that the case? I'll keep that in mind if I pull the trigger here that flips seem to be the bread and butter still. As far as the surrounding areas go. How are they for STRs? Seems like Vegas is so huge they may still be viable options?

Thanks to everyone who has responded.

So, I am trying to start my team in Vegas and can there really be only ONE realtor in the whole city that is investor friendly? I did a search here on BP and only one guy comes up. Wondering what everyone else's experience has been in Sin City. I've been here all week and decided I want in. Need to build a team so I can BRRRR some airbnbs.

What has been everyone's experience with wholesalers here? Are they reasonable?

Combination of checks mailed to me, Venmo, CashApp, and deposits into my checking account at a local bank.

The ONE time I wanted to use BP, after paying to be a PRO for the last 3 years, and they take down my post and label it as an advertisement? All I did was ask who is a wholesaler in a certain area that I am currently investing in. Did not ask for a referral, did not ask for any listing, or advertise any listings I may have had. The goal was to initiate conversation about what is going on in my market. BP wasn't having any of it. God forbid any of us actually try to network.

Subscription cancelled!

Originally posted by @Account Closed:

@Adrian N.

Why not? Well, if I understood correctly you’re discussing 100% lender financing. Leveraging to that point is outside what most folks including myself are comfortable with. It’s also outside what the vast majority of lenders are comfortable with which is why someone like yourself has to get good at sifting through the many many lenders who simply won’t do it. And they won’t do it simply because it’s much harder to make a solid business plan involving 100% leverage. It decreases cashflow, which makes it much harder to weather situations like we’re in. So you’ve gotta increase reserves since the rainy day fund likely won’t be getting padded monthly. Looks like you are planning for that which is good for sure. To start out this way would be noticeably more likely to end in a bad result. The “no money down” books and videos and Instagram fan pages aren’t generally targeting ( usually in their personalized coaching & courses) people with ample funds who would just rather not use them as folks who have built noticeable wealth generally don’t go about it by increasing their incremental risk profile to this level. Exceptions to every rule/ generalization. Technically, you CAN marry your cousin,... but why take the risk?

Again, the question was if no money down is possible. And I stand by my answer. Yes. Yes it is. In response to your comment, it is not “unwise.” I did my first deal with less than 20% down. I did my 2nd deal 0% down. In less than 3 years I now own $1.6mil in real estate and bring in $5775/mo in rent. I’m not sure why you want to marry your cousin, but hey...that’s none of my business. 

Back to my point. Do no money down as much as you can. Do it. Don’t care if it you’re first property or your last. If you don’t have to put your money up then that’s a great deal. Just don’t go in broke. Don’t confuse no money down as an excuse for being broke. 

Originally posted by @Account Closed:

@Adrian N.

This is literally in the “starting out” category... suggesting to start by targeting $0 down is, at best, unwise.

Why? Who says he has to put his own money into a deal? My 2nd deal was no money down. 

I stand by my comment. Go ahead and do no money down if you have a bank willing to. 

Before getting started I recommend reading the Total Money Makeover and making sure you have no personal, consumer debt and that you have at least a 3 month cushion in savings. Some people don’t care about reserves, but I do. I always make sure I can carry a loan for 6 months if I can’t get a tenant. There are those who say I’m a fool for doing that. That that money can be put into other deals and it’s being wasted parked in a savings account. So what. It helps me sleep at night. I have yet to not be able to get a deal I want, when I want it. My bank trusts me, because of my reserves and from deal #2 and on I haven’t had to come up with a DP. 

But feel free to ignore my “unwise” advice. Makes no difference to me.