All Forum Posts by: Francisco Gomez

@Mandeep S.

Hello Mandeep! I’m an agent here in Las Vegas that actively has an eye out for homes that would fit perfectly under this strategy. We should connect so I can show you areas where this is possible. Those numbers seem very doable. I love this House hacking strategy and get hyped when I find properties that will fit this. I’d love to share some with you.

Hello bigger pockets family!

I come to you all today for advice, pros and cons of this situation that I might not see myself. I've been shopping for a house hack thinking of using the bedroom model originally because the multi family model in Las Vegas isn't too appealing. I found this property last month that featured a main home (3bed/2bath) that's move in ready, also has two move in ready studios ready to be rented. I originally offered a slight low ball hoping I could use the comps to defend it but they took another offer and I was instantly regretting it. Property is very unique, before and after running into this I couldn't find anything like it on the MLS. My main dilemma is I don't want to get in over my head because of the two studios income potential. So here's some quick numbers for your understanding.

Property listed at 265k

Comps sitting at 220-230s with no studios

My mortgage would be at about 1400

Studio rents could be 600 each x 2 = 1200

I would also plan on renting out two of the rooms in the main house while I live in the master bedroom. Room rents could potentially be around 350-450 per room.

The house is about 30-40k above comps but I have no idea what the appraiser will think about the added value of the studios.

It sounds like a great deal but there is factors besides the comp situation. For example, location. It’s near the freeway so I appreciate that to cut down commute time but it’s also in a C-D class neighborhood. That mainly worries me when it comes to resell.

Also the home was built in the 50s, that’s old to Vegas standard

Just looking to see the pros n cons before my first purchase, any perspective or advice would be appreciated!!

Hey whats up Jose! You sound very enthusiastic and will be glad to help in any way i can! I'm a part time agent but I'm mainly in the residential and commercial flooring and wall design work. So i'm pretty familiar with getting remodels done or having those connections in my network. We should meet and see how our skill sets can be of value to each other.  

Hey whats up Jacquez. We are the same age and both live here in Vegas. We should chat about what our local market has to offer. I'm currently considering a multi family house hack or a house room rental strategy I read about on here. What are your short and long term goals? Different goals will require different investing strategies.

Awesome! I've wanted to do househacking but have been stuborn with wanting to do it in a multi family but this model makes so much more sense in our local market. Appreciate the insight and i will look to implement this househack model here in Vegas as well! 

Hello BiggerPockets,

I was on the edge about wholesaling as a Realtor but after seeing local Realtors/Investors do it in my market, I figured I can too. I also heard it on a podcast about how an agent handles his business, he shows his seller both ways in how he can help getting the property sold as a Wholesale or Retail and I understand that sellers would much rather get the cash offer and be over with it.

I am here today in search of Samples of what a real estate agents assignment contract would look like? Do you guys disclose of your Agency on the assignment contract or do you structure them any differently than a Regular assignment contract?

First year, i was at a independent brokerage as a part time agent and i felt so lost in the business. It's been a few months that I've been at KW and Ive learned so much about the actual business structures and processes. Its helped me tons! I got way more involved and now I actually have an idea of effective prospecting and what it takes to get to the closing tables. 

Hello bigger pockets! My friend tells me his uncle is interested in selling, he gives me his number and then I reach out. Once I get on the phone with him I begin listening to how I can help him. He tells me he is going through divorce and is looking to sell. Once I start digging a bit more, I find out that his name is the only one on title and the divorce is finalizing in a week or so. His soon-to-be ex wife lives in the property and he’s been out for 3 months. I told him one route we could go and that would be putting it on the MLS but he doesn’t want that because he doesn’t want people in and out of the house with his wife finding out whats going on. He’s interested in hearing offers immediately. I want to help him but I was thinking maybe Wholesaling the property would be a better way to approach this. I have cash buyers but I’m curious on how a sale would work be before a divorce vs after? Would he have to give his wife a portion of that money if he sold before or after?

Hello, BiggerPockets!

I'm Francisco from Las Vegas,NV. I'm a 21 Year old real estate agent who is interested in investing and thought it would be good for me to begin with a multi family home and house hacking. Although i'm not able to get FHA financing yet due to bad credit, i will be working on fixing that and saving up money for a down payment. I'm interested in getting something by UNLV and maybe focus on student rentals because i feel it would be easier to work with tenants in my age group. The multi family market in Las Vegas isn't that great so if I'm unable to find a good deal in that area im also willing to look in any areas close to the freeways. I don't mind living in these "war zones" but I've heard a lot of investors tell horror stories of trouble tenants but i'm wondering if tenants behave better when the owner resides in the same property? Anyway, im curious to hear any advice, stories, or tips when it comes to MultiFamily or House-Hacking. Book recommendations welcomed.

Hello Biggerpockets,

In efforts to get my first wholesale deal I've started a driving for dollars campaign in order to find off market, distressed property deals. I started the campaign in my neighborhood (Winchester) because it was the one i was most familiar with. When I've completed finding all the properties in the area that fit the criteria, I want to continue my search and expand to covering the entire 89104 zip code. When i'm done with that I could just keep branching out to neighboring zip codes but I was just curious to know what my local investors suggest. Is there any neighborhoods or zips that you prefer to invest in? What areas of Las Vegas are the most investor friendly? My goal is to help investors find off market deals and any input is greatly appreciated. Thank you!