All Forum Posts by: Cris Normandt

Hi @Aren Kern I would for sure take Thomas' advice and do a little more analysis before jumping into this investment. How many loan products have you looked at for this? I would recommend speaking to a few lenders as well for the best rate. I have looked at my share of rental properties in the Vegas market and the 1% rule rarely applies. You would have to get a property in north Vegas to get close. Do you plan on managing this yourself? if not make sure to include those monthly costs. 

Hey Brian,

BP has some great books on this subject. Definitely read the Rental Property Investing Book by Brandon Turner and the How to Invest in RE by Turner and Josh Dorkin. Thats a great start to your journey. 

-Cris

Thank you @Mike D'Arrigo, this was a difficult decision on my end but I ended up taking a position with a mortgage banker. I like the idea of starting out with a ton of help on the processing and underwriting side of things. Who do you typically like to work with, banker or broker?

@Brian Walters it’s all about taking that leap. If you need any agents I have a few I can recommend when you do decide to buy. Feel free to give me a follow on IG @crisnorm_mortgage my cell is there. Reach out anytime. 

@Jesse Rivera thanks for the reply Jesse! Hope all is well and you are crushing it out in CA!

@Brian Walters so far just a SFR in mountains edge area. I plan on renting this out in the next year or so and buying another place maybe in the same part of town. I just moved here 2 years ago so I'm looking to do a little more networking and get to know as many people as possible here. What are you looking to do?

My name is Cris and I have been a Bigger Pockets member for a few years. I decided that I wanted to switch gears from passively investing in RE to becoming a mortgage lender her in Las Vegas, NV. I wanted to get some advice from agents, other lenders as well as borrowers on lending best practices and what you look for in a conventional lender. Any advice would be greatly appreciated. 

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $325,000
Cash invested: $1,500

Purchased this SFR with a VA loan. Got into it from an apartment I was renting in a highly priced part of Las Vegas. Will save close to $300 from my current expenses. 2.61% interest rate. Monthly payment $1715. Plan to refinance after 2 years, rent then buy another similar property to live in with another VA loan.

What made you interested in investing in this type of deal?

As anyone who listens to the podcast, I just needed to start.

How did you find this deal and how did you negotiate it?

MLS, houses are going in two days of listing so I made an offer for full asking price and had the seller cover closing costs.

How did you finance this deal?

VA Loan

@Phillip Dwyer I think I’m up for anything I can make money on. Shoot me a message if you want to chat. Thanks

@Zeke Liston I do not have much knowledge on long distance investing so I was planning on it. Not out of the question though.