All Forum Posts by: Daniel Rubenstein

thanks steven!  But that area is not summerlin.  I dont know the area very well.  Lower class? Upper class? Appreciation rate in that area? Rental rates?

Originally posted by @Brandon Duff:

summerlin and south summerlin tend to be around 250-500k for properties.. You might want to drive for dollars and find a discressed property. 

Most will rent for 1200-1800.

Still under 1% 

Thanks Brandyn! Your mostly right. But There are patches of area for small 3 bedrooms SFR are around 200 and codos are from 80-215

Id go up to 250 it the rent went up proportionally.

I live in Vegas and I want to invest near my house.  I am looking for a condo or house under 200K I can rent out and pull in atleast 250-300 a month net profit of cash flow.  I would like a nicer neighborhood.  I would put down %20 on a conventional loan.

I have been reading and learning everything I can about real estate for the past 2 years and finally built up the courage to buy something about 3 months ago.  But I just cant find anything here!! I am really searching daily for a decent deal where I can make somewhat of cash flow, and get my feet wet in the real estate world.  I know once I get started I will learn fast and do well for myself-but if I buy something and I get messed over somehow, or end up not having cash flow, I will be too hesitant to get further into real estate.  I am not sure if it is Vegas, me, or investment properties in general nowadays, but I just cant find something!!!

Is there anyone with experience in Vegas that can offer some advice, guidance, (or properties :-) ) to help me find my first REI property?? Or anyone anywhere on BP that can help??

(BTW I live in South Summerlin and would prefer to buy my first property within a few miles of my house)

Thanks in advance to any help!!!

Hey all,

After almost 2 years of reading books and being scared of making the jump, I have finally found a property I think is a good choice for a first investment, and I am ready to take the plunge.  I was hoping not use any of my savings I have set aside in an investment account for the down payment.  My plan is/was to borrow from a business friend the approx. 30K for about 6 months at %5 interest (over the next few months I will be bringing in about the same amount in some business deals-to pay him back).  The problem is, I was just informed I won't be able to get a conv. loan on an investment property if I am using a gift/loan for the down payment.  

Does anyone have any tips on how I can get around this restriction? Or any other tips for coming up with the 30/35K for the down payment (without using my savings)??

Thanks!!

Thanks John!

How do your recommend starting out in lease options?

Found them! Thanks!!

Hi all, I just moved into Vegas about two months ago. I have been pushing off starting my RE investing until I have more money to invest. I dont see myself wholesaling, nor do i want to borrow from freinds and family if I dont have to. so I kind of wanted to wait until I have the money to buy a 10 unit mini apartment ecomplex. However, I have been researching lease options and it seems to be a way to get involved in real estate without borrowing and without laying out alot for a down payment, while still bringing in some cash. I wanted to know if anyone on here has had any experience in lease options, positive or negative, and how easily or hard it is to get the right houses with minimal risk- especially in vegas, as Id like to invest locally. Any advice at all would help a lot!!! Thanks!!!!

Hi all, I just moved into Vegas about two months ago. I have been pushing off starting my RE investing until I have more money to invest. I dont see myself wholesaling, nor do i want to borrow from freinds and family if I dont have to. so I kind of wanted to wait until I have the money to buy a 10 unit mini apartment ecomplex. However, I have been researching lease options and it seems to be a way to get involved in real estate without borrowing and without laying out alot for a down payment, while still bringing in some cash. I wanted to know if anyone on here has had any experience in lease options, positive or negative, and how easily or hard it is to get the right houses with minimal risk- especially in vegas, as Id like to invest locally. Any advice at all would help a lot!!! Thanks!!!!

Originally posted by @Bill S.:

@Daniel Rubenstein sounds like you have decided not to move forward but just to confirm that decision. You mentioned the house had been repainted recently. If the smoke was not cleaned off the walls prior to painting there is no way to get the smell out aside from ripping the walls down. You must clean the walls before painting. A remediation guy taught me this. He makes big bucks doing this for insurance companies.

The paint is porous and the humidity draws out the smell through the new paint. Even a sealer requires cleaning before hand. If it's not done right you really have to know that you will be able to smell it.

As for finding a house. Here's what I would do, pay a title company to prepare you a list of every home in the area you want to live in. Do a mass mailing saying you are a private buyer and want to live in that area and if they are thinking of selling to contact you directly. Be careful about your letter but be quick too. My guess is you should get calls from everyone thinking of selling in the next few months and will have the "pick of the crop".

WOW!!! Thank you soo much Bill!!! I really appreciate the idea of paying a title company and calling houseowners!! That sounds great!

Where do I start? Do I call any title company? Do I email them?? What does it cost?

Thanks!!

Originally posted by @Account Closed:

Originally posted by @Jean Bolger:

If you (like me) are at the more sensitive end of the spectrum of "hate the smell of smoke" then just don't try to make this house work for you. It would involve a MAJOR MAJOR remediation and even then you may not be satisfied. It's certainly not something you should even consider asking the sellers to do for you. They'll say "The smell is gone!" You'll say "No, it's not!" .... and then what? Could be a nightmare.

There are other threads on BP about smoke remediation that you could read if you do a search. Hopefully they would make it clear what a problem this can be.

I want to 2nd Jean here. Walk from this deal.

I can't stand smoke or pet odors and I've done a fair amount of remediation for both in several properties. With few exceptions it's not gotten rid of it to where I could live there. You'd have to be getting a great deal so you could do an every surface rehab and new duct work for the hvac. You can't just clean carpets, paint walls and change furnace filters. All the carpets must be removed. All window coverings must be removed. All ceiling, walls and trim have to be specially primed and painted. Kitchen cabinets have to primed and painted or removed and replaced. Vents and duct work with 15 years of tobacco tar will smell for years.

Get it for a rehab price or don't buy it.

THanks!! and Thanks Jean!! After reading everyones posts here, and especially yours, I am looking at other options that we had considered bad options because of layout of house, or size of backyard, or other things. Because you/re right..if there is the faintest smell of smoke, it will make me sick. We will probably take a different house, and if this house is still on the market when we move in, I will see what kind of rehab pricing I can get--especially now that I have spent so much time researching what needs to be done.

Thanks all!! and Thanks BP for being there for me!!