All Forum Posts by: David Famiglietti

Ross, the law here in not in favor of the HOA's any longer like it was when these houses were "stolen" from the banks.

I'm not sure how this is handled 100% from a legal standpoint, but from what I understand, its still an asset of the bank in most cases which means that knock on the door could come when you least expect it.

I'm working on a condo right now in the same circumstance, and the real estate atty's said clearing titles like this has been a "crap shoot" lately and the banks are fighting this more aggressively.

Guy said it like it is.  It is possible that down the road the controversial ruling can cause quite a bit of trouble with homes like this.  A risk taking cash investor might be ok with it, but many people won't.  The bank will never give up the title for the house without payment, especially now that the rulings go in favor of the banks now here in NV.

Your rent seems a bit high and closing costs a bit low depending on which of the Duplex's your talking about.

I keep a pretty close eye on MFH's in this area, and not sure what type of neighborhood your living in now, but most that I see aren't in a neighborhood most people desire to relocate to.  Not sure how to say that in a nice way.

If you'd like to talk about the area its in from someone who lives here and is not in competition for the same property, shoot me a message.

@Phillip Dwyer -- Thank you, please include me on e-mail reminders if you would.

@Phillip Dwyer -- still trying to figure out my keyword alerts and how to keep up with whats going on.

Is there a meetup planned for tomorrow night?  If not will there be one in June.  Looking forward to finally meeting a few of you finally!

@Louis Davis -- I've been getting notifications from some of the groups on meetup.com for a while, and most have come off as sales pitches for something or other for me.

Since you said you go to some of the meetings, can you personally recommend any of the groups?

Do you keep a mailing list as a wholesaler here in town?  If so please add me to it.

 Robert, how far do you think this climb up in values we're seeing go?  Increases and predicted 12 month increases in some areas are starting to show signs of another 2005-2007 over the next few years......

HOA's are a problem anywhere you go. I've had good luck here with the 5 or 6 I've dealt with. They have their purpose and if it makes a deal not workable you walk away. Pretty much that simple. I don't give it much thought unless they have outrageous fees.

The rentals I have in the N and NW are in HOA's but for $20ish a month I look at it as insurance for the value of my investment for a very reasonable price. I don't have to worry about a year or two going by and finding cars on blocks, tree's falling down, 6' of weeds in the yard, etc, etc.

@Rito Altamirano Look at Cheyenne Road North to Centennial Parkway, From Camino El Norte on the west to Lamb on the right.  There are a lot of deals to be had in that area.  Not as good as the wholesale score you found, but they're there.  Gotta put a lot of offers in to find the sweet spot, every once in a while you'll get a bone.

For your second questions about coming up with the DP for that wholesale property, you might want to reach out to @Charlie Fitzgerald, I believe thats his area of expertise.

I hear people talk about the "Stigma" of the North Las Vegas war zone constantly on here and I laugh.  North Las Vegas has great areas the more North West you go, and maybe its because I own rental properties up here and two businesses up here, so I could be biased, but I've seen much crappier neighborhoods in Henderson then I do in the general area of NLV that I work, live, invest in.

These "boundaries" I've created for friends I've had move here in the Military have slid gradually to the North and to the West over the 11 years I've been here, but here is my rule of thumb for NLV........

West of Losee, North of Craig.  Very simple.  For the most part you'll be in a decent neighborhood.

North of Centennial and West of Commerce, and you'll be in a very nice neighborhood 98% of the time.

The news of the pig farm is old news and has been known for 6-8 months before it became a news story.  I think the houses in that area will increase slightly more than the rest of that "zone" I put you in in the last paragaraph, BUT....That property and the other vacant lots (6 or 7 in that area) will all get flooded with new houses at rock bottom prices through forced development and will attract all your buyers and renters away from the 5-10 year old houses that are existing around the farm.

The other thing is, that $40K will get used up and then some for a 20% DP on the houses in that area as anything decent is $200K plus.

I own a few houses in Las Palmeras at Ann and Camino El Norte. Tons of great cash flow and flip deals in there still with a decent HOA that keeps the "North" out of North Town! ;-) El Dorado Highlands also has some great deals if you're not in a rush. With the expansions of the 215 and making it a much easier drive to the West side of the valley, the new 95/215 on and off ramps, and the new development across the 215 at Revere will all help keep the NW corner of NLV a hidden gem.

The "stigma" is all in name, or for people that are scared to drive up MLK until the name changes a few times!  ;-)