All Forum Posts by: Scot Semmens

I'm in the same boat.  Decided to buy one duplex several years ago.  Was great for 3 years.  Going to sell for a loss now.

I've been doing it for a couple years in Indianapolis.  It was a little scary and rough in the start.  For me, it is all about establishing strong relationships on the ground where you want to invest.  

Guys, 

Listen very closely to Eric.  I've worked with him in the past here in Vegas and had him list some properties for me.  He is dialed in, knows what he is talking about, and is a true real estate professional.

Thanks guys. I've realized one of my weaknesses ( one of many ) is that I need to get out and network/mastermind with more like minded investors. I'm hoping to reach out and meet people not just from here but from all over. I tend to get focused on the day to day of Vegas real estate and need to get out of my bubble.

2012 was a good year for me. Focused 100% on REO's to fix and flip. The market here is hot and REO deals were plentiful. I'm starting to see a huge shift to short sales here due to legislation passed in the state, which means longer wait times to buy and close on deals. So I have to take into account a possible three months wait once I find a deal and get it under contract. This scares me as here in Vegas, the market seems to change every three to six months in some way so I hate to be tied up to a property that long. I like to turn and burn.

For 2013 I'm really trying to take the long view. Short sales will be big, but what will be the next trend? For this first time since around 2006 I'm starting to hear people talk about how much equity they have in their house and appreciation they are seeing. I have been 100% MLS for years as nobody really had any equity, everyone was so far underwater. I think the time is coming to get back into the whole "We Buy Houses" mode where you have flyers, marketing, signs etc targeted at FSBO with equity who need to sell fast. 2013 may not be the best year for it, but I plan to start laying the foundations now and starting to get my name out there. 2014, 2015 and on could see more homeowners with equity and I want to be positioned to be the one they call when they need to sell. To give you perspective of the appreciation we are starting to see, I bought my personal home in Dec 2010 for $245,000. It is now comping comfortably at $330,000.

Hi Robert,

I work for Las Vegas Fire and Rescue. Shoot me a PM about the six plex. Lets stay in touch. I'm currently raising more capital and I'm hoping to ramp up my business even more this year with the goal to be able to leave firefighting anytmime I want.

Hi guys, figured it is time I finally got active on the forums here. I'm in Las Vegas and have been active in investing here since 2003. I've done a little bit of everything from rehabbing, lease options, Sub2, trusts, rentals, etc. I've never wholesaled a deal and that is something I want to learn more about. The last few years I have pretty much settled on fix and flip as my prefered method of real estate deal. I'm slowly branching out to start adding rentals and just started looking at 4 plexes. I'm going to try and be more active here, as well as start a blog about what I'm doing in Vegas as I constantly have people asking me to show them what I do.

Awesome forum, hope to spend a lot of time here.