All Forum Posts by: Jason E.

Thanks for the advice! I have been searching hard for properties, mostly using MLS and every now and then a heads up on a house coming into the market by my agent. Like you said, It might be time for other methods. If anyone has any advice on other methods, I would love to hear what others are doing. (I'm semi familiar with driving for dollars) and the "bandit signs, which I'm really not a fan of.

I'm not looking for any hand outs, I was just putting it out there that I'm looking for rehab properties and have cash. I would hope anyone selling would make their profit too.

Thanks everyone for the info. I would love to find some properties that are "off market" to purchase, but I'm not exactly sure how to go about successfully doing that in a relatively short period of time.

In the past month I have visited, analyzed and submitted multiple offers for rehab properties in the Las Vegas area. Some of the properties have sold, and for much more that what would seem reasonable. Being eager to get my first flip, I'm only planing on making $15-18K profit. I would like to share a few of them and get some feedback or advice from more experienced investors.  

This property is in North Las Vegas in an area I would rate as a C+ area, consisting of mostly older homes built in the 60's and early 70's with nice size lots, for Las Vegas area, around 6,000 sq/ft.  These are the numbers I came up with for this property. The house was listed for $99,900, but in need of repairs and updating and had a pigeon infestation in the roof. The tile flooring did not match throughout the house, the grout lines were not even, and some areas around the edge of the time had almost 2" of grout instead of cutting a piece of tile for the edge. I learned that this property sold in December 2016 for $ 48,000 and was listed back for sale, with no work done at all in January 2017 for $ 99,900. 

List price $ 99,900

ARV - $110,000

Rehab - $12,000

Closing costs + interest $10,000. 

Offer - $ 70,000 

                                                       Sold Jan 31st (13 days on market)  $ 94,000

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The next property, only a few neighborhoods away, was built in 1959 and was obvious it had never been updated at all.  Still has the wood paneling, yellow and brown carpet, original kitchen cabinets and wood countertops, original windows, currently no heating system.  This property mostly just needed a facelift but looked pretty bad. 

List Price $87,500

ARV - $105,000

Rehab - $ 20,000

Closing cost + interest $9,500

Offer $ 60,000

                                   Sold Jan 31st (Within 30 days on market) $ 85,000

Thanks Ifayomi! I look forward to meeting you, Omar, and everyone in the Sin City REIA group. Thursdays are tough for me but I will see if I can make it to next months meeting.

Thank you Thomas. I will be sure post an update as things moving along.

Thanks John. I read you're doing around 15 flips a year. That's great! Sounds like you've got some experience and a nice system in place. When you were first getting started did you hire a general contractor for the work or have a handyman/skilled friend help out? I can do some minor stuff but I'm not experienced enough with construction type work to estimate repair costs (yet) or do the work. I hope to learn to estimate properties on my own soon enough but still have someone else do the bulk of the work.

Hi. I'm Jason. I currently live in Las Vegas NV, and have been a resident since 2007. I have always had an interest in real estate. I've spent many hours doing various research on different aspect of real estate investing, but never got into the game, until now. I'm finally ready, and in a much better position in life, to get started in real estate. I have decided that I'm going to start out with rehab (fix and flip) deals, and later start acquiring rental properties. I have begun putting together a team ( private lender, agent, contractor/fix it guy) to make my first deal a reality. This team may be in it for the long haul or might not work out at all, I shall soon find out! I will admit I'm very nervous but also very excited to get started. I would love to find a mentor and meet some new friends to share experiences and ideas with.