All Forum Posts by: Jeff C.

Closing costs are capitalized expenses and become additions to your basis in the property. They wouldn't be simply deducted in year 1, regardless of the month you close in. The same goes for many of the property upgrades you might make.

Your "last fall back" is the starting point of just about every financially stable person I know.

Admin fees? Project management fees? To whom? 

Your own pay to yourself is not a "cost". That's profit.. for you. If you're turning a profit you didn't do the job at cost.

I've spent quite a bit of time in central and south American countries, and it does surprise me how much I can begin to remember after a few days when I'm immersed.. but the level of understanding required to negotiate a real estate deal in Spanish or explain the terms of a contract is just something far beyond what I've ever had. It would take a looooot of work for me to get there. 

Attempting to rid myself of my last 7 remaining flips, then I intend to mostly kick back and observe for a couple of months while things settle out. The Las Vegas market looks poised for another beating right now. You may want to drag your feet on acquiring more property there. Inventories are up massively year over year, and sales volume has ticked down.

There are tons of nicely remodeled great looking flips just languishing on the market right now, undergoing price reduction after price reduction. These would have been gone in days a year ago. Many are definitely not going to be profitable, judging by their acquisition costs and current listing prices.

If your numbers are right, I'd sell the property and make $40k. At $350 a month you'll be almost 10 years stacking that up through rent (rent increases and principal paydown excluded), and you'll be at risk of market forces for the duration. Even the $350 is far from guaranteed.

Some Las Vegas October market stats for you all: Single family home inventory up 44.3% year over year. Condo and townhouse inventory up 102.9% year over year. Single family home sales down 9.6% year over year. Condo sales down 2.1%.

I can't believe the generally upbeat tenor of most posts in the thread. I am involved in a number of markets and track a lot more, and I'm seeing slowdowns all over the place. Price reductions, increased DOM, reduced number of offers, reduced quality of offers, and my personal favorite metric: How much is my phone ringing? Not much, despite having a number of properties on the market. I'm sitting on a lot more than my usual amount of cash reserves. It's difficult to want to reinvest at this point.