All Forum Posts by: Jordan Murrell

I would reach out to the HOA directly. Keep a paper trail of the documentation.

Hi there, 

They're not technically illegal here in Las Vegas. You have to apply for a short term rental license. There are a few guidelines you'll have to comply with for the city to approve your property.  

Here is the link to review and go through the laws that Las Vegas has in place. 

https://www.lasvegasnevada.gov...

Let me know if you need any help!

As of right now with how the market is progressing. I would say that is fair. I have seen a few come in higher and a couple come in lower than what you're being told by the bank. You can borrow against your current investment property, it would save you a cash downpayment but the rates and fees may be higher. I would suggest that you shop around the current rate you're getting and see if other local banks can better the rate you're getting. 

I would say it depends on your long term goals. If you are looking to have a steady flow of income, with some intensive research and understanding, you could find cash flowing rentals in almost every market. If you are looking to make more larger sums of money, you could invest with a flipping strategy. Combining them both, could have a healthy BRRRR investment plan.

No-one has a crystal ball on what the market is going to do. From what I see, there are still great opportunities to purchase property, especially here in Las Vegas. There's a proverb that reads "“The best time to plant a tree was 20 years ago. The second best time is now.” 

Goodluck! Let me know if you need anything. 

 Hi Bryce,

It is impressive how quickly you are moving to achieve your goals. You are right, 15% down on a conventional loan is for a 2 unit property that is owner occupied and up to 25% for 3-4 units per conventional guidelines. Considering you have already purchased the property with 3.5% FHA, refinancing out into a conventional loan could be a great choice as you may not need to continue to pay Mortgage Insurance. If you want to continue building your portfolio, maybe look into purchasing a larger SFH with extra rooms and house hack or SFH with an ADU addition. Let me know what you think about the information and how I can help!!

I'm located in the Las Vegas area, I have bought and sold properties out of state in Memphis TN. An investor friend of mine is looking to sell off some of his portfolio. He is getting older and wants to cash out and I feel that this would be a great opportunity for someone like myself to get into the commercial real estate realm. The portfolio consists of two franchised hotels in Las Vegas ex. Hilton Hampton Inn.The current market value for the hotels is approximately $60,000,000. As someone that has not syndicated this amount of capital yet, where would you suggest I would start? The thought to wholesale this deal to a more savvy investor or group sounds appealing as well. For the most part, I am looking for help and guidance on how you would approach this great opportunity. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I have this property under contract in Memphis TN. The average 1 bed 1 ba rent in that area is $500.

Tenants are currently at $400 on no leases. We will need them to sign a month to month lease before close with the pre existing owner. 

We have our inspections coming in this week. I think its a decent cashflow option. Will need to purchase cash and then refinance out into a long term loan.

What are your thoughts about this property and the numbers?

I need help.

I live in Vegas and I have bought a property in the east Memphis area. Purchased at $235,000 in December. Supposed to be about $60k rehab and sell for $345,000. We had to fire our first contractor. His work was terrible and took way too long. Fired the second contractor as the GC was asking me to loan him money to pay the sub and the work was slower than the first guy. As a result we hire a crew to get the property finished… Turns out the work isn’t as good as we thought.

Hired a realtor who then listed a property that didn’t even walk through or check it out. Priced it too high considering the work was not up to standards. She would have known that if she walked the property of course. During this time, she wanted to have her contractor fix some of the work. Some how I notice that the stove is missing from the property. The realtor and her contractor “did not notice.” We ended up firing her but she wants payment for her pictures that she took. These pictures literally have trash in them. She thought it was ok to list with those pictures.

I have found a realtor who seems on top of it but at this point, we are in 7 going on 8 months in this property. Our rehab has definitely been doubled and holding costs and points are sky high. The property has been listed for just less than month now and still no offers.

I’m looking for advice in what to do with this property. We have lowered the price to barebones where we would lose a little. I need to stop the bleeding.

Any advice would be fantastic!

@Drake Holt

We are also investing in Memphis from Vegas. We see many great opportunities for investors. It will take some time to understand the market... Once you are familiar you will be able find deals as you’ll know what you’re looking for. Let me know how I can help.

I have a rental in Memphis managed by a property manager that I inherited. It has been pretty smooth up until things needed to be brought to my attention. We have a code violation notice for not covering our crawl space, garbage (round the side of the property) and a fallen fence. We get this email from our PM saying that we have received the notice. Few short days later, we get another notice to repair plumbing issues, damaged tile and shower walls. So with that being said, our property manager’s crew went by and did some plumbing work to fix a problem that happened when Memphis froze for those couple of weeks.

We are out of state owners so we have not been to the property once hence the hiring of a property manager. They said I can have my contractor go by as well as they gave me an estimate for the crawl space and fence to fix for $1500. Now with the second violation being plumbing since they said they repaired which we paid almost $2500 to fix they’re saying it needs to be fixed again.

They also suggested they’ll send the payment link to have their lawyer go to court for $600 to show up and $315 an hour.

If they were managing the property properly, would it have come to this?

Why do we get two code violations in consecutive days?

What would you suggest to be done?

I wanted to ask how you would handle the situation from here? What would you do?

Thank you!