All Forum Posts by: Joe Ellis

I say write all expenses out and write out what the average rents are in the area and figure out what your numbers will be (which, it looks like you've already done this) and then go take them to someone else who owns multifamily in the same neighborhood as you. Ask them what they think, what they'd change, what they'd keep the same. Then go ask a Realtor and your tax professional and see what they have to say. If you get thumbs up all around, run the numbers again and make sure that everything works, (measure twice cut once), then I say go for it! Good luck and keep us posted! 

Also, I was totally under the impression that Texas (mainly the DFW area) was going to be cheaper than here in Vegas and wow was I wrong! I spoke with a few people out that way and they've mentioned that it is a little higher than it "should" be but I'm guessing that if people are still buying then the properties are worth it to them.

@Brandon Richards thank you! @Aisha E., I appreciate you looking! That looks like it could be something I should look into, I never thought about multiple homes built on lots like that. Just not something you see out this way, haha. Unfortunately, I think they're trying to move us out to Dallas before the end of the year and we plan on trying to buy within about 6 months or so. I guess it's still something to keep in mind! 

So my wife just recently was told that we're going to be moving from Las Vegas to Dallas TX which I'm okay with. However, I don't know anyone out in the Dallas area. I've been a Realtor out in Vegas for not even a year and now I'm moving to Texas. Our plan is to find a place to rent for a few months and I plan on just driving the neighborhoods as much as I can and any time I see a "for rent" sign, stop and write down the number, if I see ANY multifamily place I plan on trying to get a hold of the owner and buying it. Obviously a 4plex will work the best because I'll be able to live in one side, we'll be able to use my VA loan so we won't have to come out of pocket much except closing costs. Unless the owner would be willing to carry a note (which would be fantastic!) obviously, me making all these phone calls and driving around looking at all these houses is putting me essentially in the shoes of a wholesaler so I may try and find a couple of other wholesalers out that way to try and maybe get a couple of their buyer's numbers and maybe if I find something that interests whoever then I'll get them in contact. We own our home in Las Vegas and we plan on renting it out so this is going to be a learning experience as we go! Luckily, I have some good neighbors who I'll be able to call on when certain things need fixed or if an issue arises, and I have some good friends out here who I plan on having help me with my rental. Now that I've read through this again I'm not sure what this is. If any one already has or knows of any du/tri/fourplexes for sale out in the Dallas Fort Worth area (preferebly Arlington or Farmer's Branch) then let me know! I need a place to stay!

@Louis Davis thanks for answering. Where do I find buyers? 

@Steve Haight shoot I didn't even think of CL! Thanks! 

I recently picked up a commercial land listing (I'm a real estate agent in Las Vegas) and I've been calling developers and contractors here in Vegas but I feel like I'd like to market this to more people. It's already on Loopnet, MLS, Co-Star, etc. etc. What else can I do to market this property to people?

Go into NRS 645 and NRS 118 and just start typing in Property Manager, Property Management, Landlord. 

Personally, I'd say sure why not since you are a trustee but I'm not a judge or lawyer or attorney and they're usually a little less forgiving on things like this. There's always people getting hemmed up for property management without a license and getting fined thousands of dollars so smart on you for thinking ahead. 

Maybe find another family member who is open to you and your dad teaching them how to properly handle everything? 

Last suggestion would be just to get your PM license here in Vegas and then you wouldn't have to worry about it. Just make sure that your broker can have a PM under him. 

Good luck and keep us posted!

It sounds like you're ahead of the game and you've already got things figured out! What are your RE goals here in Vegas? Are you interested in other markets as well? Do you manage your properties yourself? Sorry for all the questions. 

From what I understand (which isn't a whole hell of a lot) you can have a Nevada corp that OWNS your corp in whatever state (New Hampshire I'm guessing is where you're going to be investing) and the LLC in NH is the one that owns the properties.

/––––––––Nevada or Delaware LLC–––––––\

NH LLC---> –––––––––––––––––––––––Series LLC––––––––––––––––––––– / \

LLC LLC LLC LLC LLC LLC

I'm not a lawyer, CPA, attorney or anything like that but this is what I think of when I hear anyone mention that they're wanting to do a corporation in one of these two states. I'm sure someone who is certified will be able to chime in but I'm sure they'll tell you to seek local council as everywhere is different!

Good luck and remember to come back here and update this thread once you figure out what specifically you need to do in NH! 

Craigslist usually has a few for sale by owner aka FSBO homes and you could run the numbers on those. You could try and see if FSBO.com has any. Hit up VRBO and see if you can run the numbers on the houses in areas that you like and then hit up the owners and let them know you're interested in buying their homes when they get tired of dealing with short term renters. I'd suggest getting together with a Realtor and having them set you up on a specific email system where they're constantly emailing you homes as soon as they come on the market and you can analyze all of the ones that come through them. More than likely most of the homes that come through the MLS aren't going to be fantastic awesome sweet deals but some of them may be close to being good deals and you may want to consider them but then once you actually get to check out the house and see that it needs $X amount of work then the deal won't be a great deal and you've gotten a good look at a couple of houses and you're practicing already! Good luck!