All Forum Posts by: Joe Ellis

To me it depends on how long you're willing to wait. You could look into high yield savings, a money market account, possibly a CD. Then when you do find a deal you can pull that money out (if you do a CD there are usually penalties) and go after whatever it is that you're wanting. Just something to think about. 

Welcome to BP! You're well on your way to listening to all of the podcasts (which are awesome). Make sure that any questions you have try to read up on them as much as you can and the search bar makes it easy to do! There is a monthly meeting set up in Henderson and I'm pretty sure it's run by Phillip Dwyer so try and make it out to that and meet up with people and listen to what they have to say and maybe get some tips and tricks as well as some well needed info about the market and what the plans are for Vegas/Henderson and you'll be way ahead of the game! I hope to meet you at one of the meetups (if I can ever make time for one!)

Joe

Is there a specific reason you're wanting to work with someone in LV vs out in AZ? Just curious. I'm sure there are deals out where you are (there are deals everywhere if you look hard enough) that you could find and get a hold of. 

I know that you're looking for a GC and I'm figuring you're needing one fairly soon but I've noticed that @Brandon Bozarth has plans to be coming back to Vegas within the year so it might be worth sending him a PM and maybe figuring out a plan from there? 

@Brent Salazar, first off, welcome to BP! You're in the right place for investing! 

There are multiple ways you can approach the B&H side. You could try flipping (if you can find a screamin deal and know your ARV is gonna net you a good return) and use that capital toward your investment props. You can try hard money lending (extremely expensive). You can try and take out a HELOC if you have a current property but from the sounds of your post that isn't an option quite yet. You could also try and ask family or friends if they or anyone they know has some extra money that they'd be willing to part with to help you, AKA private money OR try and find some nearby investors that are willing to partner with you on a deal (still private money), although usually if they would do that they probably already have. So you'd need to maybe combine private money and finding a great deal that might need some fixes and not be afraid of getting your hands dirty and willing to learn how to fix some things. I'm pretty sure @Brandon Turner's book Investing with Low and No Money Down would interest you if you don't have the time to search and spend hours on BP (most of us do both, haha). 

Good luck! 

@Steven Taylor, I agree with @Charles Kannair about buying a duplex/triplex and living in one side. One of the cool things is that as long as your job is nearby you can live in it and get your mortgage partially paid for by the other tenants. Hopefully you're not choosing a job that's going to be permanently moving you consistently, but if you are then you can just put another tenant in your part of the du/triplex. One of the cool things about the VA loan is as long as you intend to live there for at least a year they'll give it to you, things like getting transferred due to a job they understand and they'll be more lenient about, especially if you're going to have other tenants paying the mortgage. And like @Richard Fields said, learn learn learn. Vetting tenants is very important, so living next door to them will definitely help you with vetting later tenants! I think that you should find a place now and buy it and get it going, you have plenty of reserves and as long as you're not frivolously spending money (unlikely since you were smart enough to save as much as you have) and you get a good deal on a place that doesn't need a TON of work done (read: money spent) you should be fine. Good luck! 

-Joe

Good morning Melita. Welcome to Las Vegas and welcome to BP! If you haven't already, give some of the podcasts a listen and read, read, and read some more. There are so many books and blogs and forums you'll hardly get bored. I am sure there is an agent here that loves doing condos (or maybe they're just very good with them and know the condo market quite well) that could help you out with what you're looking for. Just make sure to walk an area a few times before you buy (I'm sure you already know this) because there are lots of little pockets here in Vegas that are spotty. Good luck and Happy New Year!

@Account Closed, I can see where you're coming from. I think that if one was to do as you said and "scour around" and find a good deal, even if it's in a C neighborhood you could still do alright. The biggest draw to MH for me is the low entry price point but as many have said before (and Josh continues to point out in the podcast about Detroit) a lower price doesn't always mean a good deal. 

You put the bug in my ear and now I'm looking on craigslist! No "deals" that I've seen, but who puts their lowest price on CL? Nobody, that's who. Maybe hop on Craigslist and do some searching? 

I know there was a podcast specifically on mobile homes; and now that I think of it there might be a couple! Might be worth checking out. I have no knowledge of them but I have seen quite a few parks out and around the area and most seem to be alright. Are you trying to buy just the mobile homes or the parks they sit in? Sorry for the lack of help. 

-Joe