All Forum Posts by: John Wong

Quote from @John Carbone:

Quote from @Luke Carl:

I would say it probably happens more often than not especially if housewife or househusband is doing that managing. And around here they always are. 

The person with the W-2 job though from my understanding can also be the one that materially participates. It’s not too difficult for someone with a full time job to do the 100 hour rule a year. Whereas it’s nearly impossible for a full time w-2 to qualify as a real estate professional. 

What if you w2 job is considered a real estate professional? Then you wouldnt need to materially participate right? I manage my STRs but my cleaners work a lot more hours than I do managing. But since my w2 job is considered as a RE professional then that should put me in the category to offset my w2 taxes?

Hey Erik! I do dispositions for Sundae and we have worked with many buyers here in the Las Vegas area. Let me know how I can help.

Originally posted by @Kurt Brauner:

I am extremely familiar with Progress on many levels. I have brokered deals as listing agent, represented them as a buyers agent (some years back) and also currently rent from them.

@Kurt Brauner, any tips on contacting someone with Progress to become their buyers agent? 

Hi, Im a realtor in Las Vegas, NV representing a buyer and we got an accepted offer and opened escrow, ordered home inspection thus far. Everything is running along smoothly until I get a call from the listing agent saying that seller would like to cancel due to unforeseen circumstance which would need them to net a higher selling price so ultimately they need to cancel and is instead taking the house off the market. We offered 10k below asking which is more likely to appraise given the comps and unlikely to appraise if we offered sellers original asking price so we all agreed on our current contract price.

Is seller legally obligated to proceed with the sale? If we hire attorneys, Are we able to enforce the sale or would the courts be reluctant to force the sale upon the seller? At this point seller is willing to pay for the expenses incurred by the buyer to make this sale proceed but a deal is a deal and written in standard legal purchase contract here.

Hey Kevin, yes thank you! I will definitely contact my lender.

Hello BP,

I purchased a property last year with a conventional loan with 5% down here in Las Vegas. The purchase price was 174k making my loan amount 165k, however, it was actually appraised at 185k and over a year our market has been appreciating. 

Now, in order to drop MIP ive read that your loan to value needs to fall below 80%. Ive been making mortgage payments a little over a year now so my loan amount would be lower than 165k now and recent comps show model matches in my neighborhood trading now at 220k

Would I need to order a new appraisal to show my new LTV? approx 165k/220k = .75 LTV so that should put me in a pretty sweet spot to negotiate a MIP drop right??

Hi everyone, this is officially my first ever post on BP. Like the subject says I want to know what is the average duration of time it takes to have a home sold if priced right. And since I live in Las Vegas, would anyone like to share their thoughts in this market?

Also, feel free to share thought on your market as well!