All Forum Posts by: Josh Edelman

Chicago Title - I work with them almost every transaction. I have particular names of folks I can connect you with. Feel free to DM me for more info and good luck! 

Amazing Gray!

That's the name of it! Works great and easy to clean. 

• Several people have been asking me about multi-family in Las Vegas. Some points as to why it's NOT a good investment in this city. Of course, nothing is impossible, but things are impractical. Hope this helps! 
• 📌 The duration of a tenant's stay in multi-family units in Las Vegas tends to be relatively short, averaging less than one year. High vacancy costs arise from frequent instances of skips, evictions, and property damage.
• 📌 Las Vegas multi-family units primarily cater to low-skilled workers earning close to the minimum wage. During periods of economic turbulence, they are particularly vulnerable, often being the first to face job losses and the last to secure new employment.
  
• 📌 Speaking with several multi-family investors, they have generated significant losses due to tenant-related issues or the deferral of necessary maintenance.
• 📌 A significant proportion of multi-family properties in Las Vegas were constructed prior to 1987 and are situated in economically distressed areas with high crime rates. This geographical constraint limits the potential for rent escalation, as individuals capable of affording higher rents typically opt for more desirable locations.
• 📌 Many landlords in multi-family investments in Las Vegas advertise higher rents than the actual income received from tenants.
• 📌 Landlords owning older multi-family units in Las Vegas face the challenge of keeping up with the evolving market to attract and retain tenants in the face of fierce competition from newly built alternatives.
  
  
  
  

My partner just purchased Sub to and I just purchased an assumable here in Las Vegas. Both of us are realtors/investors.  On this particular deal, my partner bought out the sellers with a $13K check so they can move out. She is inheriting their loan balance of: $420,247 interest rate: 3.25% and monthly payment of: $2,368.33. Can rent the home for $2600.00/mo LTR and MUCH more with MTR. 

Here are some tips with the Sub To:

- Hire a transaction coordinator (TC) experienced in the specific types of contracts you need. It's better to have guidance during your first few transactions. Cost us $1200

- Take the necessary steps to prepare the home for sale, including getting the sellers to move out, transferring utilities to your name, and cleaning the home. These are standard procedures.

- Contact your Escrow company through the TC. Discuss whether you need title insurance for this deal. Expect to pay around $2,000 for the transfer tax. 

- Follow the advice to maintain the sellers' insurance and add yourself as the primary account holder while moving the sellers to the secondary position.

- Engage in discussions with both the escrow company and the TC about the necessity of escrow. Consider whether you can handle recording your own deed. Remember, in a subject-to (SUB-TO) deal, the existing mortgage stays in the sellers' name, and you become the new owner through the deed transfer.

- Currently, you need to review and notarize the documents sent by the TC. These documents authorize the release of information regarding the mortgage and insurance.

Hope this helps! 

Nice job Matt - looks a like a nice website and business you have. I will keep you in mind as I am a realtor/investor in Vegas and work with many clients that rent out their properties (military especially)! 

Hi Michael - younger investor here with a MTR property in Las Vegas. I have great returns and the tenants have been high quality so far. It's been fairly smooth process and can talk more details if you desire. There are various platforms to manage it through and I manage it myself through some different sites. 

I have a lender, who did a fantastic job getting me a home equity line of credit on my primary residence in order to purchase a rental investment. Let me know if you’d like me to put them in contact with you. Sounds like he might already have several people lined up.

It certainly depends on a lot of factors, and most importantly, your personal situation and finances. As well as your goals. Can you explain what your current situation is? How liquid are you? Are you already preapproved?

Buying, at the end of the day is most the time a better option than throwing money at rent for years on it. As many mention it above, vegas is only going to get more costly. We have the Oakland A’s moving into the city, we have Hollywood, potentially making big moves here, and never ending investments, are only growing  to become more popular and more costly. Yet people moving in from California, and regardless what the rates do, especially, if they go down, prices are going to hold steady for a good while and if anything definitely increase.

Hi Mike, I see you’re posting from Las Vegas. I am in Las Vegas as well. When it comes to multi family, it is practically impossible in Las Vegas to find a deal, and/or a multi family that makes sense compared to the rest of the United States. Not to say that it’s not possible, anything is, of course. The multi families in Vegas bar little to none and those that are available are usually located in rough areas. Very little income that would most definitely not match the mortgage payments. Mid term rentals and regular long-term rentals are a better option in terms of residential family or even condos in certain areas.. Even still going on Vegas, but it all depends on your financials and what strategy want to employ. I currently do mid term rental and it’s been going pretty well. I can definitely explain more for the city of Las Vegas. Otherwise, welcome to Bigger Pockets Lead and I wish you the best! 

@Stephen Sokolow Youtube! I dont have a specific person I follow. I just gather tips and concepts and learn on my own and apply it to my market. If you are in Vegas feel free to DM me.