All Forum Posts by: Julian Sirkin

as always I think we're agreeing! but... i see horror stories of CA investors buying a duplex in Ohio that immediately needs more repairs than its ARV and they don't know who to turn to.

so... whatever you do, don't do that!

if you want to get on plane and fly to a new market and build a strong team and then invest and crush it - by all means.

i just never see new investors with that plan! they want to click internet button / make sweet profits!

100% agree on that point, but it's no different than buying a used car from online, going from just what saw there. If a person half-azz's it into anything, REI, an auto purchase, A MARRIAGE, yeah bad results are assured. It does not mean REI, buying an auto or Marriage is inherently bad does it? No. It only means one has to do the steps CORRECTLY, not impulsively.

And don't get me started on OH market, that ham is so over-cooked it's ridiculous. At this point, any who go to invest there are just asking for it. It's not complicated math to comprehend market saturation. When "A" street has 84 restaurants on it, does opening an 85th one seem a great idea? Apparently to some the answer is "Heck yeah!". Sure properties are cheap, so is rents. The % relation is nothing special, sub-par in my book because of tenancy class it garners. No, I like having Nurses for tenants, those with great incomes who in 3-5yrs are buying a place, I high-5 em on way out, celebrate their life evolution. Yeah, imagine that, celebrating a tenant move-out, rough life right, lol. I have July-August move-out's I am signing new lease contracts for here in May, how, because I got great tenants who are super decent to work with, keep unit in great shape, so I can list earlier, pick through to select awesome next tenants, keep the happy-train going. How well does that work in OH? Dirt cheap markets get dirt poor people and make for a dirt property. No thanks.

problem with BP is most answer are FOMO.
You have 100k or 30 million, invest LTR in Ohio
You have 1 mil to 10 mil, invest STR in Smoky

So much no diversification. If you follow single advice from BP answer, you may get bankrupt soon.

Yeah it's funny, I only hear of markets on BP AFTER I have exited that market for acquisitions, lol. Really great for after-the-fact news isn't it, lol.

But hey, I liken it to the Klondike Gold Rush. The first operating from some fact to discover, found all the gold. Than, AFTER they FOUND it all, everyone else heard and stampeded in mass. Who won? Those selling all the equipment and tools pumping people up on hopeium to go "find the gold" lol.

REI is no different; make a strategy that works, get some good deals done, and as it's dying, write a book, make a YT channel, form a "group" and sell masses on chasing yesterdays discovery. My clients ask when will the market be bad for doing REI anymore, I tell em, when you see me writing a book, making a YT channel, forming a "community" and selling the tools, lol.

Best way to get rich in a gold rush is to sell shovels!

The problem I have is I'm not entirely sure where to start. I'm sure there are great options, but many people who are selling shovels!

I work remote, moved to vegas. Have about 50 k to invest, and a solid w2 job that I can work remote. I live well below my means (I rent a room in a 5 br house)...I was / am looking at house hacking, but with how much prices have jumped, combined with the interest rates, even if I get a big house, rent out every room, it still won't cashflow upon moving out, which is a future possibility given my career.

2 Votes

Los Angeles County, California

Quote from @Stephen DeThample:

Quote from @Julian Sirkin:

Quote from @Stephen DeThample:

Sub To is a great investment strategy. It's a popular term now "all the cool kids" kind of thing. I work with people who are extremely successful at it. The thing you must know is, like every strategy, you have to put in the work to find those deals. Most investors and agents who find these deals keep them in-house.

Las Vegas is a great market for rent by the room. The hospitality industry gives you a big tenant pool with solid income. It will give you the illusive cash flow everyone is looking for.

Good Luck!

I'm based in Vegas, and I was looking at buying to do rent by room, but with current interest rates and spike in prices, I wasn't seeing the numbers make sense from a cash flow perspective. What I have been seeing is it used to work, or is a speculative equity play....But perhaps I'm looking at the wrong kind of deals.

If you have suggestions, like fixing something up, then renting out by room, I'm all ears.

Any place to add value will help with the numbers. More bedrooms (4+) will be a good starting point. Adding an extra room or "room" (Curtains or moving wall you live behind). If you are looking in the low end (Under $400k) of the market, you have a lot of competition, so prices are not as flexible.

The best I've seen is a 5 br with a loft that can be walled off for a 6th room at 517 new build in the southwest that dropped out of contract.....With current interest rates that puts the monthly payment around 3700-3800. With utilities included, most nicer rooms are going for around 750-800...Which means after you account for vacancy and utilities it's cash flow negative.

Maybe cause I've been so fixated, I'm missing something.

0 Votes

Quote from @Stephen DeThample:

Las Vegas is a great market for rent by the room. The hospitality industry gives you a big tenant pool with solid income. It will give you the illusive cash flow everyone is looking for.

Good Luck!

If you have suggestions, like fixing something up, then renting out by room, I'm all ears.

0 Votes

Quote from @Steven Foster Wilson:

Quote from @Rafal Soltysek:

Is it good idea to buy now in Vegas or waited out ?... and if yes: SFR or condo/townhouse -- and I am talking from perspective either an investor or " regular " buyer - (first time home buyer)

I think there are always deals to be had. I mean they were still making deals work when interest rates were at 17%.

I think this lacks context. When interest rates were that high, the cost of houses was significantly lower. Enough lower that even with those sky high interest rates, housing was a drastically lower percentage of income.

Are there deals to be had, yes? I'm trying to find a right move for me, but I think throwing around that 17% number without the context of how cheap houses were is a bit of a misrepresentation.

0 Votes

Las Vegas, Nevada

Thank you! I backed out, whick kills me cause that house ticked so many boxes.

My realtor is now telling me I should only look at houses without an hoa, which I'm doing, but I definitely see a jump in price for that.

I know there are sone hoas that have less serious restrictions, such as a 30 day limit, but i just wish i knew of a good way to find out before putting an offer in.

0 Votes

Las Vegas, Nevada

It's 8108 hopscotch street

I'm not sure how the numbers would work for long term rental. It's in great shape, and before I backed out the seller agreed to fix everything I brought up during inspection....

0 Votes

Las Vegas, Nevada

Thank you. I am backing out. I'm just pissed I'm out money for stuff I paid for during the due diligence that proved the agent in no uncertain terms lied in the listing.

Obviously its a small amount of money, but still. More the principle

3 Votes

Las Vegas, Nevada

Hello,
I have a single family house under contract to owner occupy house hack. The MLS listing said, "No rental restrictions", and the house has clearly been an airbnb. There are exit signs posted on the walls, and fire extinguishers on the wall. Dope! Seems perfect.

I got the terms for the HOA, and there is a term on leases saying you cannot rent your lot for less than 6 months, and that "no lot or residence may be leased for hotel or transient purposes"....which of course sounds like it is direct contrast with the "NO RENTAL RESTRICTIONS", which I made my offer predicated on.

Also looking at the financials it seems like these terms were set in 2004 and haven't been updated since, because the date on the signed doc is from them, and the HOA has collected a couple late penalties, but no other penalties besides that.

My realtor seems unconcerned, but for obvious reasons I am. Thanks in advance.

1 Vote

Las Vegas, Nevada

All Forum Posts by: Julian Sirkin

Julian Sirkin has started 1 posts and replied 8 times.

Post: Laid off, 400k in accessible cash, chasing any opportunity. Help me escape the matrix

Post: Trying to find a market to invest in

Post: Trying to find a market to invest in

Post: buying property in 2023

Post: House Hack Question With HOA

Post: House Hack Question With HOA

Post: House Hack Question With HOA

Post: House Hack Question With HOA