All Forum Posts by: Justin Ignacio

@Palani Wright where and when is the meet up?

Hey Las Vegans/Nevadans,

I'm reaching out to get recommendations on investor friendly RE attorneys in Nevada. I'm a newbie working on my first land deal and I'm in need of assistance with offer letter review, purchase agreement review and some deed work. I also do free lance cold calling on upwork and I'm looking for a legal opinion on required business licenses/tax liabilities. Down the road I'd also need assistance with restructuring my LLC and asset protection.

I've googled and reached out to 7 attorneys so far.  I've consulted with two of them and neither really understands wholesaling/investing.  I'm wayyyy to small for them to be a good fit.  I've also read through the previous BP posts and so far I've seen Kania Law and Roger Giuliani recommended.  I'll be reaching out to them today but also wanted to make a separate post seeking recommendations.

Thanks for reading!

Justin

@Sergio Vega good to know that flippers/buyers are still active.  Thanks for the info.

@Jordan Murrell sounds good to me!  Looking forward to chatting.

@Braden C., thanks for the insights.  I'll keep your tip to target vacant properties in mind.  I'll have to study up to be able to estimate rehab costs based on pictures/videos alone but I think in the long run, if someone learns that skill, it will be extremely useful even after COVID.

Also checked out your website.  Definitely something I'll keep in mind as well.  Thanks again!

@Mark Freeman

Thanks for the insight! I've picked up a theme from all the podcasts/books I've read so far. It doesn't matter what your business model is (wholesaling, flip, buy and hold, BRRR etc.), EVERYTHING depends on getting or creating a deal. I'm working to figure out that problem set in a repeatable manner and I appreciate help/encouragement.

Hey Everyone,

I'm looking to get started with wholesaling and I've learned from previous businesses that getting input from more experienced folks saves time, frustration and $$$.

My goals are two-fold; 1. Find a deal for myself to owner occupy/live-in-flip, 2. Set up systems to generate cash flow from wholesaling to eventually transition to buy & hold investing.

Here's my plan so far:

Target Properties:

• - SFR
• - 3 or 4 br
• - 1200-3000 sq ft
• - built after 1990
• - $350k ARV or less
• - A-/B Neighborhoods (Northwest, West, Southwest, Henderson)

I realize that there are probably more deals in C/D class neighborhoods but with COVID-19, I anticipate an increase in opportunities to help distressed property owners in A-/B areas.  My hypothesis is that cash buyers/flippers will be more willing to take a risk on a deal in these areas than with a deal in a C/D area especially with the uncertainty of COVID.  Additionally I see more potential in the long term if I can figure out how to generate leads and establish deal flow in these areas rather than in C/D areas.

Speaking of leads, here's how I'm planning to generate them:

• - MLS - Already set up an automated email filter for the MLS with a RE agent
• - Craigs List - reach out to landlords posting on craigslist and see if they'd be interested in selling instead
• - STR Listings - reach out to STR owners and see if there's a deal to be made
• - Facebook/instagram marketing - I've seen good results with my other business using digital ads, I'm going to set up a fairly small budget and tinker around with ad copy to see if this is worth it.
  - Driving For Dollars/Handwritten direct mail - not scale-able but I've got time and hustle
  
• - Networking - if you're reading this, it's already working!

I'm also interested in learning about probate and tax sales.  If you're knowledgeable and have a way that I can bring you value, please reach out.  I'm willing to hustle to help you if I can also learn in the process.

All the gurus say to build the cash buyers list; my hypothesis is that if I can get a good deal, finding a buyer will be easier.  

I've got a lot to learn (negotiating skills, estimating repair costs, how to assign a contract, etc.) but for now I'm just looking for feedback on my plan at the big picture level.  I know there is a lot of uncertainty with COVID but I might as well start learning now.  

I welcome constructive input and local insights.  Thanks in advance.

@Cliff T., Thanks for the insight, you've framed my situation into a simple, easy to process way to think of it.

@Account Closed, Good insights into HOAs. I can't add a ADU/MIL unit. My current house has an HOA that wouldn't allow it and there also isn't sufficient space on the property. I know logically that staying in my current home and renting 3 of the rooms is the best bet financially but frankly the older I get the less I'm able to tolerate roommate situations. Roommates are an option but I also wouldn't learn nearly as much about real estate investing if I just rent out rooms. I love your creativity and thought process though! Thanks!

@Account Closed I'm not a big spongebob fan but those are some wise words.  My point isn't that I'm set on finding a way to buy this particular condo, but rather that I'm set on finding a way to invest profitably in real estate.  Thanks for the words of wisdom.

Thanks everyone for reading my post and offering input.  It's amazing that there's a community out there willing to help a complete stranger!  This is AWESOME!

@Account Closed, I acknowledge your opinion but I respectfully disagree with the conclusion.  I'm here to learn more and take the right actions so that I can find a way to succeed as a real estate investor.  I'm not here to find cheap rent.  Quoting from everyone's favorite business book, Rich Dad, Poor Dad, "Don't accept 'I can't afford it', ask yourself 'How can I afford it'".  So instead of "I can't afford a $160k condo, I'll just rent instead" I'm going to focus on "How can I afford a $160k condo" (And I'm learning! - The answer is don't buy it for $160k!)

Also I'm confused.  In your first post you advocated for selling the house.  In your second post it seems like you're saying selling isn't worth it after commission, sales costs etc.

Thanks!

@David Barnett, awesome questions!  This is why I come here!  I don't know the answers but at least now I know what questions to ask.  I'll go do my homework to find out.  Thanks!!!

@Bill B., New job in 8 months.  I'm transitioning career fields so there will be a definite pay decrease.  I've lived in my current home for the past 4 years so I'm all good there.  

@Account Closed I appreciate the input.  However if I sell my house and don't buy the condo, where do you suppose I live?... Just curious, what's your RE investment background?  Are you a Vegas local?  It helps to know someone's previous experience before taking their advice.  Thanks!