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All Forum Posts by: Liana Lorico

Liana Lorico has started 3 posts and replied 10 times.

Hello, I own and live in my primary residence in Hawaii and I am buying an investment property in Las Vegas with a DSCR loan, which will be a LTR. Is there any benefit of forming an LLC to put the investment property in? Also, if my residency is in Hawaii, do I form the LLC in Hawaii or in Las Vegas for the Las Vegas property? I plan on buying another investment Airbnb property in Florida soon. I just want to know what is the best route to set up an investment business. Thank you!

Also, would you be able to do an analysis on Condos/Townhomes in Las Vegas?  In a tier below what you currently focus on? (Ex. 1-3 bedroom, $180 to $300k)

Great post! Can I have your link to your blog please?

Quote from @Stephen DeThample:

The majority of Airbnb properties in Las Vegas are illegal and some owners have been fined very large amounts. 

I would make sure you run the numbers for multiple different income models ( mid term, long term, rent by the room) before purchasing a property for an airbnb. 

Thank you for your response! I will look at all the different models as well. 

Aloha,

I am looking to buy a potential Air bnb property in Las Vegas and have a few questions.

1. I was told only Henderson was accepting new short term rental applications. Is this true?

2. Are there any properties in Las Vegas underwritten for short term rentals? Or grandfathered in?

3. I’m looking to buy a 2 bedroom 2 bath condo with my mom living in one bedroom and air bnb the second bedroom, would this be profitable in Las Vegas? 


Thank you in advance for any help! 

@Ronald Allen Barney Thank you. Yes I will continue to network. Hopefully I’ll meet some investors that are interested in Las Vegas!

@Joe Abughazaleh Thank you. I will look into websites like you’ve mentioned. Good idea.

Post: Need direction for first investment

Liana LoricoPosted
  • Posts 10
  • Votes 4

@Bleys Wright Awesome thank you! I’m trying to find something in Las Vegas. Did you buy your properties through a realtor?

Hi Everyone,

I've been looking on Zillow for the past few months for a rental property in Las Vegas.  I used the BP rental calculator to assess the properties for sale for almost every property within my price range. I have not had any luck in finding something that would create rental income with the prices being so high and rent too low. I've also connected with realtors in Las Vegas.

I've reached out and spoke to others on BP who recommended connecting with a whole seller.  Then I read other posts on here explaining that whole sellers already have a selected group of buyers who they sell to and don't waste time on the **smaller fish.**

I do not live in Las Vegas so I can't go around knocking on doors, looking for a deal.  Does anyone know how I can find off market deals?  Or what do I need to do to be accepted by a whole seller?

Thanks in advance!

Post: Need direction for first investment

Liana LoricoPosted
  • Posts 10
  • Votes 4

@Lake Lutes thank you. I’ll be holding onto my property here on Oahu but might rent it out in the future.

@Phillip Dwyer yes! And thank you! I did not even think of rental assistance as an option. I’ll definitely look into that. Great idea. 

Post: Need direction for first investment

Liana LoricoPosted
  • Posts 10
  • Votes 4

Hi everyone,

I am new to BP and new to RE investing. I have a home in Hawaii which I purchased in November 2019 under the impression that it would be my forever home (RE investing wasn't something I knew about). Purchased my home for $660k (on paper) but after all the closing costs it was $710k. Home was appraised at $730k upon purchase. I put down $215k, plus $90k additional rehab costs. My loan was for $445k. ARV should be $830k-$850k. I owe $433k conventional mortgage and $40k HELOC.. phewww!

If I cash out refinance, I would only have access to about $190k at 80% appraisal value. My boyfriend and I have about $50k cash reserve. He has no properties.

I’m looking to purchase in Summerlin/Henderson Las Vegas. My goal is to have multiple properties (of course) but I’m not sure how to start without getting tied up in my first investment. The issue is I’m trying to purchase a condo for my mom to live in (she has no retirement and lives off social security) so I would take a loss if I buy her a condo (right now).

There’s a condo that I’m interested in located in Henderson. 1 bdrm, 1 bath, $140k, little to no rehab cost, rent could be around $1000. From the BP calculator, I would break even. If I buy it for my mom, I would have to pay $500 a month. It’s the only property that I found that I can afford right now and I don’t want to be stuck in analysis paralysis forever! 

However, if I buy this property (either to rent or for my mom) with no cash flow, I wouldn’t qualify for another loan to purchase a third investment because of my debt to income ratio. I need advice, help, direction, anything anyone could offer. 

I am determined, I work 8 hours at my regular job then 8 hours a night dedicated to learn and educate myself on RE investing. I will do whatever it takes to succeed at this, I just need direction. 

I’d appreciate any advice, direction, or anything you all have to say.

Thank you in advance!!