All Forum Posts by: Mark S.

Your numbers are off and you are POORLY misinformed. My PROFIT is 14K a month.

Last year I made around 170K in rent revenue. Based on your logic, I would make back my investment in 10-12 years. I'm still pretty young, I can wait that long standing on my head, maybe you can't. Patience is a young man's game some say.

Your remind of a guy I knew. I remember starting one of my internet companies in 2003 with almost no money invested. I coded and designed the whole thing. I was basically a kid. A partner I had pulled out in 2005, told me it would take 10-15 years to make our business huge. He left in 2005, I stuck around and kept it going, I sold the business in 2017 for millions and began my investments.

And yes, the equity is REAL. I sold a condo last year, that I purchased in 2018 for 145, for 270 - as is.

Not everyone can buy how I buy because you need the money to do so. My day job allows me the salary to do so. Some invest in stocks, crypto, etc. I invest in real estate and small businesses. 

I have a family to think about. I could go to my grave tomorrow with no worries, because my wife won't have any mortgages, loans or liens to worry about. She can focus on our kids, not scramble for work, and has a full cash flow raining in. That's my main motivation more than anything.

Las Vegas is crazy too. I'm a cash buyer, either all up front or 50-60% down - and it's nuts out there. I currently have 10 free and clear.

I'm trying to get an eleventh. I put in offers and others start bidding over list and push me out, sometimes over list by 15K - and usually investors from Cali.

I was lucky to start buying in cash in 2018. For example, townhouses I bought for 240 and now going for 380, condos I bought for 170 are going for 265. Another townhouse I dropped 270 on is now nearing 430.

It's become near impossible for me to buy straight-up in those higher-end areas, because prices are nuts. And I say nuts because 20% down on most properties are nothing, because you lose money even with top market Vegas rent. Right now I'm looking to drop as much as 140K down on my next one and pay it off in full by next year, but I keep getting outbid. I went 6K over list on the last property I place an offer on and I was still outbid. However, I only target the hotter areas in town, because I only want certain types of tenants and very high rent revenue - plus guaranteed equity increases from year to year - all of which I've obtained on my first 10.

Personally I always go with better markets, high demand areas with expected future equity increases. On the other hand, I buy in cash or pay at least 50-60% of what I'm buying and pay it off that year or the next.

So far I have 10 properties free and clear and bring in around 14K in rents per month (168K annually). I'm in talks right now for number 11, which I submitted an offer on. If a deal is reached, I'll be putting down at least 130-140K upfront and paying it off fully next year.

I have a high paying day job. One day I won't - and when that day comes I don't want to have numerous mortgages hanging over my head. That's why I buy the way I buy. It's more of a nest egg when I don't want to work any longer - and a cash-out when the times comes to retire.

Also, my equity has skyrocketed with the crazy market. I mean, I have condos I bought at 140 going now for 250+, townhouses that I got for 250-270, going for 350-450. My equity growth has been as mesmerizing as the cash flow. And I only started buying in mid-2018.

The same. I wait until the property is vacant, clean, fix anything that needs fixing and then rent. I remember being a renter when I was younger and dealing with showings when the owner put the condo up for sale. It was annoying as hell, because the realtor would sometimes show up without notice. One time I was sitting on the toilet with the door wide open - and this bathroom faced the front door. All of a sudden the front door opens and the realtor walks in with these two elderly women. As we locked eyes, they got scared to death and ran out of the place.

I think you are being a little too harsh here.

From Friday to Monday, we agreed to all of his demands - void out the remainder of the lease, agree to return deposit, agree to return other fees. On Monday he demands to get everything in writing, we email everything in writing. His side is satisfied. 

Then "1 hour" later, he turns around and says now he's not moving, the smell is gone and says we can't get rid of him as long as he pays his rent pursuant to the lease (this was emailed to us in writing). The guy is nuts, nobody was trying to get rid of him - he was demanding to get out of the lease and sent a 30 day notice to vacate, we agreed to his demands. 

Now we're like "what do we do" - have him there for another 10 months and deal with this madness or try to evict, which could play out for months since he's paying his rent - and the courts are severely backed up right now.

We even sent a "fourth" plumber to take a look at the problem on Monday, because as of Friday he claimed the smell was still there - and then the plumber called to tell me tenant didn't answer his door or the phone, plumber waited around a bit and eventually left. A service call I have to pay for, this time for nothing.

I have one agent telling me to do everything to get rid of him to avoid months of issues and another agent telling me to ride out the lease and then refuse to renew.

He did put in a 30 day notice to vacate. His mother talked him out of it, from what she said.

Now the tenant is claiming the smell is back and is likely due to water getting in the walls from the toilet that was fixed and he wants the walls gutted and repaired, because he feels there is mold there.

At this point I told the property manager to honor his 30 day notice to vacate, that his deposit will not be held against him and he can go.

Now the tenant is claiming the smell is back and is likely due to water getting in the walls from the toilet that was fixed and he wants the walls gutted and repaired, because he feels there is mold there.

At this point I told the property manager to honor his 30 day notice to vacate, that his deposit will not be held against him and he can go.

 After I agreed to let him go, and the toilet was re-adjusted with a new wax ring, the smell seems to have miraculously vanished with no further complaints (as of yet).

Vegas has a severe rental issue right now. Not enough inventory. I have on property I'm going to fully remodel in the coming weeks and three people have already asked to be on a waiting list to submit an application to rent it out. It not be a smart move for that tenant to leave at this moment in time. That place will rent in a snap.

Same issue here. He verbally badgered the plumber to that point where he told his company that he doesn't want to come back there. He kept telling the plumber "you will be my witness in court" and the plumber kept saying "stop trying to involve me, I don't want anything to do with this."