All Forum Posts by: Marty True

AirBnB is restricted pretty much all over Las Vegas. What might be a better/safer bet, would be to do 30 day corporate rentals for digital nomads and corp travelers unless of course, you aren't able to block off entire months to rent out while you're not here. Just be very careful if you go down a "daily" or "weekly" route on AirBnB and do lots of research on restrictions/fines.

Really cool way to package manufactured homes but with the size, it seems they would only be appealing to people that are into the tiny house movement or they could be used possibly for low-income or "granny flats" as they state.

https://businesslawlasvegas.com/sellers-real-property-disclosure-form/

I have intimate knowledge of Veer and they do not allow short-term rental and forget about getting a mortgage, they are over the 50% renters threshold and nobody is lending on Veer. Also, the already high HOA fees just got raised at the last board meeting. Nearly impossible to cash-flow at Veer.

@Scott Miller all your points have been the "sales pitch' by every realtor in town but it just isn't happening like they thought it would. Rents are pretty much maxed at market+ at all three of the towers you mentioned and with acquisition and holding costs, it's super hard to cash-flow. 

@Kyle Miller be careful about taking a percentage - this puts you in the realm of "unlicensed brokerage". Getting a flat fee is generally fine (bird-dogging fee) but you may want to consult a RE attorney about accepting a percentage of sale.

@Terry Lao you're right, there are a good number of fourplexes in Vegas. If you don't mind the neighborhoods and the tenant pool that rents in those areas, then you might be able to put off-market deals together - if you are in town and are able to "drive for dollars".

Most all of the fourplexes in Vegas are in "D" neighborhoods and have been historically hard to sell because of that fact. Not sure if that is the reason for what you're seeing but then again, Redfin wouldn't be my choice to get that data. Have you ran a search in the actual GLVAR Matrix MLS, either yourself (if you have access) or had an agent/broker search for you?

Yes, great info @Eric Fernwood it's a bit of a catch-22 though. You said "Strong rental growth is one of the reasons why we believe Las Vegas is an excellent location to invest in at this time." - well, the issue is that the very reason it is a strong rental market also makes it a horrible time to buy. I've had a hard time putting any real deals together because Vegas is so extraordinarily over-valued.

So how can it be a great time to invest when you can't cash-flow due to acquisition costs? If it wasn't for that issue, I would absolutely agree that owning rentals in Vegas right now is a good thing. But the cost of ownership (acquisition), to the point of your report, is too high right now.

@Nick Cikity welcome to BP! I admire your vulnerability right out of the gate. Congrats on turning your life around and welcome to the wonderful world of REI.

My first bit of advice would be to get new "closest friends"!! No, seriously. If you're surrounded by people that are going to be negative towards what you are trying to accomplish, it will affect you.

Now second, all the other things you asked about, the answers are YES! Continue reading/learning; education is the foundation of this exciting industry! Yes, go to REIA meetups and make connections in the markets you're planning on investing in. And yes, if you are self-aware that you are likely impatient and trying to move things along too fast, then you should probably slow down. And congrats for being self-aware, that's a good quality!

So you pretty much answered the question yourself. Keep doing those things, get hungry but stay humble, and immerse yourself in all the great training and fellow investors available here on BP.

 Why not just do a 1031? There's no 10 year hold required and there are no OZ requirements. If the tax avoidance is the play, then I would 1031 all day... Not saying there are not good opportunities with the OZ investments but to respond to this specifically, a 1031 would provide the tax-free gain.