All Forum Posts by: Marty True

Thanks for the info. With regards to the actual number in the monthly income calc, can you be specific about the math there? Also, have you made any preliminary inquiries with the city about short-term licensing?

Hi @Isaac Chun - how did you arrive at the monthly income and how did you arrive at the purchase price? 

Have you made an offer on this house for $200k? If so, was it accepted?

The whole calc is based on that monthly income so I'm very interested how you came up with that number.

Aloha @Mike Neubauer! When you say "multifamily" can you elaborate on size? Anything on the residential side (2-4 units) is going to be pretty much all in 'D' neighborhoods with 'D' tenants (as far as in metro Vegas). There are some opportunities in the larger (commercial) MF class if you're interested in apartments. I can't speak to Henderson on MF as I personally don't care for that area.

Always interested in connecting though. You never know when you might find a good partner for a bit larger deal than you can do on your own. Feel free to hit me up when you're in town!

Hi @Glenn Gayet I think we'd need a bit more background on you before any of us could speak to "setting yourself up for success" however, the commercial market here in Vegas does currently have a good bit of opportunity (much more than the resi market).

Also, as a commercial investor that recently transitioned to the Vegas market, I have had some interaction with commercial brokers/agents here and I will say that there is definitely room for those that want to stand out as rockstars. There are some gaps that I've identified in what I typically look for in a broker/agent so definitely room for more talent here.

@Nick DePrizio I recently transitioned to Vegas from Miami Beach myself. To better answer your question, it would be good to get some further info as to what type of investments you're looking to make. Are you looking for SFR's? MFR's? Commercial? Are you looking for flips or buy and hold? Are you looking for turnkey or value-add?

What I've learned is to pretty much stay away from the areas to the immediate East of the strip. Southwest is the hottest/newest area and is up & coming. Northwest is nice and has some good areas. Northeast and North Las Vegas are hit/miss. Southeast has some nice areas. Summerlin is... Summerlin (always a good/safe bet). Downtown has some great opportunities, depending on what type of investor you are. It also has some areas to stay away from.

Hope this helps, good luck in your transition!

Well, I've spent the last couple weeks deep diving the current Las Vegas market and after meeting with multiple realtors and looking at various angles/sub-markets, there simply are no "deals" to be had from the current MLS.

Off-market deals are even hard to find or create simply because home prices are reaching an all time peak and homeowners that aren't really thinking of selling are not interested in offers because their worried they wouldn't be able to find replacement housing that they can afford.

So for me, back to my primary and favorite class - Commercial - there are deals to be made and deals to be had. I'll be focusing on commercial opportunities here for now.

@Michael Robbins thanks so much for the recommendations! That's always one of the biggest challenges of moving into a new market... Finding quality/trustworthy contractors. Much appreciated!

Hi @William Brown congrats on getting your agent license! I just transitioned out here from Miami so I am working with a couple agents. Being new to the area or being an out-of-town investor with little knowledge of the regional areas is always good reasons for investors to work with agents.

And here's my personal opinion of how agents could help me the best...

First, to simply be investor-savvy. Understand that we look at properties differently than homebuyers. We will expect a certain level of information so don't make us beg for answers to questions that every single investor always ask. 

Understand that we will be more "high maintenance" during our search because we will likely want to look at more properties in a day and for many days. We are not looking for our dream home, we are looking for '$$$' so it's sometimes less easy to find a deal than for a homebuyer to find something they love. We might even be looking for more than 1 acquisition at a time. So in the beginning you may put more time in with us (without getting paid) but it pays off in the long run because if you find us deals, we will keep using you. AND you will normally get paid twice for every property you help us acquire because if you're treating us good, we will also have you list the property when it's time for the disposition or to place tenants.

And don't be a "set-it-and-forget-it" agent with investors. Don't just setup search alerts for us and then wait to hear from us with requests for showings. Throughout your week, knowing our criteria, do some alternative searches on your own and actually search out deals for us. Also, most of us love off-market deals so get good at either sourcing or having good relationships with other agents/brokers that source them, and feed us!!

Hope that helps and good luck on your exam!

Having recently transitioned to Las Vegas, I am in need of sourcing reliable and quality contractors for my real estate investments - both for flips and holds. I would be eternally grateful for any recommendations from the BP community in the Las Vegas area for such contractors.

I'm looking for all trades and GC's although we will normally GC our own projects. Thanks in advance, for your recommendations!

I think there are some deals to be had and can get in the 1% (+) rule... 

Non-owner occupied SFR's that are off-market and have a bit of deferred maintenance or outdated, with low rents or less than great tenants. Those are the properties that I believe can be great deals. With regards to turnkey SFR's for rentals, I agree that it is difficult and hard to get the 1% rule.

Personally my strategy, regardless of market/region is to not compete with homebuyers for assets. So I typically look for properties that they're passing up.