All Forum Posts by: Marty True

Looks like a great time to be a developer!

 Hey @Marc Middleton in this scenario, I don't know if the apartment would lend to the strategy much since the SBA 504 program is a commercial product. And the owner occ requirement is based on business occupancy rather than residential occupancy. But great creative brainstorming on that one for sure!

Thanks @Robert Adams and @Account Closed for the thread contrib - both insightful. So far my experience here in Vegas is that HOA's (or their PM companies) do not communicate very well at all. I've had voicemails and emails into several, with no responses.

Hi @Dillon Eversole Can you shed any light on why the rents are so low? Median for a 2br in that area is around $700/mo.

Hi @Dave A. I echo what @John Warren said as I too am a multifamily investor. However, I just transitioned out to Las Vegas (literally last week) from Miami Beach and the market here is VERY different. This is a market where SFR is definitely a stronger asset than MFR simply because much of the multifamily assets are in 'D' neighborhoods. There are some apartment deals but they're larger (150+ units) and my sweet spot is 10-30 units.

I am just starting to find a couple good realtors and so far my immediate strategy (specifically here in Vegas) is BRRRR of SFR's. I'm going to go for the $200k-$250k houses, light rehab, and rent (furnished and short-term [30 days]). There are some other strategies to be had here but that is likely going to be my first strategy in Vegas.

@Matt Ellis that is a great hack! Thanks for the story on that... Hadn't thought about the storage complex route - that is a great asset class.

@Brian Schmelzlen that is exactly the strategy I was thinking as well... I just transitioned out to Vegas from Miami and I think there could be some of these opportunities out here in Vegas.

Thanks for the chime in!

@Aaron K. I see what you mean... I think there are opportunities on both sides of "50%". Some loan programs would require that you be below the 50% non-owner occupied), while others such as the SBA 504 loan would require more than 50% owner occupancy.

Hi @Aaron K. thanks for the reply! Just curious why you feel it would need to be small? In my experience, from the lending perspective, it is almost always about percentage of occupancy. So it would seem size is irrelevant as long as the percentage restriction/requirement is met.

Hi @Jessica G. - to contribute your original post... I have worked with realtors that are not necessarily "investor-friendly", those that are but don't invest themselves, and those that are and do invest themselves.

My experience is that first, you need to be a "realtor-friendly investor" when looking for your "investor-friendly realtor". What I mean by this is that as an investor, you should have some idea of what you are going to expect from your agent/broker, going into the relationship. Some are aggressive and will be very suggestive once you've given them your criteria, and some will be like the experience you've had where they simply set you up in their tools and "automate the relationship".

You need to understand your own personality and investment strategy and seek to find an agent/broker that fits within those traits. Also, be very up front about what you're looking for in an agent. If you want hand's on, where they will be searching out assets for you within their network or if you just want casual streams of properties to look at when they hit the MLS.

In my experience, I have found that realtors or brokers that work with investors but are not really actively investing themselves, are my best resource. I do find that investor realtors absolutely can be competition to yourself so like I said, my preference is working with investor-savvy realtors that are not very active, if at all, in investing themselves.

This is just my own experience and preferences - hope it helps!