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All Forum Posts by: Maurice Smith

Maurice Smith has started 23 posts and replied 202 times.

Originally posted by @Spencer Cornelia:
@Maurice Smith I'm at the gym right now near rainbow and lake mead. If this area is a D, the Hamptons and Bel Air are a B.

 Lol man thank you that’s How I fill...  if you ever get the chance, you should go check  out that “ Lo Lo chicken and waffle” spot  up the street it’s bomb! They got one other location in Dallas 

Originally posted by @Account Closed:

Review Journal reported today inventory has SOARED.  Could it be or just a false warning.  The affordability thing will come into play sooner or later or even now.

 The market always slows down at the holidays. The rising of the interest rate and the mid term elections helped make it slow down even more. That does not change the fact that Las Vegas has the lowest unemployment rate in the country. They will add over 300,000 residents over the next 3-4 years. The market slowed  down and it will fire back up after the holidays . In 2008 homes in Vegas were selling for 250-300 per sqft... The average per sqft price in Vegas right now is about 150 wich means there is definitely room to go up we’re no we’re close to the top ... Las Vegas is the most undervalued city in America , and that’s why everyone is moving there 

@Account Closed yea I read  that aswell over 7000 sfh are on the Las Vegas market with out offers, that’s terriable... it’s totally opposite for small mfh though , there are only 48 listing for 4plex on the market for sale in LV ... 

Originally posted by @Account Closed:
Originally posted by @Maurice Smith:

@Account Closed if there is any it’s not comein from me 

You sure?

Positive , Stop using so much lotion and get some tougher skin bill lol 

@Account Closed if there is any it’s not comein from me 

@Tony Monarrez yes pm me if interested 

@Brandon Rodriguez there’re is no disrespect , no body gettin blasted at all on this post... that will not be tolerated. Everyone has the own opinions which is why I started this post not only for me , but for the people with no voice or to scared to put there self out there to the world. This is a real good thread. I didn’t expect to get this much valuable feed back in only 1 day It’s all greatly appreciated 

Originally posted by @Casey Powers:
Originally posted by @Maurice Smith:

@Casey Powers what did all the good 4 plex untie that actually made money for your clients have in common? What set them apart from the rest? 

There was only 1 that I have personally managed, and 1 that my former broker had (which I also helped with so I know the story). 

As stated above, they were bought cheap as distressed properties full of squatters. Then they were repaired and re-rented. The one I manage is a little creampuff 6plex now. It was a mess when I got it, right after owners bought it. I evicted the squatters, oversaw the repairs, placed tenants. I’m pushing 3 years with it and didn’t have any turnovers until this past August. 

The owners are great. They let me do my job and get repairs as needed. We’ve had few repair issues since the initial rehabs. They are also willing to invest in a bit of preventive maintenance, which helps keep repair costs down. I have a vendor who changes air filters every quarter, and we get HVAC cleaned once a year, dryer vents, little things that don’t cost a lot but help prevent bigger expenses. The owners can easily afford these little things because again, they bought the place cheap. They also could afford to make repairs up front, which helps.  

Also if I might toot my own horn a bit. Good management makes a big difference. Making the effort to properly screen tenants makes a ton of difference - I don’t see many problems with the 6plex because the tenants are good. I have a tenant-custodian there who is worth their weight in gold. They keep the yard clean and help me keep an eye on the place. 

So, what I have seen work is buying them very cheap as squatter lodges, tossing the squatters, making repairs, then renting and keeping up with maintenance. 

What I have seen cost people money, is buying at a premium price and hoping for low repair costs. 

 Very good info thank you for sharing this with me. I really appreciate it 

@Casey Powers what did all the good 4 plex units  that actually made money for your clients have in common? What set them apart from the rest? 

@Account Closed poor people seem to bother you. I’m not sure what’s the deal with that?  I see No need to “ aggressively” raise rents. I can  raise my rent 50 bucks and still be getting paid more then what you would be making off one of your rents. Let’s just say worst case I have to evict a tenant or fill a unit. At 700-800 I would imagine that would be filled within 2-3 weeks especially during the spring/summer months. Another reason why all my leases are renewed during the summer and not the  winter months (when the market is slow  ) you still haven’t told me how you came up with that figure of me being negative $500?