All Forum Posts by: Neil Henderson

Be cognizant of where in Las Vegas you are looking to purchase for a short-term rental. Rentals shorter than 30 days are illegal in Unincorporated Clark County (See Map in Article). It's legal in the City of Las Vegas but requires $500 annual business license from the city. There are also some rules about how far you must be from another short-term rental property but I don't know the details. I would also do my best to stay away from anything with an HOA as they could outlaw your short-term rental business with the stroke of a pen.

Rules on Short-Term Rentals Prove Costly

Thank you to @Joe Fairless, @Benjamin Lapidus, the rest of your team, the panelists and attendees for making this an outstanding event. I learned so much from the panels but it was especially beneficial having the opportunity to meet with all the other investors in attendance. I look forward to keeping in touch with all of you going forward.

Key take away:

I'm dying! ;o)

This is a great REIA Las Vegas investors!

Thank you for the responses @Jeff S. @Dmitriy Fomichenko and @Brian Eastman

I will most definitely consult a CPA with experience in these transactions before proceeding.

If I were to use funds from my SD-IRA to invest in a rehabber's ongoing flips, say 2-4 a year, would the gains be subject to UBIT? Example, rehabber finds a property, he does all the work, I'm only involved by funding the purchase and rehab from my SD-IRA. Once the property has been sold we split the profits 50/50 and my share goes back into my SD-IRA. Versus, using my SD-IRA funds as a hard money loan.

There are market factors that effect the price of real estate and there are individual factors that effect price. Market factors ebb and flow but there are always individual factors at play. Properties listed on the MLS are more than likely going to find a strike price that falls in line with what the market believes the property is worth. There are people that find deals on the MLS, but I would venture to say most of the good deals aren't coming from properties with multiple offers.

However, if you find a property that is off market (not listed on the MLS), where the seller has a higher motivation to sell (divorce, job transfer, job loss, probate, impending foreclosure, etc.) and the property needs work, then yeah, I'd say it's definitely possible to have an offer accepted that's 50-70% of After Repair Value. But it will almost certainly need to be a cash offer or on terms (seller finance, lease options, etc.)

Congratulations!

I would start slow and see how much the phone starts to ring. Keep increasing your mailings until you hit a number of inbound calls you can handle. You don't want to be in a position of paying to make the phone ring and be too overwhelmed to talk to sellers. Then it's just a waste of money.

Microwaves are cheap. Keep the tenants happy. Unless there is more to the story.

I remember hearing a long time landlord talk about tenant proofing and how they preferred either no tub or a tub with shower doors instead of curtains. Too many tenants didn't use the curtains properly and caused water damage.