All Forum Posts by: Robert Rayford

Posted Last Year and Still Relevant:.....I was averaging 3-5 calls per day from Las Vegas wholesalers wanting to peak my interest in their deals, most of the time on the same property . lol . Around the 3rd quarter of last year the calls started to slow down then stopped. I know the market out in Vegas has tighten up considerably and the inventory in the Class C and B properties has shrunk, at least for the flipping market. I am wondering if it is do to the onslaught of "real estate Guru's" that rushed to the area to teach their wholesaling systems or the Dodd-Frank Law's fault . I drive through the city's neighborhoods and on any given block I can find multiple properties in distress, zombie, vampire, abandoned, squatted, boarded or any other term you would like to describe these homes. Yes. I understand that there are many different reasons that a property may go into one of the above categories but come on, they all can't be locked up in some weird note issue by a lender that has folded or was foreclosed without proper process. Are all the wholesalers choosing the easy path by posting sign's and banners on poles? Or could it be possible that the Vegas wholesalers top 1% with a established pipeline has control of 90% of the market. And since when is property considered a " wholesale deal " when it is offered at 80% of retail....? I would like to hear from the other investors here in Vegas on what you think on this issue. If you are a wholesaler chime in. 

@Jason R., Very well said !

@Marty True, It is not rented yet. The $800 is the estimated rent based on a rehabbed property. The B.P questionnaire on the marketplace Ad doesn't have a line item for this input. My post does show not occupied.  Thanks for pointing that out.

@Gadi Blumenfeld, There several forms of short term investing, paper flipping, rehabbing, wholesaling and others, not sure where your focused but there are some great deals there in Jax under $80k. If you are a out of Town-er then you will need to rely on the wholesalers and other investors to funnel properties in your direction. You will also need a good Contractor/Remodeler with boots on the ground to physically analyze properties for you. Most of the homes in your target market has tax and other liens on them.  So do your homework on your potential purchases. I keep a small inventory of properties in various stages of rehab or waiting to be rehabbed. If interested P.M me and I will send you a few to look at.

@Gadi Blumenfeld, What is Targeted Market price level?

@David Espana, I sure hope that your borrower is a Licensed General Contractor. I think this is the only way he can make this happen on a extremely tight budget. Building a 700 sft addition and an a additional 700 sf casita in California sounds closer to $210-240k. Take a close look at the construction estimates. As just the fact that he needs to borrow money to pay for borrowed money shows kinda bad planning on his part.

@Jack Middleton, Give Kelly Weyh a call.  She has been a great asset to my. I am also a out of the area investor. She has great resources,  just let her know I referred you. PM me and I will give you her contact info.

@Donald Lindsey, There are multiple ways of starting a wholesaling business. But the bases of all wholesaling is to get in between a seller and a buyer. It takes years to refine your skills to be self supporting wholesaler. As @Christopher Brainard has expressed above, Las Vegas is a extremely competitive market for wholesaling. With all the HDTV shows about this town distress homeowners are a little more savvy and think there property is worth more than it actually is. This tightens the margins of returns. I would consider starting out in the lower risk markets around the country. There are a lot of wholesaling formats that support site unseen paper flips.

@Stephen Polizzi and @Eugene Kemp, I have a property on the market in Florida that is a flood zone AE. The flood insurance on it is $2112. I got such a good deal on the property I bought it knowing the high insurance will hurt the buyer pool. But's that's the trade off for being waterfront. 

@Jack B., Unfortunately you are entering the Vegas market a year late with that strategy. There still some deals to be picked up in the D markets. Of course these are by no means " turn key". Once my ROI's on flips dwindled down to 25% I moved to other markets. The rents should continue to climb through the summer as inventory shrinks. I am not sure about the job market to support higher rents but with the market edging higher the same ratio's will still exist.