All Forum Posts by: Spencer Cornelia

Since everyone has aired all of the POSSIBLE negative scenarios, let's discuss the similarly probable POSSIBLE positive scenarios. Starting with... - over the long haul, your returns will be greater than other typical asset classes - you get in the game and are officially an investor - establish credibility as someone who has greater than 0 properties, which is better than ~90% of BP - appreciation of 1% or more every year - learning experience which will help you with property #2.

@Tye Foster thanks for the kind words. This game would be easy if it was just purchasing a property off the MLS and closing within a couple of weeks with no issues. But the reality is that many variables enter the mix when you're dealing with people, and sadly, most are out of your control.

Example: I just bought a house in Cincinnati to flip. Everything was lined up to close on November 30th. But the seller's side involved lawyers and a court. And we didn't close until the 10th because of their side needing court approval to transfer title to me. Which sucks because those extra 10 days are included in my HML and I couldn't begin work.

This business is difficult.  Best of luck.

@Eric B. welcome to the community. The Vegas market is pretty brutal if you're only looking for properties that are listed on MLS. It's great experience to do what you're doing, but if you want to find deals to move on, you'll need to go off-market. The Outback has a Christmas mixer tonight if you're looking to network. I'll be there, along with other Vegas investors.

@Brian Serina I wish I would have consulted with you sooner haha!  This was my first deal so I was 'clueless' in the sense that I didn't know exactly what to do for an off-market, seller-financed transaction.  Sadly, all comments on BP threads and common wisdom led me to just go ahead and pay for lawyers thinking this was the best route.  But this is how you gain from "lessons learned".  Cost me some money but I am better equipped to handle deals like this in the future.

@Michael Del-Mundo I actually have mine listed right now so I hope not (which means I sold haha).  Great community and I love living in LVCC, but I have better house hacking alternatives within Vegas that I'll be taking advantage of shortly.

@Brandon Carriere ~4.5 miles which is close but man that Carroll street looks rough.  There are a few streets on the North side with multi families on either side that look pretty brutal.  I may be looking through rose tinted glasses, but my 4plex isn't on the same level as the war zone looking areas that exist in Vegas.  The tenants should be lower working class or at least that's what I'll be aiming for.  My inspection came back as real solid thanks to the 6 months of rehab by the previous owner.  Sounds like I may be starting off in a slightly better situation than others.

@Account Closed when you buy your first deal, you'll understand this business more.  Until then, let the adults talk.  I hope you continue learning and have success in this business.  You're obviously desperate for attention.  There are a lot of people in this community willing to help if you ask for it.  But your comments can and will negatively influence people looking to learn and gain value from this community.  All you're doing is adding useless noise to an otherwise great thread. 

@Maugno M.

Frankie is a troll who has never done a deal.  'Advice' isn't inherently helpful.  Poor people give out financial advice every day.  Criticism and advice are two different things.  I love criticism....if it's valid.  I also love advice, as long as its coming from someone with experience and with my best interests in consideration.

"dont be desperate to get into a deal" -- this implies that I was desperate to get into this deal and that I shouldn't buy a deal with an ROI of ~200%. Given my (lack of) experience, short term and long term goals, and financial position, this deal was a no brainer.

In summary, if the Raiders succeed, which I will say is very likely, this will open the doors for Vegas to become a premier city in the United States.  And that absolutely has a positive effect on property ownership for those of us who own property in Vegas. 

@Casey Powers Sports teams may/may not provide actual jobs, increase traffic, etc etc.  I'm not going to argue those points.

What they do provide is the belief that Vegas is now a real city and not a destination for a weekend.  The NFL is a massive business, and by choosing to allow Vegas as the host city for one of its 32 teams, it's an indication that they believe this city can provide the necessary requirements for a sports team to flourish.  The NFL will not fail.  Add in the MLB considering Vegas as a potential expansion city + NHL team + WNBA team + NBA considering Vegas on its shortlist if it were to ever expand.  It's a no brainer.  Sports team absolutely have a huge positive impact on the economy as a whole.  Just look at the Golden Knights and how their success has brought the city together, provided events, increase foot traffic into restaurants, bars like Jay said, increased tourists visiting, etc.