All Forum Posts by: Stephen DeThample

Las Vegas is turning into a multi-business city finally.  Sports teams have brought some of that attention.  Mark Wahlberg is bringing "Hollywood 2.0" now that he lives here.  It's all about choosing the right areas for a flip.  

Outside of Las Vegas, any cities that are experiencing growth.  Could be a certain neighborhood that is being improved or just the edge of town.  Flips will always be in demand in homes that are dated but in great areas (San Diego, San Fran, Denver).

Investing out of State is not easy until you have people you trust helping you.  You also need systems in place to get things done.  If it is a flip, You should do a hands-on local flip yourself first to understand how they work.  If it is a long term hold rental, it makes things much easier.  You need a great Realtor <------------ (me) who can help you get information and ideas for your specific goals.

Good Luck 🍀

Use the BiggerPockets rental calculators to find out if you cash flow. They will guide you through the numbers and if you have questions reach out to a real estate agent for more information. The first step is always run the numbers.  If the numbers don’t make sense, there is no deal.  

Quote from @Miguel Suarez:

Hi everyone,

I am new to this forum. I have listened to Bigger Pockets for quite some time now and finally decided to get on here because I current own a home in California, but I want to buy a 2nd house out of state. I was thinking Arkansas, Ohio, Indiana, or Michigan. If anyone else has suggestions on states they have rental properties and is working well, please let me know. I would like to start buying a rental property in early 2024. I just wanted to get started to choose a state, starting looking at it more and hopefully start to talk to get approved for a loan and start to talk to a real estate agent. 

Thanks,
Miguel Suarez

There are good options across the US. Find cities with big enough populations to support rentals. Look at rent prices vs purchase price, don’t worry about the 1% 2% “rules”. Run the numbers including everything! Good luck 🍀 

Chicago Title

Chicago Title is the most reliable. 

Just be aware that it is illegal without a permit. They are currently not taking applicants. So you would be risking $1000 a night fines if caught. There are 9000ish illegal STRs here, I know 3 people who have been shut down in the last 6 months. 

Rent out the extra rooms instead. 

Quote from @Brian Willie:

Thanks! @Stephen DeThample would I need to first have some sort of share account set up with One NV Credit Union before applying? 

 They set up savings account with $20 or something small.

Apply until someone says yes.  Banks have different tolerances for risk.

I have used One NV Credit Union 3 times.

One NV Link

Good Luck!

Mid Term rentals should be done with nicer finishes.  The traveling nurse market has high income and they do not want to live in a property that is beat up or in a "bad" area.  I see these mistakes often.

Good Luck!

Las Vegas