All Forum Posts by: Terry Lao

@Courtney M.

Yes, you are missing something. You got to do your home work. You are correct that most are in bad areas. There are pockets of good areas, east of 95 freeway near Summerlin 450-550k, Spring Valley near Chinatown 450-500k, and behind MGM casino off Maryland/Tropicana (350-400k). 

I own several 4plexs, east side and behind MGM casino. In hindsight, I just should stay in the areas that I mentioned.

Below is a map of areas that I mentioned.

@Courtney M.

If you are trying to cashflow SFR's you will not. You need to be looking at 4plexs. However, there are about only 90 multi's (duplex, triplex, and 4plex). However, the best is 4plex, but there are only about 37 4plexs. Then when you filter the desirable and non-desirable areas, there are only a handful. Then comes price point.

call police and have lease with previous tenant in hand. When the squatter says that she has right to be there, police will ask for proof.

@Janice R.

You can market your property for both, regular rent and section 8. The website link is free, and can post ad to see what kind of reply you get.

If it's a condo/townhouse, then it's possible that you will get section person with voucher for $1k or more. Most vouchers are around $900.

https://www.gosection8.com/Section-8-housing-in-Las-Vegas-Clark-NV/

@Jacoby Atako

I have one 4plex that is normal rent paying and the other is all section 8. Pros and cons with each type. 

The 4plex with all section 8 since Dec'14. First your units need to be repaired, maintained, and pass section 8 inspection. From the time you have potential section 8 tenant view and submit application, it can take 30-45 days. The frustrating part is when your apartment does not pass inspection, as a pipe leak underneath sink can fail inspection. Then you will need to get leak fixed, reschedule time to get inspector out to re-inspect, and then continue with section 8 process. However, one done, then rent direct deposit the first of each month.

@Janice R.

I have a 4plex that is all filled with section 8 tenants. However, the rents are about $800 per month. One, section 8 pays 100%, and the other (3) tenant pays around $170-180, and section 8 pays the remainder. Section 8 will get higher rents by 15-20% than market. You unit needs to pass initial inspection, and annual inspection. Tenants need to take care of unit and meet income requirements that are regularly checked.

The problem you have is your property is SFR. Most section 8 tenants don't have a voucher that is $1200-$1500. Most have vouchers for 2 bed/2 bath for around $800-900. Also, section 8 is average or below living accomodations.

How much does your SFR rent for?

@Lori Agajanian

I just did a search for 4plexs on Redfin, and brought up 35. It is hard to believe there are 35 4plexs on MLS without offers in all of Las Vegas. Same search for SFR resulted in 4598. On first thought, it would make sense to build your own 4plex. However, when I first thought about this idea 2-3 years ago, you must buy the land first, calculate around $120 per sq. ft to build, and have to deal with all the permits, contractor, lenders. Like Nicholas said above, the time to build would take several years.

Most 4plexs are in bad areas, east and north Las Vegas. However, there is a small pocket that are good areas, Spring Valley/Chinatown around 400-450k 4plex, east of 95 near Summerlin 450-500k 4plex, and behind MGM casino, Tropicana/Maryland called Parkway Villas around 350-400k 4plex.

@Janice R.

Are you looking to 1031 to SFR or Multi's (duplex, triplex, 4plex) ?

Las Vegas May'20 SFR median home price is $315k, an increase of $5k from Apr'20 of $310k. The article below summarized, lower sales volume, increased inventory to 4 month supply, and $315k median SFR. This is an improvement from April, and could extend into June. Vegas strip is slowly opening, but at least opened.

https://vegasinc.lasvegassun.com/business/real-estate/2020/jun/08/las-vegas-home-sales-cut-half-because-pandemic/

@Mayson Madden

I have used HSA and Choice Home Warranty. The difference is choice home warranty services all 4 AC's, while H.S.A. limits to 2, unless you pay more. Note, the seller should pay your first year. You should request that in your contract, unless your agent did not put that in your contract. 

https://www.onlinehsa.com/

https://www.choicehomewarranty.com/