All Forum Posts by: Terry Lao

@Kaiser Islam

Below is map of Las Vegas. I'm partial to multi's, as they are limited in supply. Less than 2 multi's for every 100 SRF's. Very few areas that okay, most in bad area and east or north Las Vegas.

Terry

@Manoj Li

looks like you are asking same question by different person 3 years ago.

https://www.biggerpockets.com/forums/712/topics/313560-las-vegas-four-plexes?page=1

Terry

@Adan Solis

My current annual property tax is $1242. My property insurance is about $1k. To lower your insurance, take a higher deductible. Also, never make a small claim, otherwise carrier will raise your premiums next year. 

Current comps are $380k, $367, and $375k.

Terry

@Adan Solis

You are in the ballpark and not out of line with 750, 900, and 1100. However, in this area Maryland and Tropicana, and only area that I have seen, comes with a one car garage. If includes garage, then I would put extra $50 premium.

Terry

@Gerald F.

Below is a snapshot map of Las Vegas from Redfin. Circled in yellow are the areas that I think are best. Notice that most multi's are located in East and North East, and not the best areas.

Drive smart. Not drive around aimlessly.

Terry

@Gerald F.

What day are you going to be in Las Vegas? I have an quarterly HOA meeting on 12-16-19, but will be there the weekend. I do suggest you ask a Las Vegas realtor to take you around. Just driving around but don't know the area seems like a shot in the dark and not efficient use of time.

Terry

@Bill B.

The area is close to chinatown, and it's not a bad area when you consider where most multi's are located. I think rent could be $900-1k. 

Buying a duplex would cost more than a 4plex per unit. Duplexs like link above sold $260k. 4plexs can range from 300-500k, but per unit would be less than duplex.

Terry

@Gerald F.

The below link is for a recent sold duplex that I thought were the best I've seen in condition and location. However, sold for $260k. If you do the math, then would you pay $500k for a 4plex? 

Terry

https://www.redfin.com/NV/Las-Vegas/5061-Ranchovilla-Ct-89146/unit-1/home/29538881

@Gerald F.

I've been investing out of state, in Las Vegas since 2014. My niche is 4plexs due to the financing is same as SFR. Once you go into the 5 plus units, the loan is underwritten as commercial and probably not as good interest rate.

Most 4plexs are in bad areas and in older condition. No such thing as a new 4plex, best maybe remodel. A current search on Redfin results in about 78 multi's available and 5184 SFR available. Basic math shows percentage of 1.5% (78/5184), or for every 100 SFR, there is 1.5 multi's. This mean rare and limited supply compared to SFR.

Small pockets of 4plexs are in Spring Valley/Chinatown (400-450k), off strip/Maryland Parkway (350-400k), east of 95/near Summerlin (400-500k). 

If you eliminate the 4plexs with HOA's, then maybe 25. However, I had both HOA and non-HOA. Normal water, sewer, trash bill, for 4plex is about $250. One of my HOA's monthly is $660, and includes water, sewer, trash, gated, patrols, and one car garage. This I consider well worth the price.

For around 350k, value is in community called Parkway Villas. Can net $400-500 per month with 25% down financing.

Terry

@David Beadles

Hindsight is 20/20. Time for a historical perspective if you had bought about 3 years ago, 4plex located at Carriage Park Villas. This is the 4plex that you mentioned in this post. I'm a good authority on this complex, off Maryland and Tropicana, as I bought in 2016.

I bought for 170k in Apr'16. Today (12/19) recent comps are 367k, 380k, and 375k. My net cashflow are about $800-900 per month. 

Summary. A great purchase. Original tenants are still there. My thought was to fix up when tenants moved out, but they never did. Rents can be increased $200-300 to match market. 

Terry