All Forum Posts by: Terry Lao

@Brandon Tom

I saw that you reach out to me, and by all means, DM (direct message). Can give you some pointers from the Las Vegas market. 

I took a look at your profile and this thread came up. From just reading this thread, I could predict many issues and no good outcome. It's been two years, and you might want to follow up and make sure a person cannot lose home entirely due to unpaid tax liens. If I remember correctly, if there is equity, whoever buys tax lien needs to give back certain amount of equity. Just cannot take all equity. 

From experience, the main issue in this thread, is you are thinking with logic, and others have emotion involved. The two don't mix.

@Brandon Tom

You are way over your head. You don't have the knowledge. You don't have the money. Owner is never going to be happy. You are trying to help is your first mistake. 

All the above will result in no one being happy. The expression.........NO GOOD DEED GOES UNPUNISHED, comes to mind.

Las Vegas Aug'20 SFR median price came in at $335k. An increase of $5k from previous month, and year over year Aug'19, increase of 9.8%.

Overall, SFR still going up, inventory going down, and still extreme seller's market.

http://myresearcher.com/glvar-...

Las Vegas Aug'20 SFR median price came in at $335k. An increase of $5k from previous month, and year over year Aug'19, increase of 9.8%.

Overall, SFR still going up, inventory going down, and still extreme seller's market.

http://myresearcher.com/glvar-...

@Moises Turcios

Take a look at the 4plexs for $300k, on the east side. Then these Parkway Villas seem pretty good. 

@Moises Turcios

The key to picking the right investment is information and the ability to analyze the information, and make a good decision. There are only about 40 available 4plexs on mls in all of Las Vegas. It's an almost unbelievable statement, but it's a fact.

The price range of all 4plexs range from 300k to 525k. This is a huge range, and would greatly influence cashflow. A good cashflow of $400-500 net per month is good in today's market. If you bought the higher priced 4plexs with 25% financed, not sure if you can get good cashflow. 

The 4plexs mentioned above is close to strip and get good cashflow. 

@Jay Eubank

There are only about 40-45 4plexs in all of Las Vegas currently available on the MLS. Most are in bad areas. There are some pockets that are okay, but I would not want to live in. The below links are two that I consider okay. However, the listing price would be 425-510k, would make it difficult to cashflow positive. The best time to purchase 4plexs were 2012-2016. Now, it's harder to cashflow even if you added value with remodel and increased rents. However, Jul'20 just reached another all time high for SFR median at $330k.

https://las.mlsmatrix.com/Matrix/Public/Portal.aspx?ID=0-511279248-10#1

https://las.mlsmatrix.com/Matrix/Public/Portal.aspx?ID=0-511279248-10#1

@Pete Woelfel

You got your first question answered. HELOC's do not have to be with mortgage company that holds your first lien/loan. Next, is to find who offers the best rates. I believe all/most heloc's are tied to the wall street journal prime rate, which is 3.25% today. My bank (Fremont) offers prime minus .125% if you open a banking account, which makes it 3.125%. Also look for HELOC's that do not charge closing costs. My rate of 3.125% is in the middle compared to others. You can find lower, but you will need to call many lenders. Big banks like BOA, Wells, etc, will probably won't get the best rates due to their overhead. Local banks and credit unions will give promos, and thus undercut the big banks.

@Dan Chomycia

I put one of my 4plex on market, and got offer higher than comps. It's in escrow now. I'll net about $240k on purchase since Apr'16. My strategy is buy, hold, and sell. My initial sell point was 100k gain, but upped it to 200k, and now its 240k. It's about 600% gain, which is a crazy number. 

Below article describes the Las Vegas real estate market as " ON FIRE "! When the pandemic shutdown occurred in Apr'20, no one expected that the real estate market would recover that fast or be on fire now. In hindsight, Mar'20 SFR median hit all-time high of $319k, but most thought it would go down afterwards. It did go down in Apr'20 to $310k, but went up May'20 to $315k, then Jun'20 to $325k, and now Jul'20 at $330k.

What's in store for Aug'20? Lot's of people buying with low interest rates and low inventory.

https://vegasinc.lasvegassun.com/business/real-estate/2020/aug/06/amid-pandemic-gloom-las-vegas-housing-market-fire/