All Forum Posts by: Victor Gesmundo

Jason your leaving money on the table if you do not have a real estate license. Yes you will have to state that you are a realtor an d have ownership interest. 

I have a house that will be a short term rental in Vegas. Yes the county regulations do not permit it. If your house is in the City zoning rather than the county you are ok. Do need to have a business license.

A friendly Title company can pull down records for you. They can also provide the names for you on sticky labels to put on postcards. But if you really want to reverse engineer it and think about who gets the information first of course it is the bank...who then reports it the late or no payment to the Credit Bureau. It is generally 3 months before the information is available through other channels. Good Luck..and let me know how it turns out.

I have a house that I purchased to Rehab and Flip. The 1298 sq ft house situated on large lot. Had a patio that ran the length of the lot. At the time I could of renovated the inside of the house for $25,000 however I was told that I could convert the patio and make a larger profit ( not ) . Long story short I invested considerably more and got so deep into the project that I am under water on this one.

I just had an appraisal done that came in at $270,000. I purchased the ugly little house for $121,000.

After it all said and done I have $350,000 in the property. In order to avoid a loss and the quickest was to recoup the monies invested is to rent it. I can rent it the way it sits for $2,100 a month. Did a refinance $200,000 so I can get a part of the $$ invested out of it.

Does anyone have experience in the Vegas Market and short term vacation house rentals? What can you expect in monthly gross revenues from a totally renovated 2000 sq foot home.

Ok...having been a lender...both residential and commercial I know a bankruptcy will cause you problems getting a loan. After the 3rd year you are good to get a loan for your house. To invest that may be the same guidelines. The ltc ratio will allow you to buy whatever. In other words you have enough cash to put down to make the lender comfortable in financing your project. Generally they love to get 40% to 50% down. With some history and decent credit you can get 75% to 80% on projects. So.....

Beware with dealing with this person..He is a thief...goes by various names John, Jack, Osh, Cavalari Common..etc..takes your money and then uses it for other purposes..I have a case opened on him at the Nevada State Contractors Board. He took My monies and kept a lot of it did just enough to keep me giving him more..most of the worked performed was poorly done. I have court date set up with the District Attorneys Office and once the investigators know what he has done from the onset he lied to me it will not go well for him. He is not to be TRUSTED with your hard earned moneys. He will soon have a record here. 

Here is a link of what he did in another state.

http://www.ripoffreport.com/reports/specific_search/john%20common

Hi Robert,

You have a good point on the zoning etc. My architect is in the know about this and I will check with him before embarking on a chase without a finish line. I know that a small apartment complex whether built as two plexes or 4 plexes depending on location would be possible. 

All real good suggestions and information. Yes the due diligence is very important. Location Location and Location and demographics, saturation, doors available in the area for rent, absorption, economic impact, job resources, and so on. There are a couple of good economic firms and feasibility study companies that do just that and a group like the Calida with a larger project and deep pockets would use. Much of that research I can do myself.

I am considering building 6 four plexes or 12 duplexes..in Las Vegas, Nevada. I would like to hear from other investors that either are in Las Vegas as far as to the pros and cons, type of renter, and location they think would be the best. 

I was driving down Nellis and came to a section of that street that was all duplexes as far as the eye could see. It was a large Hispanic community with the chairs out on the patio with people conversing and enjoying a nice afternoon....the clothes drying on the clothesline. The houses were kept clean and orderly with exception of the one the one that I went to look at. They were simple construction with either a 3 bed 2 bath and a 2 bed 1 bath side by side. From what I could see...99% occupied or owned. That set me off thinking about building. I have an excellent very reasonable Architect.

Thanks for your comments and information. 

Real Estate Deals are not the easiest to find. 

If you have been looking at property you know that is the case. You don't have the time to sift through the hundreds of available leads every day, do property inspections to determine actual repair costs, run comps to determineARV, see the house at the drop of a hat and get an offer submitted using their iPhone from the house, etc., etc. I have a full-time marketing program running while everyone else is working 9-5. Our hours are more like 5am-9pm!

We have worked our tails off to find properties and keep on it. We have crews that rehab properties. Everybody has limits and we like to offer some of the properties as a wholesale investment to others. This can be a newbie which we will help,. A hands on person that can do some of the work, or an experienced guy that has a crew to rehab.

There are way too many new folks that don't have the expertise to wholesale or the capital to double close. There are also way too many experienced folks and shops who's business model is to prey on new investors. We certainly don't bat 1.000, but the median resale price on the houses our customers buy is 105% of our published ARV and we have the cases to back it. We rarely get feedback that our rehab budgets are off, except for latent defects that nobody could have foreseen.

With that being said here are some pics of the finished properties, what was paid, what it sold for. Proof is in the pudding…

11116 Whooping Crane Lane, Las Vegas NV 89144.

Purchase $194,000 Sold $300,000

http://www.zillow.com/homedetails/11116-Whooping-Crane-Ln-Las-Vegas-NV-89144/6909464_zpid/

4841 Anchorage Street, Las Vegas NV 89147.

Purchase $225,000 Sold $326,000

http://www.zillow.com/homedetails/4841-Anchorage-St-Las-Vegas-NV-89147/7137596_zpid/

4913 Nebraska Avenue, Las Vegas NV 89107.

Purchase $88,000 Sold $142,000http://www.zillow.com/homedetails/4913-Nebraska-Ave-Las-Vegas-NV-89107/6959436_zpid/

So have some wholesale properties you can consider as money makers. Want in…reach out to me.at [email protected] or just pick up the phone and call or text 702-234-9977.