US foreclosures - Boholt Seminars - NO

Bigfire,
All the comments of thanks are appreciated (esp from Aaron who I seem to forget to thank all the time:( but as I hope everyone would understand by now I don't get anything out of this, I just do not like seeing people ripped off. I didn't expect this to be as popular as it is. My main pleasure is from seeing people stretch themselves mentally, but mainly - this should be fun..

I see caution overseas as erring on the side of quality. Every one of my US buildings that I have not exactly been able to understand why anyone would rent in there have turned out (for me) to be close to disasters.

If you spend a little more I see it as buying insurance. I hasten to say I completely trust Emma's judgement though..

I would be buying, I think (sight unseen of course) what you are looking at. Nicer tenant, bigger CG play, less dramas (hopefully). And lets not forget of course, that even the 'lesser' returns you are getting in the exorbitant $100k+ market (Hey! big spender!:) )would still compare favourably to buying office blocks in Australian cities.

I disagree a lot with something Emma said much earlier and that is the bargain market hasn't got long to go. She may be right with 'bargain' in her eyes, but LV property is going to be netting 8-10% for years, if not decades. In '98 when I went there looking you could still easily get 8-10% returns - certainly not nice areas, but you could get it of you looked hard. Take out the bubble we have seen over the last ten years and the numbers seem almost similar. I think these LV properties have a lot longer legs in them than most people think right now. Just my 'impression'.

If everyone wanted the same thing it would be a very boring world! Green Valley BTW, in a desert sounds a lot like 'Bella Vista' in NSW...:)

I need to have the sewer joke explained.... I thought someone was being rude!
 
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Sewer and gutter explained.... apparently there are underground sewers that run the length and breadth of Vegas - a book was even famously written about a murderer who escaped via this network. People live down there, in theory you can traverse via all the casinos etc and I am sure there must be a fascinating collection of grafitti etc. There had been a thought of going to explore and investigate such matters - but of course that would be highly illegal and we can not in any way condone such behaviour by this esteemed group. That being said, I think it is indicative enough that Somersofters have a brave enough spirit to consider boldly going down the drain in search of adventures, graffiti and the like... although the best graffiti I have taken photos of came from a property on Dulce Ave last week (keep getting back to coffee table book):

"The past is a ghost, the future a dream, all we have is now"
"If you want to change your life, you must first change your attitude"
"Patience is a virtue but hesitation is your enemy"
"There is only one man worth your tears, and when you find him he won't make you cry"
"They say money can't buy happiness, but it sure can buy you a better class of misery"
"Don't be so eager to find out a secret, it could change your life forever"

and on a lighter note.....

"Friends don't let friends get drunk and go home with ugly guys"

Not bad for garage musings......

That being said, once the illegality of the potential sewer trip was explained, there was at least a consensus of humour about a group of somersoft real estate investors being arrested literally down the drain......???!!!???? At least no tigers would have been involved.
 
Hi All

Thank you everyone for this thread, Im in Las Vegas at the moment looking to purchase property.
I visited the IRS office today to inquire about submitting my W7 form to obtain an ITIN to purchase property here.
The story is I dont need an ITIN to purchase property, I only require the ITIN when submitting tax return. Next year (if i have a property/income) I will need to complete tax return and submit it with my W7 form, and then will be given an ITIN.

If you would like to visit the IRS office when here in Las Vegas take the express bus downtown,get off at the Cityparkway stop,cross the road ,its on the ground floor next to the Bank of Nevada Building.Please allow at least 3 hours for the IRS tour.

Id also like to say that both Emma and Yolanda rock, Id rate them up there with Elvis,well maybe not right up there,Elvis is the king,they come close though.

thanks
 
bevk said:
Hi Costa,
in your earlier post you said you had rejected 2 applicants.
On what basis did you reject them?
Click to expand...

iirc, in terms of them being able to afford it, it was too close to call if they could pay the rent, utilities and other living expenses.

i'm back in las vegas now. have a terrible cold and this freezing weather isn't helping.
 
Success

Hi Everyone,

I don't post often but have followed the thread from the beginning.

We just got back from Vegas a couple of days ago will have to add the growing chorus - Yolanda and Emma are amazing. They both were incredibly helpful. Yolanda is an excellent agent and works extremely hard for her clients. Emma was and continues to be a fantastic help and has certainly nailed this market. She is a very inspiring woman, and incredibly friendly and helpful.

My fiance and I had just less than a week to find a property. In that amount of time, we put in eight offers, got a response on three of them, and had one accepted just a couple of days before we had to leave.

Inspection was just completed with no major issues. Closing is still underway, and assuming everything goes well, here it is:

http://www.redfin.com/NV/Las-Vegas/6669-Gazelle-Dr-89108/home/28965262

We weren't looking for too much work since we had to come back to Australia, but this one was unusual even among the ones we were considering in that the carpet and paint was already done. The property was freshly painted and carpeted for a previous buyer (owner occupier I think) who pulled out at the last minute. For not being a flip, this condition is almost unheard of. Now all that needs fixing is a hinge on a bathroom cabinet, installing a garage door opener, as well as few other bits and pieces.

We'll post all the numbers once we have it tenanted so will see what the returns work out to be, but returns look promising.

Thanks again to Emma for making this possible, and we look forward to getting the next one soon.
 
heather_h said:
Hi Everyone,

I don't post often but have followed the thread from the beginning.

We just got back from Vegas a couple of days ago will have to add the growing chorus - Yolanda and Emma are amazing. They both were incredibly helpful. Yolanda is an excellent agent and works extremely hard for her clients. Emma was and continues to be a fantastic help and has certainly nailed this market. She is a very inspiring woman, and incredibly friendly and helpful.

My fiance and I had just less than a week to find a property. In that amount of time, we put in eight offers, got a response on three of them, and had one accepted just a couple of days before we had to leave.

Inspection was just completed with no major issues. Closing is still underway, and assuming everything goes well, here it is:

http://www.redfin.com/NV/Las-Vegas/6669-Gazelle-Dr-89108/home/28965262

We weren't looking for too much work since we had to come back to Australia, but this one was unusual even among the ones we were considering in that the carpet and paint was already done. The property was freshly painted and carpeted for a previous buyer (owner occupier I think) who pulled out at the last minute. For not being a flip, this condition is almost unheard of. Now all that needs fixing is a hinge on a bathroom cabinet, installing a garage door opener, as well as few other bits and pieces.

We'll post all the numbers once we have it tenanted so will see what the returns work out to be, but returns look promising.

Thanks again to Emma for making this possible, and we look forward to getting the next one soon.
Click to expand...

thanks for the post!

just a couple of Qs.

1) there's no fittings - like stove, laundry etc. is that normal in LV? do you supply them for your tenants or do they, like in Sweden?

2) nice looking house - i can certainly see what Emma was saying about the transportables versus situ-built. it's as obvious as night and day.

3) thanks for sharing.
 
Its typical for landlord to supply appliances as part of the house.
So thats washer, dryer, dishwasher, stove and fridge. Disposal units are also typical.

Of the properties we viewed only one had all appliances in place. Most had at least one, usually a dishwasher or stove. Sometimes old or in poor condition - theres also no guarantee that they work :)
 
Okay - just had the scoop on the whole auction saga.... or at least the scoop on how it works Vegas style as told via third party so this must be gospel and is definitely a bit abridged so I can't be sued on this.... :) Thought I would share.

Basically for about $40 a month you subscribe to a list of the properties that are coming up for auction... so far so good.... they then give you the day and date and hour of auction of said properties. You decide which properties you are interested in - probably after doing a drive by of the properties (NOTE: according to person who relayed this, you can not enter the property.... @#$!).. in advance of auction you contact any title agency to run lien checks on the properties - this will not remove them - this will simply tell you how much you will have to pay off and clear prior to resale. After that, rock up to the auction, bid desperately with the 20 or so other bidders, pay for the property and then pay the liens off. Apparent savings below REO prices - est. in rough guess by esteemed hearsay person - about 5 - 10% - obviously contingent on liens, title searches and, as banks bring most properties up to at least code.... the great unknown of property condition.

I can see pros and cons - cons are time and money and pros are that the more you know the market the more you know the streets the relatively less fearful you are of what you will find inside these properties (anything can be fixed for a fee!). The liens still scare me. As it stands, I find about 1 in about 35 properties yummy enough to warrant further investigation - I would hate to have to pay a title company for lien searches only to have to give up on a property due to 30k worth of liens.

My conclusion - those who are playing the auction game are probably flipping and quick at it. My game is longer - I have to care on every property that it meets the crucial joint effort of yield and cap growth.... ultimately I know that I will be the one standing there and showing it to tenants and I know I will be the one pitching it to the next future owner... I don't err too far to either side unless it is a steal and paying title companies and liens off are just a bit too much of a yield slash. That might be a bit knee jerk and so I am withholding judgement as I do intend to at least see the process in work.

Just for those interested.

PS... All I can say of those who have made it over here is that it is just fantastic to have some like minds and Somersofters are just fantastic - I am beyond floored and honored to have met the bold and intrepid who have made it...this is "doable" and whilst I (duh) love this game (the hunt, the rehab, the marketing), sharing experiences and hopefully helping has been just an absolute blast - I am living vicariously through every purchase.... (just don't invite everyone to see the fountains at the Bellagio on a night where there are high winds and no fountain display....YES I KNOW EVERY ROOM IN VEGAS IS BIGGER AND YOU HAD TO SIT ON THE FLOOR AND COULD HAVE PAID ONE THIRD OF THE PRICE FOR BETTER ..sigh.... hey, it's quality not quantity, right???????)
PPS - Janis Jopiin rocks and yes, I know I can't sing......what goes on in Vegas.....
 
Thanks Emma for keeping this thread alive.

I've a general question. Are properties usually listed exclusively to an agent or is multilisting more common?

For instance, are the listings that we get from Yolanda her listings or is this a general list of all available properties?

What is the process if we should find an interesting property on Zillow, but we aren't able to view it in person?
 
Chui said:
Thanks Emma for keeping this thread alive.

I've a general question. Are properties usually listed exclusively to an agent or is multilisting more common?

For instance, are the listings that we get from Yolanda her listings or is this a general list of all available properties?
Click to expand...

I can answer - most if not all the properties are multi listed. If you use Redfin then at the top of the listing it indicates 'MLS' as per this

http://www.redfin.com/NV/Las-Vegas/5875-Rainbow-Bridge-Dr-89142/home/28979792

I use Redfin as well as Zillow as it seems to be the only way (so far) that I can determine whether the property is in an HOA.

Chui said:
What is the process if we should find an interesting property on Zillow, but we aren't able to view it in person?
Click to expand...


I guess that at that point you can engage Emma to fully validate the property and even finalise repairs and tenancies as per her site.

http://selectusaproperty.com/SelectUSAProperty/Welcome.html

I would think that if you are only going to purchase 1 or 2 then actually traveling over to Vegas becomes somewhat counter productive and with some trust can now be achieved via Emma.

Cheers
 
To add.. I spent about three weeks when I first subscribed to the MLS auto list cross checking all the properties that Yolanda sent me (oh me of little faith) with Zillow. They match, precisely. The big difference is that I get them sooner from Yolanda and know that the ones I am getting, albeit for only one hour or so are available at that time. The list Yolanda sends me excludes HOA's and of course meets all other criteria.

I have thus got to the point where I don't use zillow or red fin for anything other than verification of recent nearby sales, past sales history etc...ie my go to due diligence starting point. They are the equalizer to all information but can't ultimately surpass the MLS listings. I get every MLS addition within the hour it is listed emailed to me directly and I have (bless her cotton socks), dragged Yolanda out at midnight if something is yummy. Zillow for availability at crunch time isn't fast enough but for research and honing your requirements... Can't be beaten.

Hope that helps.
 
Emma,

what is the commercial aspect like in Vegas? We're going to start investing in a couple of months once we move over to Canada and I was just musing about purchasing commercial property as well as family homes.

Do you see a profit to be made in holding commercial stock in one's portfolio, especially in a place like Vegas? Or do you think that houses carry the most weight in terms of returns?
 
Here is a nice one:
http://pld.propertyline.com/search/emarket_report/385562/




Origin Business Park
7355 Prairie Falcon Bldg #7 Las Vegas NV 89128


8,620 SF perfect for Medical / Dental practice, Financial Services, or General Business's looking for Multi office unit with Conference Room, Reception Area, and Kitchen / Break room. Space also has large Bull Pen area that currently has removable cubicles.


Features:
$0.40 PSF
Ready for Occupancy
Easy access to I-95
Minutes to Mtn View Hospital
U.S. Post Office around the corner on Tenaya
Furnished Conference Room
Most offices furnished
Ample Tenant parking

Located just north of Smoke Ranch & Tenaya in the Las Vegas Technology Center. Part of a 9 Bldg Professional Complex with a very nice common area with Gazebo.

Phil Davis / Broker

PHD Properties, Inc.
3225 S Rainbow Blvd #206
Las Vegas, NV 89146
Tel: 702-873-1167
[email protected]
___________________________________

I should possibly explain:
An attractive, relatively high end consumer health strip renting at 40c per square foot (asking price!) would suggest the commercial market is not exactly super hot right now:)

With 15%+ returns in residential why would you bother? Leave them for the GR's out there:)
 
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Devils advocate hat on so bare with me..

Being the pessimist that I am...theres a high chance that I won't buy a property in LV in the coming weeks I arrive. Unlike others I dislike the notion of buying under pressure..that pressure being the amount of time I have in LV... I can see a few folks are succumbing to this for very good reasons...but I have to ask...if you were to buy interstate in AU....would you be so spirited with your actions and choices?

Getting time of work, being away from loved ones, heavy time restrictions and all the other wonderful responsibilities we carry with us to LV are clouding our judgements...Like anythng Im hoping for the best ...but I'm planning for the worst.

I won't buy out of haste merely coz it's impossible to get time of work, or because it cost a lot to venture a field, and that I've never been overseas...I'll buy only if makes financial sense to do so...I hope others feel the same.

Rant over :)
 
Reeco - I think you would be surprised at the number who would fall into your category - ie come, look, investigate, get to know the lay of the land and then make decisions. I think not precluding anything "yummy" but still - I am the first to err on caution - I am HIGHLY aware that any property someone buys not only has to make good sense but more than likely I may end up renting and potentially fixing - it isn't in anyone's interest to rush into "just anything" and I seriously had the debate if I'm not overly choosy......hmmm.

Well that being said - 1099's - they sound freaky but a few matters - at $15 an hour, there aren't that many people you are paying over $600 to. Lowe's and Home Depot are another matter. I use Quickbooks and just set them all up as I set up a new vendor - not that painful but yes you do have to send out your little forms. I am hoping that the Home Depots and Lowe's of the worlds will be the ones who harrass Congress at the waste of paper and time and effort this is causing. Our best bet is to clog the system with paper and watch how quickly it is repealed. I delight in being anal on this one.
 
Cheers

Hi there,
I had been to a Dymphna seminar (freebie) yesterday and the day before, and being a bit cynical have been scouring the internet for alternative experiences.
I came across this thread and have been riveted to my chair since.

Just wanted to say thanks to you all - esp Emma for your insights and good humour, I have learnt alot on the last 50 something pages.
 
Itin

Lizzie
Most welcome - ha a sense of humour is the most valuable asset you have to have (although sense of humour failure about to occur as STILL no electricity in my beautiful burnt hovel but fingers crossed for inspection pass this week! - Moat is now covered)...

Still had a few people talking about ITIN so as we have ALL learnt so much from this ignore my earlier statement of rushing off to try and get one - you seemingly can't (see below) and you don't need it any more than you need a US bank account (well in LV) to purchase a property - even if you do get a Section 8 tenant, even if you do need to switch on utilities etc - the first precedent to prove this (and I wasn't sure it would work as you don't get more Government forms required than getting a Section 8 tenant in) is a very very happy tenant in her lovely property.

SO - ITIN - how do you get it? Well, to reiterate what someone who waited 3 hours at our local Vegas IRS branch said - you don't - until you submit your first tax return. You will fill out your tax return, attach a W7 to that at that time and post all off to IRS. Don't forget to claim all your itemized US deductions - including airfares and meals if you visit your baby, and sales tax if you are in Nevada and don't forget, for 2011 (hopefully it will be repealed), that if you have paid any one individual supplier over $600, you will (or should) send out 1099's to them and attach those to your US tax return. The 1099's isn't as hard as it sounds and if you are using a property management company, they would cover that aspect for you.

Of course absolutely nothing that I write means that I am a CPA, lawyer or offering specific advice etc... waiver, disclaimer, etc..... please please please seek the advice of those as your situation dictates.

This is from just being on the ground and putting theory to practice... one step at a time. Each state could be completely different and this may well pertain solely to Las Vegas

Cheers,

Emma
 
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