Can you walk me through the search engine?
The video here will explain the major features of our investor search engine.
What do your ratings mean?
If a property has been visited, these ratings are dead on. If the property hasn't been visited, the listing may have one or two of these ratings off. This is why we do not allow investors to make offers on properties that have not been visited.
A - The property is listed below anything sold recently.
C - The list price is at market.
F - We don't recommend purchasing this property.
We have 20 years of property management experience and "move" about 4 properties a week. Properties that have not been surveyed are probably off by about $100 as the condition of the property can't be done by desktop. Here are the factors used to determine income:
*HOA Fees - The dollar amount listed publicly.
*Taxes - The dollar amount listed publicly.
This the overall condition of the property.
A - Usually less than $1000 in repairs. Lock changes, air filters & miscellaneous items.
C - Needs carpet, paint & cosmetic stuff.
F - Major structural issues or massive water / mold damage.
This is the most controversial of our ratings. This rating is based on ownership pride in the neighborhood. Also, properties that are on a busy street have a negative impact on desirability. A house could be in Summerlin for example but sit on a busy street so it goes down from an A to a B.
This rating is not based on the racial mix of the neighborhood. There are all white neighborhoods for example that get an F rating because it's full of tweakers. We frown upon investors who ask for specific ethnic neighborhoods and it's illegal for us to even discuss it.
A - The neighborhood is squeaky clean. All the houses are well kept, the landscaping is perfect and there is no debris about. About 10% of our portfolio is in this type of neighborhood.
C - Most houses are in good order but there are a few rebel neighbors who have a non-functioning car parked. About 50% of our portfolio is in this type of neighborhood.
F - Debris is everywhere, cars are on jacks and some home boys are drinking in the driveway. About 10% of our portfolio is in this type of neighborhood.
This is the only rating that is not an opinion. Simply the list price divided by square feet.
How current is the inventory on the website?
We generally add about 60 properties a week to the list of our recommendations and we remove the dead ones about twice a week.
Do you survey all available properties in Las Vegas?
No. There simply isn't enough time to survey 600 properties a day. The majority of the properties we survey are ones we know investors will purchase: 3/2/2s under $200k.
How accurate are your surveys?
Properties that have not been visited are usually off one rating. Properties that have been visited will show a dollar amount in the repair column and an ROI percentage in the last column.
Can you survey properties that I find somewhere else?
Yes. We get special requests all the time. HOWEVER, we will only do special requests about a week before you arrive for scouting or hunting.
Can I make offers on properties that have not been visited?
NO. There could be monkeys lurking in the attic and we don't want to waste everyone's time making offers on a property we wouldn't recommend.
What is the procedure for making offers on visited properties?
In order to make an offer, you will be required to send us proof of funds (bank statement / lender letter), a check for $3k for the earnest money deposit AND your signature to generate the purchase agreement.
What are my chances of getting the property below list price?
If the property is in "A" condition, your chances are nill. 140 properties a day are being snapped up and properties that are in "A" condition usually go about 10% above list. If the property is in "C" condition, you can usually get it at about list.
Why so few short sale listings on your website?
We have found that 90% of the investors will change their mind about purchasing a property as short sales can take as long as 2 years to close. We charge a $500 non-refundable fee to make short sale offers. That fee can be applied to the purchase. We did this to make investors seriously consider making these offers.