Las Vegas Real Estate News

Hard Money Lender Sought

One of our vendors is looking for a hard money loan of $40k to pay off credit card debt.

  • 3/2/2 House
  • Comps indicate worth $255k an existing loan of $115k, there is about $140k in equity.
  • They are looking to borrow $40k at 10% interest leaving about $100k equity in the home.
  • Principle & interest over 5 years.
  • Credit is about 550

If you are interested, I can provide you more background and  put together a second deed of trust.

2nd Book Released 

Few Properties MoreA Few Properties More – This was written specifically for you crazy owners who want to manage your own properties. There are a lot of really good tips in there for you. I give away MOST of my trade secrets. Don’t tell my competitors!

Minor Change in Eviction Laws

A bill introduced (SB151) would significantly increase the pay or quit timeline from 5 full days to 10 judicial days. It would also increase the period of time in which the constable has to remove a tenant from within 24 hours after the court order to no earlier than 48 hours. It also changes the method of service for the notices to the Nevada Rules of Civil Procedure or the Justice Court Rules of Civil Procedure. We have not seen that procedure yet.  If it passes, this would have a very minor impact on our investors. Our tenant screening procedures have improved so dramatically that we rarely have to toss tenants anymore. Another reason is that most of our investors wisely sold off those multi family nightmares. Ultimately this will cost investors a month in rent because the delay in filing the summary eviction pushes the lockout into the following month.

2 New Property Managers On Board

We are proud to have added 2 new property managers to the team.

Domynique McJoy

Domynique McJoy

Sylvia McClellan (aka Mac)

New Property Management Feature

The property management software we use offers a feature for reporting tenant rents to the credit bureaus. After about month 3 of the tenant occupancy, Appfolio “pushes” that data to a credit reporting agency. The benefits to the tenants is that they can create another positive trade line. The benefits to our investors is that tenants have more incentive to make rent payments on time. This integration will occur in April.

Is There A Correction Coming? 

There are a bunch of other links, reports and stuff in that link that support my conclusion.

2019 could be the year you unload your property in Las Vegas. I have been preaching this for some time now and here is an excellent web page that adds more validity to what I expect. We don’t anticipate the crash to be as devastating as the last one. There will probably be between a 20% – 30% decline in value. It’s not a total disaster if you don’t get off the train before it crashes. You can always wait for the next station that will come along about 2033. That’s about when Barb and I will get off. If you want off this gravy train now, we can help you. Tenant occupied or not, we know how to get the most out of your property. If you have been with us since the last crash, you know we are here to maximize your investments.

Then what? Everyone has been asking me “What do I do with all that capital gains?”. If you get off now, you can pay your capital gains taxes and put it in something liquid so you can reinvest it after the ambulances have finished carrying away all the dead bodies in 2021.

  1. Invest In Short Term Real Estate Loans – Real estate loans are my favorite because they are secured with collateral. If the borrower doesn’t pay, you get the house back. Our preferred vendor here in Vegas is Skip Reuger but you should do your own homework. It’s best to stay within your geographic area so you can keep an eye on your collateral. For the record, we don’t make money on those referrals AND lending is not our core business. No one will be able to give you an exact date when the next bottom will be. We are predicting in less than 5 years so don’t make your loans longer than that.
  2. Offer Hard Money Loans – There are all kind of folks out there that need short terms loans for vehicles, home improvements and solutions to “country western songs.” Put the word out that you are willing to lend money and people will swarm to you. Make sure you can secure collateral and get it in writing!! Drives me crazy when people call me with a default with nothing in writing.
  3. Jump Into The Stock Market – Good luck. I am the least knowledgeable in this area of investing. We have had success sprinkling a little bit every month on a variety of mutual funds. Consult your favorite financial advisor.

Need help? It’s easy. Call or email.

 Jim Eagan / Broker / Limestone Investments

Real Estate News 2/8/2019

  • 2018 Annual Reports 
  • Expired Contracts 
  • Inspections
  • Home Warranties
  • Lease / Options Have Ended

 


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