Frequently Asked
Questions
- Do I have
to have a lot of money to get started investing
in real estate?
- What should
I invest in?
- What
do you think about the highrises?
- Can I come
work for your team?
- I know that
I want to buy a New Home. Should I go to the
track offices before meeting with an agent so
that I know what I want?
How much money you need to get started in real
estate depends on 2 factors; how you are financing
it, and what type of investments you would like
to make. If you have exceptional credit (well
above 700), you will be eligible for more loan
programs. Some will even allow you to get in with
$0 down. Keep in mind, even with $0 down, you
will still need between 1%-3% for closing costs.
A typical investor loan requires 10% down.
The other factor is the type of investment you
are wanting to make. Obviously, a fixxer-upper
is going to require more up front cash. This can
range anywere from a couple thousand dollars for
surface repairs to tens of thousands for major
repairs. Commercial properties and Land typically
require more money down (around 30%) and you may
need to cover rents for several months if you
are providing your tenants with TI money. If you
are looking to have positive cash flow on a Rental
property, you will want to put down between 20%-30%.
For a full consultation on what types of homes
would best fit your potfolio, please contact our
office to schedule an appointment at (702) 940-2121
X306, or call our free recorded information line
to leave a message and get additional information
at 1-800-894-2124 X2120.
This is a very personal question. I have found
that every investor is different and no two make
money the same way. For this reason, I do not
provide a cookie-cutter answer for this. There
are several personality traits, including patience
level, risk level, and many other factors that
will help in building a plan specific to your
needs. Another factor that I have found is consistent
is that there is a direct corrolation between
an investor's success and their use of devising
and following an investing plan. The Elgin Team
provides a free 2 hour consultation that will
help determine the best plan for you. If you would
like to schedule a consultation with one of our
agents, please contact our office to schedule
an appointment at (702) 940-2121 X306, or call
our free recorded information line to leave a
message and get additional information at 1-800-894-2124
X2121.
The highrises are the newest "thing" in Las Vegas
real estate. There are over 60 towers planned
and more being proposed. The price range is from
the $200's all the way into the millions. We are
finding that the typical buyer is either for corporate
housing or as 2nd and 3rd homes. The upper middle
class younger generation also makes up a large
portion of the buyers and they do make great "bachelor
pads".
There are two schools of thought on this subject.
One says that they are over building and those
that have bought these as investments to flip
when they are completed are going to find the
market too saturated and will take a loss or a
very low profit. The other school of thought points
to our ever increasing population and the similarities
between Las Vegas and Manhattan, and feel that
these will do nothing but skyrocket in price.
I tend to agree with Mayor Oscar Goodman and
experts like ??Can't think of his name right now???.
I think that we will follow the same growth pattern
as Manhattan and what we saw in California and
that these will go up in value. I feel that they
will not make good flips however, and that the
buyer that is looking for these as an investment
should consider holding on to the properties for
at least one year before selling. This will eliminate
the competition that will inevitably be created
by the investors who are flipping and proved for
a higher sales price and profit. Personally, I
also feel that they make a great home due to the
lack of maintenance and the convenience to shopping
and amenities.
For more information on High Rise that are available,
click here, or call our office to set up an appointment
to purchase one of these properties at (702)940-2121
X306 or listen to our free recorded information
on highrises at 1-800-894-2124 X2111.
We are always looking for ways to improve our
team and the service we provide to our clients.
For this reason, we are often looking for personell
in many different capacities. My philosophy is
let the experts be the experts and for that reason,
we have people that specialize in many areas working
for our clients. Below are some of the areas of
expertise that we currently have. If you have
an additional area that you feel would be a benefit
to our clients, please contact me at (702)940-2121
X306 or at jelgin@jessicaelgin.com. I am always
looking for talented individuals to help assist
our clients.
AREAS OF EXPERTISE Agents that specialize in
the transaction with home buyers. Agents that
specialize in the transaction with investors.
Agents that specialize in procurring clients.
Transaction coordinator that acts as a Quality
Control agents and oversees all paperwork to ensure
the legal needs of our clients. Marketing specialist.
When you go to a track without an agent, you
are giving up your right to representation. The
track agents work for the Builder, not for you.
They will not give you a price reduction for coming
in without an agent either.
Agents can help you negotiate your side of the
deal. Many will tell you that they can not negotiate,
this is not true. They WILL not typically negotiate
with a buyer that is not represented with an agent,
however; they can.
In addition, an agent can make the transaction
a lot smoother for you. They can coordinate your
lending, attend your walk-thrus and inspections
and even pick up your keys for you when the property
is completed.
This convenience never comes with a cost when
you work with The Elgin Team. We do not charge
any additional fees for these services and the
builder does not charge you a higher price for
having us work for you.
If you are interested in viewing New Homes, or
want additional information, please contact our
office to set up an appointment with one of our
New Home agents at (702) 940-2121 X306, or contact
our toll free recorded information line to leave
a message and get additional information at 1-800-894-2124
X 2101.
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