Las Vegas rental (by Chris [CA]) Feb 23, 2010 3:12 PM|
Las Vegas rental (by Jason PA [PA]) Feb 23, 2010 4:19 PM
Las Vegas rental (by reid [KS]) Feb 23, 2010 5:38 PM
Las Vegas rental (by Chris [CA]) Feb 23, 2010 5:56 PM
Las Vegas rental (by Rose [CA]) Feb 23, 2010 6:24 PM
Las Vegas rental (by Chris [CA]) Feb 23, 2010 6:38 PM
Las Vegas rental (by Jim in O C [CA]) Feb 23, 2010 7:05 PM
Las Vegas rental (by Mike45 [NV]) Feb 23, 2010 8:06 PM
Las Vegas rental (by Chris [CA]) Feb 23, 2010 8:20 PM
Las Vegas rental (by WL [CA]) Feb 24, 2010 7:01 AM
Las Vegas rental (by Mike45 [NV]) Feb 24, 2010 2:57 PM
Las Vegas rental (by WL [CA]) Feb 24, 2010 7:19 PM
Las Vegas rental (by Chris [CA]) Posted on: Feb 23, 2010 3:12 PM
State Specific Question About: NEVADA (NV)
Is Las Vegas ready to buy residental rental property and make prifit on it? --98.248.xx.xxx
Las Vegas rental (by Jason PA [PA]) Posted on: Feb 23, 2010 4:19 PM
If you were to buy way undervalue and rent way under value and can undercut other landlords it probably is. I did this in florida and it is working.
Pull rent comps on zilpy dot com and CL. Make sure you can either get financing or refinancing if needed in your target area. --98.111.xxx.xxx
Las Vegas rental (by reid [KS]) Posted on: Feb 23, 2010 5:38 PM
If by chance you could buy a place free and clear in or get a 15yr mortgage with positive cash flow in Las Vegas seems like that would be a good deal. --70.244.xxx.xx
Las Vegas rental (by Chris [CA]) Posted on: Feb 23, 2010 5:56 PM
Way undervalue property and rents usually targets undervalue tenants. I prefer to buy in average quality neighborhood. How long taks in Nevada to evict nonpayment tenants?
Las Vegas rental (by Rose [CA]) Posted on: Feb 23, 2010 6:24 PM
I just read in the Wall Street Journal that Las Vegas was the worse city for foreclosures and values because they were continuing to go down. Why would you want to buy there? what is the vacancy rate? --74.42.xxx.xx
Las Vegas rental (by Chris [CA]) Posted on: Feb 23, 2010 6:38 PM
Las Vegas is far away from Detroit. Gambling is addictive and LV is also vacation destination. I worry more about unemployment rate. --98.248.xx.xxx
Las Vegas rental (by Jim in O C [CA]) Posted on: Feb 23, 2010 7:05 PM
We have a house in Henderson that is down 50% and prices are still dropping. There is another wave foreclosures due in about 6 months. That does not count the people that can aford their payment but choose to walk away. --72.25.xx.xx
Las Vegas rental (by Mike45 [NV]) Posted on: Feb 23, 2010 8:06 PM
I have purchased several REO properties in Vegas in the last few years.
Local practice requires full cash payment, and all sorts of "as-is" "no reps and warranties" paperwork. You might be able to refi later, I don't know, but you will need all cash to get into the game.
Even with all cash and very pro-seller paperwork, there is active competition for the houses. I have dropped out of the bidding several times, when the price went above my own valuation -- remember, the cost of repairs will also be all cash!
I am in this for the long term, and I do expect the market to recover in the next five years. If I buy a house today for $45K and put $20K into it, I don't think it will be worth any more than $65K in the next couple of years. This is not a flipper's market! But I do think I will be able to rent the place for $1,000/mo., and I will plan to hold onto it forever -- or for a decade or so!
Our tenant pool is pretty scary now. Clark County unemployment rate is VERY high, and there are a lot more layoffs coming down the pike. And unemployment stats don't count underemployment and the number of people who have had pay cuts.
Vegas is a tip-based place -- the tourist numbers are down (they are) and the tourists are less free with their money (they are!), so the gratuity income is way down as well.
We have lost a lot of tenants due to layoffs.
The Clark County courts are pretty good for LLs. It takes about 3 weeks to get a tenant out (but that doesn't include his personal property!!)
Las Vegas rental (by Chris [CA]) Posted on: Feb 23, 2010 8:20 PM
Thank you for your "insider" view.
Well, I should stay put in TX for now, where economy is very healthy. --98.248.xx.xxx
Las Vegas rental (by WL [CA]) Posted on: Feb 24, 2010 7:01 AM
What you are planning is known as "Catching a Falling Knife" - attempting to buy in a declining market betting that it will turn around in time so you can make money. If you want to make that bet, Lost Wages is your town! I read an article a few years back that stated Las Vegas is a hard town for LLs, due to the fact that there are more temptations than cactus, and by the time your tenant passes the liquor stores, malls, and casinos/sports books after he gets his paycheck, the rent is gone! (But not the excuses you will soon be hearing) --68.7.xxx.xxx
Las Vegas rental (by Mike45 [NV]) Posted on: Feb 24, 2010 2:57 PM
WL, you are right about the disappearing money!
If a tenant tells me he has the money to pay his rent on the 29th, I'll collect on the 29th instead of waiting until the 30th or the 1st. It is too easy for that money to disappear in the meantime, and I am not going to blame myself for not picking up the rent immediately when it is offered.
Las Vegas rental (by WL [CA]) Posted on: Feb 24, 2010 7:19 PM
Mike45: I know a gambling addict out here who works for me sometimes; and a tenant asked me why I didn't rent a vacant apartment to handyman Steve. I told him if I was the owner of a liquor store, or a smoke shop, or a gambling parlor - Steve would be my best customer; but as a tenant Steve would only pay me what was left over after visiting the liquor store, smoke shop then the local Indian Casino - i.e. nothing. Paying rent is not a priority for gambling addicts. Beware of your local Steves! --68.7.xxx.xxx