[Swigchow]

Originally Posted by Chips1984

Hi everyone,

This is my first post and I hope someone could please help me. I've tried searching in older posts but it doesn't seem that the question has been asked. I'm looking at buying an investment property in Las Vegas to rent out. Could anyone advise whether the demand is for houses or condos? And if condos, how many bedrooms and should it be rented out as furnished?

Thank you in advance for your help.

We have condo's but I am not sure it really matters much. I chose places that I wouldn't mind to have as a second home. They rented out reasonably quickly at fairly good rents, but they are generally considered desireable. I think two bedrooms would be better, allows a greater pool of renters. I also suggest unfurnished. Less upkeep and those who do rent tend to be more committed when using their own furniture. Good luck.

[Chips1984]

Originally Posted by airics

you do realize being in australia, you would have to hire a management company, and the fees may not make it worth it for you to take the risk..

I know someone here who recently bought a property and in his case the property management people commanded the first full month of rent and then 10% of the rent per month afterwards. But please advise if I have been lead down the garden path on that one...

Thanks for the advice on renting, please keep it coming. We are willing to rent out for less than the comp if that's what it takes. And in the case of the guy I know who bought a property in the US, he was looking at putting in a wine cooler for that "extra touch" to entice renters but I told him the first one he gets in will probably flog it

[tony soprano]

Originally Posted by Chips1984

I know someone here who recently bought a property and in his case the property management people commanded the first full month of rent and then 10% of the rent per month afterwards. But please advise if I have been lead down the garden path on that one..

Chips, that's a common fee structure for Vegas property managers but you can do better than that if you shop around.

[Paraclete]

My humble opinion is to purchase a house. Having invested in real estate since 1994 I can say that single family (3 bedroom +) homes hold their value better and sell faster. Just keep in mind the first rule of real estate. "You make your money when you buy" In other words buy below the market.

[modhatter]

I would guess your safest investment and rentability would be in Sumerlin if you buy a condo. Most two bedroom condo's attract young marrieds or two singles sharing expenses, or a single mother with one child.

The marrieds and two singles want to be close to work and of course like the unit.

The single mother wants the above, plus decent school for their child to go to and a play area nearby.

Condo's appeal to people starting out and people winding down. (young or old) An older person or couple will most likely want a bottom floor unit. (no stairs) So bottom line is, a condo has more flexibility for area.
With a house, for the most part, there are always children, so pay a
attention to schools.

Investment wise-. Any real estate holds it's value better in good areas and appreciates more. Properties in less desirable areas can appreciate rapidly in any boom time, but when the market is flush with good property, they fall the hardest.

[SuperKirby]

Reviving here, to the OP, what did you end up doing? I am looking for property in the Summerlin area as well, although this is just the VERY beginning of my search.

[BBMW]

The OP hasn't posted in two years. I wouldn't be holding your breath for an answer.

The market is also very different than it was in 2010. There are a number of ongoing threads about this.

[Thursdaynigh]

I just moved to Vegas because of a job. Want to buy something that can be easily sold or rented out if I leave in a year or two. Should I look for a 2 bedroom condo near the strip (a little bit old that need some remodel for better value), or a house in Henderson/Sumerlin?

[FrostyToasty]

Originally Posted by Thursdaynigh

I just moved to Vegas because of a job. Want to buy something that can be easily sold or rented out if I leave in a year or two. Should I look for a 2 bedroom condo near the strip (a little bit old that need some remodel for better value), or a house in Henderson/Sumerlin?

If you plan to leave in a year or two, I would recommend renting not buying. Transaction costs of buying and selling can easily wipe out any benefits of buying a property if you happen to sell too soon. But if you plan to rent out the place after you move, then it could make sense to buy. I would say as far as renting out properties, lower priced properties probably have higher rates of return than properties in Summerlin/Henderson would.

[Thursdaynigh]

Thank you FrostyToasty, your kind of input is exactly what I need.