[teyc]

Hi all, I just came across this forum and it's an amazing community.

I haven't visited LV before, impressions from afar makes me think of the Gold Coast in Australia. Lots of tourists; relatively low cost of living; some places of amazing beauty. LV may be in the doldrums now but I see no reason why it is not going to return to it's former glory in 5-10 years. Prices are attractive, since some places are selling below replacement cost.

I'm wondering if there are any out-of-state posters who have had happy experience buying real estate for renting in LV? In particular, managing a property from afar can be onerously difficult. Have you succeeded in finding a long-term rental agent?

I also understand that taxes and fees can be very different. There's
- seller's costs, and
- buyer's cost,
- property taxes,
- water,
- garbage,
- school taxes,
- property transfer taxes
- HOA fees
but I have no idea what percentage of a purchase price they represent. Did I miss anything out?

Cheers,

Chui "Chewie"

[WestieJeff]

Selling costs are generally:
3% to buyers real estate agent
3% to sellers (your) agent (may be negotiable)
owners title policy (varies, I would guess around .4% of selling price)
1/2 escrow fee (varies, I would guess around .13% of selling price)
.52% real property transfer tax
misc recording and title fees, i'd est $200
hoa doc and transfer fees (varies by hoa, generally a couple hundred dollars)

Buying costs are generally:
Appraisal (est $350)
Home inspection (if desired, est $350)
1/2 escrow fee (again, I would est around .13%)
lenders title policy (varies based on your loan amount, if any)
loan fees, varies but i'd est 1-2% of loan amount, if any
realtor broker doc fees, est $350
misc recording and title fees, i'd est $200

Property taxes per year average around .9%-1% of purchase price.

Water varies based on household occupancy and landscaping. Usually this is paid by a renter.

Garbage is fixed at approx $15/month paid quarterly.

No school taxes, that is part of property taxes.

HOA fees (if any) vary based on community, $0-unlimited per month. I'd est $10-$75 for most single family homes.

Originally Posted by teyc

I also understand that taxes and fees can be very different. There's
- seller's costs, and
- buyer's cost,
- property taxes,
- water,
- garbage,
- school taxes,
- property transfer taxes
- HOA fees
but I have no idea what percentage of a purchase price they represent. Did I miss anything out?

[Swigchow]

Originally Posted by teyc

I'm wondering if there are any out-of-state posters who have had happy experience buying real estate for renting in LV? In particular, managing a property from afar can be onerously difficult. Have you succeeded in finding a long-term rental agent?


Cheers,

Chui "Chewie"

Hi Chewie,

Were you the big furry guy in Star Wars?
To answer your questions above, yes and yes.

[nfapps]

Originally Posted by teyc

In particular, managing a property from afar can be onerously difficult. Have you succeeded in finding a long-term rental agent?

There are many companies to choose from in LV that offer professional property management for owners. A web search of property management las vegas will yield pages of results. A search on this form will also give some good input.

[teyc]

Hi all, I'm half as tall and nowhere near as hairy as a wookie, but I'll look as good as Han Solo as long as we both wear gorilla suits.

A web search of property management las vegas will yield pages of results. A search on this form will also give some good input.

Anybody you had good experience with?

To answer your questions above, yes and yes

I was having a look through crime maps to work out what places are better to buy, and Summerlin is the safest (and the most expensive). I heard that in Detroit, vacant houses would be routinely stripped of their copper and appliances. Any zip codes in LV that you reckon represents a safe place to invest without having to worry about criminal damage?

[macgeek]

I see in the news a Lot of foreclosures are littered and stripped by the old owner in anger of being kicked out of there home.

But I think that damage is mostly cosmetic and not a major amount of money to repair

Jonathan

[sdreloc]

Originally Posted by macgeek

I see in the news a Lot of foreclosures are littered and stripped by the old owner in anger of being kicked out of there home.

But I think that damage is mostly cosmetic and not a major amount of money to repair

Jonathan

I've seen a big range of what they do.
Sometimes nothing. Sometimes "only" removing built-in appliances like stove, dishwasher, microwave. Sometimes stripping the place completely bare of all sinks, plumbing, fixtures, cabinets etc..

Sometimes vandalism kicking holes in walls, and spray painting graffiti. Sometimes going further and spreading urine and feces all over, stuffing dead fish in the walls, flooding the place by closing drains and letting the water run upstairs, pouring concrete down the drains to damage them etc..

[macgeek]

Originally Posted by sdreloc

I've seen a big range of what they do.
Sometimes nothing. Sometimes "only" removing built-in appliances like stove, dishwasher, microwave. Sometimes stripping the place completely bare of all sinks, plumbing, fixtures, cabinets etc..

Sometimes vandalism kicking holes in walls, and spray painting graffiti. Sometimes going further and spreading urine and feces all over, stuffing dead fish in the walls, flooding the place by closing drains and letting the water run upstairs, pouring concrete down the drains to damage them etc..

WOW! here are some videos!

http://www.youtube.com/watch?v=PogiIwr8aQM


Foreclosure homes destroyed watch 2 video


Jonathan

[Robustus]

I looked at a lot of foreclosures in Vegas before buying one. I hardly saw much damage. There was one house with damage to two walls and one door, and another that needed some carpet, but everything else was pretty much move-in ready.

A friend of mine who also recently bought a foreclosure in Vegas also looked at a couple dozen foreclosures with similar experience to mine.

I too had heard of all the destroyed houses before I started looking at any, but I didn't see any. My agent noted that they do exist, but it's far fewer than what the news and word-of-mouth might lead someone to believe.

[macgeek]

I found this thread:

"It's not against the law to destroy your own house..."

Jonathan