[olecapt]

Originally Posted by KillerCards

@mricu is your realtor Jamie? You recommended her to me and I use her.

@NU2LV Areas I have been suggested on this site are Summerlin, Southern Highlands, Green Valley. I think most realtors just send you listings, mine does, but I can go back and ask her questions about a property and she is right on top of it with answers. I will PM you her contact info.

Here is the monthly cashflow scenario I am thinking of, please let me know if I have missed anything:
Rental Income - $800 (someone with a similar place to what I am looking at is getting $950)
Property Managers Commission: (8%) $64
Condo Fees: $150
Property Tax: $1000 a year ($83 per month)
Insurance: $350 a year ($30 a month) this was a quote if I was living there, renters insurance may be a bit more.
Tax: 30% $140 (I hear if you have a mortgage on the property you do not pay any tax on rental income, or can claim it)
Property Manager Finders Fee - they charge $550 to find first renter, $250 for each after that.

In the end looks like a profit of about $330 per month.

@Frankfromcanada - please let me know if I have missed any expenses or if my numbers are not correct.

YOu are kidding yourself. Those parameters pencil out to about a 2% yield. The places where you are looking will all pencil out in the low single digits if not negative..

You need an accountant or someone to help you understand RE.

Any Canadian looking to do LV RE should establish a US bank account. It is not terribly difficult.

[Frankfromcanada]

Hey killer cards

Your numbers are pretty close
My place is renting for $1000 mth and my manager takes 10 percent so $100 mth other then that your calculations are pretty good.....

I set up a US bank account for the rent....

Again Las Vegas is FULL of people looking to rent and if you have the cash ....las vegas makes total sense.

Dont listen to these negitive people who say it will never bounce back to what it was...who cares.?
As long as it gains steady and kicks you back your rent month after month.....

My condo was at some point $388k i picked it up for $120...i will be happy if it goes back up to 200k

Frankfromcanada