[gaash2]

I'm a real estate investor looking into downtown vegas ... how bad is the area really? (crime wise/etc?) I'm talking 89106 zipcode in particular. Thanks.

[BBMW]

Most of that zipcode looks like crap. The areas that seem to be gentrifying are east and south of that.

It really doesn't encompass downtown, so much as the area just west and north of it.

[gaash2]

Originally Posted by BBMW

Most of that zipcode looks like crap. The areas that seem to be gentrifying are east and south of that.

It really doesn't encompass downtown, so much as the area just west and north of it.

so like 89101,89104,89142 and 89110, as examples? As you can tell I don't know the area well.. I am somewhat familiar with what the good areas area, but trying to get a sense of the "less bad ones" or "improving" ones.

Thanks

[BBMW]

Where downtown is getting gentrification, it seems to be in 89101. The rest really have nothing to do with downtown.

Go to the corner of Las Vegas Blvd and Fremont Street. West of that, till the end of Fremont, is the Fremont Street Experience. East of that is the El Cortez and the area that is getting some gentrification.

What kind of project are you looking for?

[gaash2]

Originally Posted by BBMW

Where downtown is getting gentrification, it seems to be in 89101. The rest really have nothing to do with downtown.

Go to the corner of Las Vegas Blvd and Fremont Street. West of that, till the end of Fremont, is the Fremont Street Experience. East of that is the El Cortez and the area that is getting some gentrification.

What kind of project are you looking for?

Gotcha. I'm pretty open.. looking into single family homes or potentially condos...I live in NY so I want something that a property manager can deal with reasonably well which from my experience, precludes "the ghetto" but I don't mind taking a flyer on an area that is just ok but maybe up and coming.

[BBMW]

I live in NYC. I've been looking at Vegas for years. If your looking SFR, fuggetabout this area (downtown) You want to be looking around the beltway. There are a number of people on this board who are very active SFR investors in Vegas. Search back, and you'll get a lot of background. Especially read through the running real estate thread.

Current Update on the LV Real Estate Market -- Part II

Really, if you're looking to invest in metro Vegas, you're a little late to the game. You should have gotten in in 2009-10.

Originally Posted by gaash2

Gotcha. I'm pretty open.. looking into single family homes or potentially condos...I live in NY so I want something that a property manager can deal with reasonably well which from my experience, precludes "the ghetto" but I don't mind taking a flyer on an area that is just ok but maybe up and coming.

[gaash2]

Originally Posted by BBMW

I live in NYC. I've been looking at Vegas for years. If your looking SFR, fuggetabout this area (downtown) You want to be looking around the beltway. There are a number of people on this board who are very active SFR investors in Vegas. Search back, and you'll get a lot of background. Especially read through the running real estate thread.

Current Update on the LV Real Estate Market -- Part II

Really, if you're looking to invest in metro Vegas, you're a little late to the game. You should have gotten in in 2009-10.

Yea I live in NYC also. I got into florida a little while back post crash instead of vegas, but now some SFR in vegas seems more interesting ... Yea, I am familiar with opportunities in the NW and along the "L" people describe... just trying to figure out more of whats out there. Im going down in June to see everything myself

[ScoopLV]

Oh, it will likely be very interesting. There is absolutely no way I would ever be a long-distance landlord. I would rather take the money, dump it in a hole, cover it with gasoline and light it on fire. It would be less of a hassle that way. If you're that keen on losing money, why not just bet your investment on red/black or pass/don't pass?

I have cleaned up after too many rental horrors to rent to anyone other than coworkers who I've known for years. And as a long-distance landlord, you don't have access to that pool of prospective tenants. You're going to get the family who immediately moves 20 relatives and 10 dogs into the house the minute your back is turned. This is not hyperbole -- 20 relatives and 10 dogs. Happens all the time. Drive around Las Vegas and look for houses that resemble a used car lot -- garage full of cars, driveway full of cars, cars parked on the street. Those are the families (plural) all renting the same SFR and just trashing the hell out of it. You're never going to see them again when they leave. And there's no way to prosecute them. And they know this.

And the property manager? All that person does is collect and deposit rent checks and take his or her cut. They're not going to lift a finger to actually manage your property. If something goes wrong, they'll call one of their cronies who will overcharge you and make sure something else breaks in short order.

Seriously, just burn the money and be done with it. Much less hassle that way.

[tadtam]

SCOOP is correct. I can tell you stories about when I lived in VT, owned house on Cape Cod. It was a nightmare.

[gaash2]

That may be your experience.. but I am currently already a long distance landlord of property in florida and I have had no hiccups at all...I know many others in the same boat; as as matter of fact, most of my friends here who invest in real estate are long distance land lords with little to no issues. To say that you cannot manage property long distance is absolutely ridiculous.