[BellevueWa]

Hello,

I'm new to this forum. Live in the suburbs of rainy Seattle. Been here for 4 decades. The rains getting to me.

I have some cash sitting in the bank these days earning very little. Last month I went down to your lovely area looking for some property to buy. Spent 2 days there looking a REO properties. My price range is 100-125k for each home.

My plan is to buy the houses with cash and rent them out instead of leaving it in the bank getting 1-2%.

I looked at a lot of houses in the N Vegas. I heard that its not the best area in town but it getting better. Is this true? are houses easy to rent in that area?
I spoke to management company and they told me houses are renting in 45 days. true?

I was planning on making an offer on a home I saw. But the stories i have read of multiple offers and an impending glut of REO''s coming on the market make me leery.

So whats the real truth?

TIA

I have been going to Vegas every year for vacation the last 15 years.I actually like the weather and the people and luckily I don't gamble much or drink so the vices won't tempt me too much.

Hopefully I can retire in Vegas

[horseplayer]

There are nice parts of NLV, but it definitely has a global stigma attached to it. Taxes are higher too. Rents are down a little. If you have a good rental; I will agree with the 45 day number. We've got a 2/2 in my development, listed for 60K, that would rent for 850+. Paint and carpet maybe. It went for 175K+ during the boom.

[BellevueWa]

The places i saw were just a little north of Craig.They were built in 05/06. some of them were kinda beat up for being so new. never seen so many funky colors on walls.LOL.

I saw a few that were 80k.plop 10k for fixing and maybe they may rent for 1k?? sound reasonable?

[olecapt]

Rents in LV are not uniform. There are nice obvious neighborhoods where the rent to housing value is simply wrong. They make bad rentals. Some of the hard hit neighborhoods provide great rentals...other hard hit neighborhoods don't. You need data.

Little houses with low rents rent better. Big houses may very well pay better but you lose it in slow rentals. Note though the 4 BRs at reasonable rents are often a best seller and can go real fast.

So you need to do the rental data and sales data in the same area.

Given you are investing and have no time limit you may want to try shorts...often get a better house cheaper with the down side that mostly you get nothing. Have to try multiple times to get any action. Nice outcomes though. Many of the really good deals I have seen have been shorts. REOs are tougher and often competitive. You can work both but the time scales are different. REOs are generally over in days or a couple of weeks. Shorts go months.

[PinkString]

Originally Posted by BellevueWa

The places i saw were just a little north of Craig.They were built in 05/06. some of them were kinda beat up for being so new. never seen so many funky colors on walls.LOL.

That sounds like it's closer to 5th or Commerce in the new NE section of North Las Vegas. I remember reading a story in the paper some time back about a condo complex with lots of interesting colors and most of the unit's were empty, many were trashed and only a few tenants lived there at that time. This was around 2006 or 2007.

[JohnG72]

Las Vegas in March and April had the most foreclosure notices of any large city in the US. Assuming that those go through to foreclosure, what do you think that is going to do to prices and further what do you think is going to happen to the rental market when investors see those prices, buy, and want to rent?

[airics]

Originally Posted by JohnG72

Las Vegas in March and April had the most foreclosure notices of any large city in the US. Assuming that those go through to foreclosure, what do you think that is going to do to prices and further what do you think is going to happen to the rental market when investors see those prices, buy, and want to rent?

Vegas also sold more than anywhere else! More foreclosures = more people needing to rent. If you are in a good area ( not northeast) you won't have a problem renting. Do not buy a 1br or 2br as these can be difficult to rent out

[MomMom]

Originally Posted by BellevueWa

Hello,

I'm new to this forum. Live in the suburbs of rainy Seattle. Been here for 4 decades. The rains getting to me.

I have some cash sitting in the bank these days earning very little. Last month I went down to your lovely area looking for some property to buy. Spent 2 days there looking a REO properties. My price range is 100-125k for each home.

My plan is to buy the houses with cash and rent them out instead of leaving it in the bank getting 1-2%.

I looked at a lot of houses in the N Vegas. I heard that its not the best area in town but it getting better. Is this true? are houses easy to rent in that area?
I spoke to management company and they told me houses are renting in 45 days. true?

I was planning on making an offer on a home I saw. But the stories i have read of multiple offers and an impending glut of REO''s coming on the market make me leery.

So whats the real truth?

TIA

I have been going to Vegas every year for vacation the last 15 years.I actually like the weather and the people and luckily I don't gamble much or drink so the vices won't tempt me too much.

Hopefully I can retire in Vegas

The multiple offers and counter offers on homes you've heard about, are in the higher price ranges than what you're looking to buy. And in better shape, larger, and in highly desirable areas. That's what most families looking to move to Las Vegas are interested in buying, and hence, bidding wars for them.

Homes like the ones you're seeking are perfect for renters and that's what they will mainly attract.

You should have no trouble picking up a few of these, there are thousands of them that were built within the last 2-3 years and have foreclosed. And more of them are coming on the market in the next few months as well.

Good luck, have fun shopping!

[BellevueWa]

I'm very close to makingan offer on a home in the Mls area 505. So what do you think of the area?? easy to rent?

[olecapt]

Originally Posted by BellevueWa

I'm very close to makingan offer on a home in the Mls area 505. So what do you think of the area?? easy to rent?

That is mostly Mt Edge. Much should rent fine. Just have your agent look up the rents in the one you are buying. There are some tight tracts that may be a little more difficult.