Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-05-2010, 02:32 PM
 
11 posts, read 41,627 times
Reputation: 12

Advertisements

[sorry for all the jacked up urls, I can't get the code to work right on this board]

I dunno... what about places like these? This is the type of house I could buy renting for over 1000:

http://lasvegas.craigslist.org/apa/1882612531.html (broken link)
http://lasvegas.craigslist.org/apa/1882584621.html (broken link)
http://lasvegas.craigslist.org/apa/1882571813.html (broken link)
http://lasvegas.craigslist.org/apa/1882491464.html (broken link)
http://lasvegas.craigslist.org/apa/1882465547.html (broken link)

But then I see ones like this and am like WTF... http://lasvegas.craigslist.org/apa/1882445648.html (broken link)

Does location make a huge difference in Vegas if the house and neighborhood is about the same in quality?
Reply With Quote Quick reply to this message

 
Old 08-05-2010, 05:58 PM
 
194 posts, read 398,204 times
Reputation: 115
I think your expectations are a bit high. I'm in escrow on a 2k sq ft. home in a good NW gated neighborhood, huge park. These places are renting from $1k-1,200 and cost around $140k
Reply With Quote Quick reply to this message
 
Old 08-05-2010, 06:07 PM
 
Location: SoCal
681 posts, read 2,800,801 times
Reputation: 496
Hey VR4Jen,

Believe it or not, I'm in the exact same boat as you and your thoughts. I have a co-worker who just purchased property in Vegas and is renting it out with no problems and he lives in San Diego.

I have actually found a real estate agent and they told me there are some decent places on the market for around the 50k mark which don't need much work. She has been sending me listings for the last week and I'm going to be going down to LV to look at the places in the coming weekends.

I've seen some really nice looking properties with decent HOA and taxes. That being said, here is one thing I've also noticed: Many of the listings specifically say that investers cannot make an offer on the place. This is because there are usually limits set on the number of homes in their community that can be rented out, so it looks like the areas are aready saturated with investors. This may be why you see many houses still available since most people don't want to buy themselves.
Reply With Quote Quick reply to this message
 
Old 08-05-2010, 06:59 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,157,837 times
Reputation: 3900
Quote:
Originally Posted by mricu View Post
Hey VR4Jen,

Believe it or not, I'm in the exact same boat as you and your thoughts. I have a co-worker who just purchased property in Vegas and is renting it out with no problems and he lives in San Diego.

I have actually found a real estate agent and they told me there are some decent places on the market for around the 50k mark which don't need much work. She has been sending me listings for the last week and I'm going to be going down to LV to look at the places in the coming weekends.

I've seen some really nice looking properties with decent HOA and taxes. That being said, here is one thing I've also noticed: Many of the listings specifically say that investers cannot make an offer on the place. This is because there are usually limits set on the number of homes in their community that can be rented out, so it looks like the areas are aready saturated with investors. This may be why you see many houses still available since most people don't want to buy themselves.
Oh wow. I didnt know that was a rule that was enforced. Thats good to know.
Reply With Quote Quick reply to this message
 
Old 08-05-2010, 07:06 PM
 
3,622 posts, read 5,594,394 times
Reputation: 4322
Homes going for 50,000 are not going to be in a great area. So you are not going to attract good renters.

One thing that is different, from my experience, in Las Vegas is that neighborhoods have the inclination to depreciate in value. Usually neighborhoods become established and improve.

Anyway, fixing up a house and flipping it will not be the same as it will be in CA where people are clamering to be in a certain area.

If you are set on buying a property here I would research the areas that are desirable. You might pay a little more but you will have better luck finding quality renters. Even then with this economy it really is uncertain. I know a lady who had 5 brand new homes in a good area sit with no renters for 6 months.
Reply With Quote Quick reply to this message
 
Old 08-05-2010, 07:10 PM
 
3,622 posts, read 5,594,394 times
Reputation: 4322
Quote:
Originally Posted by mricu View Post
Hey VR4Jen,

I have actually found a real estate agent and they told me there are some decent places on the market for around the 50k mark which don't need much work.
Right, I "bet" she does. Remember real estate agents have really been hit right now so I would find one you trust.
Reply With Quote Quick reply to this message
 
Old 08-05-2010, 07:57 PM
 
2,076 posts, read 4,073,711 times
Reputation: 2589
You're comparing apples to oranges. All of these URLs are in MUCH nicer neighborhoods compared to the one for sale I saw, plus compared to the 50k listing you sent, these are larger homes, on larger lots, and have two car garages.

It's going to be far easier to find renters if you find a home that has a typical 6,000sf lot and a two car garage.

I would definitely recommend staying away from anything N or E of I-95 and E of I-15. In my opinion, the most popular areas to live are within a 5-10 mile radius of the I-215 beltway.

Quote:
Originally Posted by VR4Jen View Post
[sorry for all the jacked up urls, I can't get the code to work right on this board]

I dunno... what about places like these? This is the type of house I could buy renting for over 1000:

Call it home (http://lasvegas.craigslist.org/apa/1882612531.html - broken link)
Green Valley Home Available Now (http://lasvegas.craigslist.org/apa/1882584621.html - broken link)
Bad credit, no credit-OK! North of Centennial Hospital! Zip 89166 (http://lasvegas.craigslist.org/apa/1882571813.html - broken link)
BEAUTIFUL 1 STORY 3 BDR HOME LOCATED IN HEART OF SOUTHERN HIGHLANDS (http://lasvegas.craigslist.org/apa/1882491464.html - broken link)
3bedrooms, 2 bathrooms, 2 car garage (http://lasvegas.craigslist.org/apa/1882465547.html - broken link)

But then I see ones like this and am like WTF... NEW CARPET, NEW PAINT, ALL APPLIANCES INCLUDED! (http://lasvegas.craigslist.org/apa/1882445648.html - broken link)

Does location make a huge difference in Vegas if the house and neighborhood is about the same in quality?
Reply With Quote Quick reply to this message
 
Old 08-05-2010, 08:28 PM
 
3,622 posts, read 5,594,394 times
Reputation: 4322
Those ads should be a clue. Who in their right mind advertises that bad credit is okay? They are desperate. You also need to add in the cost of fixing up a home after your bad credit renters trash it.
Reply With Quote Quick reply to this message
 
Old 08-05-2010, 08:29 PM
 
177 posts, read 357,172 times
Reputation: 55
2167 CLANCY ST, Las Vegas, NV 89156 is only one or two blocks away from Nellis AFB.


I wouldn't live there even if it is free.
Reply With Quote Quick reply to this message
 
Old 08-05-2010, 10:27 PM
 
11 posts, read 41,627 times
Reputation: 12
Good info here... it looks like I'll have to pay at least twice as much to get a house in the "good" areas. It seems like many of these "good" areas have older houses in sketchy neighborhoods that are pretty run down though. There are tons of newer construction houses in NLV in nice neighborhoods... yet half the price. Just because it's near an AFB? It just seems odd to me. And again I'm not worried about immediate home values since this will be a long term investment, although I don't see how some of these 50k houses can go any lower than they are now... there are some really nice places.

One issue I'll have with going over 50k is trying to secure a loan for such a small amount. The interest rates will be crazy. And paying twice as much only to get 200 or 300 more per month from an older home?

Or I can just put 20% down on a nicer place and end up with high carrying costs and slim profits, which kind of defeats the point in coming out to Vegas in the first place.

I dunno... does this make sense to anyone else?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
View detailed profiles of:

All times are GMT -6. The time now is 02:50 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top