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Old 08-25-2011, 08:07 PM
 
46 posts, read 69,769 times
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Hi Guys and Gals!
This is my first post. I was wondering if anyone can give some information about the area. Vegas has wonderful homes! I wanted to buy one but then rent it out. It is no secret that the inventory of rentals is high. If i bought something out there, would I have problems renting it out. Currently looking at a home in centinnal hills, 1406 square feet. Asking price is 80,000.

Thanks people
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Old 08-25-2011, 09:51 PM
 
5,780 posts, read 10,295,306 times
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Might be a bit of a problem only because of your timing. If you had the house available for rent by now you would have plenty of people looking. Once you get past school season starting things slow down, but they don't stop. It all comes down to what you price the rent at, if low enough you will get demand. With an 80k home and a good loan at today's rates you should easily and I mean very easily cash flow on it provided you don't have to put anything more than a few dollars for cosmetic stuff after purchase.
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Old 08-25-2011, 10:19 PM
 
46 posts, read 69,769 times
Reputation: 75
Quote:
Originally Posted by Willy702 View Post
Might be a bit of a problem only because of your timing. If you had the house available for rent by now you would have plenty of people looking. Once you get past school season starting things slow down, but they don't stop. It all comes down to what you price the rent at, if low enough you will get demand. With an 80k home and a good loan at today's rates you should easily and I mean very easily cash flow on it provided you don't have to put anything more than a few dollars for cosmetic stuff after purchase.

Thank you. I did some research. In the area I am looking into, the homes are renting out for 950 to 1050. A little shocked that homes are rented out that low.
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Old 08-25-2011, 11:17 PM
 
2,038 posts, read 3,964,256 times
Reputation: 3194
Quote:
Originally Posted by ArmyFool View Post
Hi Guys and Gals!
This is my first post. I was wondering if anyone can give some information about the area. Vegas has wonderful homes! I wanted to buy one but then rent it out. It is no secret that the inventory of rentals is high. If i bought something out there, would I have problems renting it out. Currently looking at a home in centinnal hills, 1406 square feet. Asking price is 80,000.

Thanks people
What's your cash position?

The problem isn't if you have renters...but the money to ride the storm when you don't.

To finance, you should need at least 25% down. I hope you're preferably paying cash outright for the property and then have at least 9-12 months rents in reserves. If not...I personally wouldn't do it...not worth the effort. Too much risk...too little reward.

Are you local to Las Vegas? It doesn't sound like it. Long distance landlording is for the birds.

If your cash position is good and you are local, you might be better served buying something closer to the strip in a more transitional neighborhood if you are financing and looking to arbitrage the difference for a few bucks a month.

The big question is where will you spend the whopping $300 bucks profit a month if you finance it?

I think the people swallowing snakes on the strip make more profit a month and it's probably less stressful.
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Old 08-25-2011, 11:59 PM
 
Location: Sunrise
10,865 posts, read 15,587,506 times
Reputation: 9053
Quote:
Originally Posted by Spraynard Kruger View Post
I think the people swallowing snakes on the strip make more profit a month and it's probably less stressful.
People swallowing snakes on the strip aren't building equity. I don't mind the idea of letting someone else pay the mortgage on my rental property, and putting a little away each month to start the next investment project. Seems like free money if one can find the right property and right tenants.
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Old 08-26-2011, 05:23 AM
 
46 posts, read 69,769 times
Reputation: 75
Quote:
Originally Posted by Spraynard Kruger View Post
What's your cash position?

The problem isn't if you have renters...but the money to ride the storm when you don't.

To finance, you should need at least 25% down. I hope you're preferably paying cash outright for the property and then have at least 9-12 months rents in reserves. If not...I personally wouldn't do it...not worth the effort. Too much risk...too little reward.

Are you local to Las Vegas? It doesn't sound like it. Long distance landlording is for the birds.

If your cash position is good and you are local, you might be better served buying something closer to the strip in a more transitional neighborhood if you are financing and looking to arbitrage the difference for a few bucks a month.

The big question is where will you spend the whopping $300 bucks profit a month if you finance it?

I think the people swallowing snakes on the strip make more profit a month and it's probably less stressful.

LOL!!! I do see your point. I am located in San Francisco. I use to call Vegas home 10 years ago. I am amazed that the govt allowed Vegas to grow so big since they are houses everywhere. How's the employment rate like??
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Old 08-26-2011, 07:56 AM
 
1,983 posts, read 7,080,513 times
Reputation: 412
Quote:
Originally Posted by ArmyFool View Post
Hi Guys and Gals!
This is my first post. I was wondering if anyone can give some information about the area. Vegas has wonderful homes! I wanted to buy one but then rent it out. It is no secret that the inventory of rentals is high. If i bought something out there, would I have problems renting it out. Currently looking at a home in centinnal hills, 1406 square feet. Asking price is 80,000.

Thanks people
Look in Henderson, lower crime, better police force, better schools, more stable area, away from a lot of garbage but easy to drive to it. LOL. Everything is relative.
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Old 08-26-2011, 03:23 PM
 
2,180 posts, read 4,152,918 times
Reputation: 1077
Quote:
Originally Posted by ArmyFool View Post
Hi Guys and Gals!
This is my first post. I was wondering if anyone can give some information about the area. Vegas has wonderful homes! I wanted to buy one but then rent it out. It is no secret that the inventory of rentals is high. If i bought something out there, would I have problems renting it out. Currently looking at a home in centinnal hills, 1406 square feet. Asking price is 80,000.

Thanks people
I have to reject the premise that Vegas has wonderful homes unless the sole criteria is price, and even that can be debated. build quality is quite sub par on many of those pressed areas/neighborhoods, as the builders were tossing them up as quick as they could in the boom days. 56$ a sq ft... hmmm, you need to do more calculations other than, it seems like a good buy.
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Old 08-27-2011, 02:08 AM
 
Location: Here and there, you decide.
12,783 posts, read 25,588,135 times
Reputation: 4860
Asking price 80k. How many cash buyers are chasing that one. Doesn't mean it will sell for 80k. Might even be a short sale
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Old 01-22-2012, 06:25 PM
 
Location: Planet Earth
677 posts, read 766,378 times
Reputation: 344
Quote:
Originally Posted by airics View Post
Asking price 80k. How many cash buyers are chasing that one. Doesn't mean it will sell for 80k. Might even be a short sale
Aren't even most of the $150K-$200K homes in Vegas being bought by cash buyers these days? I understand at least half of all the homes sold in Vegas in the past few years have been all cash deals.
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