[californiadreamin23]

I am a California professional who like many other professionals living in Los Angeles, have to save for a few more years to pay $750,000 for a semi decent home in city or valley. My wife and I are curious about investing in property in Las Vegas that we could sell in maybe five years.

Basically, we have the ability to invest in a condo or home in Las Vegas. We would like to purchase a condo in a decent area, fix it up if necessary and then rent it out. Is the rental market decent enough to where we could find a renter to simply cover the mortgage/taxes/HOA fees?

We know enough about the city to pinpoint good areas (Summerlin, just off the Strip, Henderson, Green Valley, Anthem), but is there enough of a demand to where we could find a renter?

We would be looking to purchase a condo/home in the $80,000-$200,000 range.

Thanks.

[lvoc]

Originally Posted by californiadreamin23

I am a California professional who like many other professionals living in Los Angeles, have to save for a few more years to pay $750,000 for a semi decent home in city or valley. My wife and I are curious about investing in property in Las Vegas that we could sell in maybe five years.

Basically, we have the ability to invest in a condo or home in Las Vegas. We would like to purchase a condo in a decent area, fix it up if necessary and then rent it out. Is the rental market decent enough to where we could find a renter to simply cover the mortgage/taxes/HOA fees?

We know enough about the city to pinpoint good areas (Summerlin, just off the Strip, Henderson, Green Valley, Anthem), but is there enough of a demand to where we could find a renter?

We would be looking to purchase a condo/home in the $80,000-$200,000 range.

Thanks.

Thread today running on the subject.

//www.city-data.com/forum/las-v...to_threadtools

Basically it suggest you can get your costs paid but you will make money primarily on appreciation. So you are basically betting on LV appreciation. Probably a better bet than So CA.

[hannaranch]

Check out Coronado Palms. It is on Badura off of Buffalo. It is just off Beltway 215. I bought here 3 years ago and love it!

[ScoopLV]

I would rather dig a hole, fill it full of money, and burn it than be a long-distance landlord with Las Vegas tenants.

So here's what I suggest -- buy your investment house somewhere near me on Hollywood Blvd. That way if you get awful tenants who completely trash the place, I can buy it from you. Then I'll fix it, and manage the property correctly. That's how I got the last two -- trashed properties with long-distance owners.

You wouldn't believe how happy they were to get rid of their "investment" houses.

[LVguy]

Chances of vegas RE going up is high right? I am talking about long term like 10, 20 years. I heard the land is limited so that's good. also one RE agent told me the RE will never go back to 2006, but I didn't ask him why, I should have!

ScoopLV did you have bad experience with vegas tenants? mostly bad tenants in vegas? and just come to party and ruin the place or something? would love to hear your experience in this. Isn't there background check etc?

how about REITs? difference between REITs and an actual house/condo?

[WestieJeff]

Smells like 2006!

Originally Posted by LVguy

Chances of vegas RE going up is high right? I am talking about long term like 10, 20 years. I heard the land is limited so that's good. also one RE agent told me the RE will never go back to 2006, but I didn't ask him why, I should have!

ScoopLV did you have bad experience with vegas tenants? mostly bad tenants in vegas? and just come to party and ruin the place or something? would love to hear your experience in this. Isn't there background check etc?

how about REITs? difference between REITs and an actual house/condo?

[californiadreamin23]

Thanks for all of the info. Bad tenants are bad tenants no matter where you are located. The problem with investing in LA is the market is too high. We need to invest in something and something decent in LA is $750,000 (lower end of decent). Our primary motivation would be to hold the property in Las Vegas for a few years and then resell. The market in Las Vegas looks as if it can't go much lower.

[ScoopLV]

Originally Posted by LVguy

ScoopLV did you have bad experience with vegas tenants? mostly bad tenants in vegas? and just come to party and ruin the place or something? would love to hear your experience in this. Isn't there background check etc?

how about REITs? difference between REITs and an actual house/condo?

It's not that the tenants are "mostly bad." It's that the bad ones are spectacularly awful. I've fixed a few of my aunt's rental houses. And now I've fixed a couple that I have purchased. It's always the same thing -- drugs, dogs and filth.

Saying these bad tenants live like animals is insulting to animals. They're still a low percentage of the tenant population. But it's worse here than elsewhere. And since Las Vegas is very transient, there is more turnover. That means more chances that the tenants who look good on paper/background/references morph into meth-heads with seven pit bulls.

And then there are the tenants who steal all the appliances, fill the plumbing fixtures full of broken glass and cement and rip the wiring right out of the wall. They ruin all the drywall and spray paint messages all over the broken walls.

The worst one ever was the pair of attorneys who somehow managed to cancel trash pickup (and obtain a minor refund) and then stored almost one year's worth of garbage in the garage. They moved out without notice when the stink became unbearable. That was the last straw for me helping my aunt with her rentals.

My aunt used a property manager to vet her tenants. The property manager was worse than useless because the only thing he provided was a false sense of security and rent collection.

[MSchu]

OP... anywhere in the southwest portion of the valley.

[mojavedxer]

You make it sound so easy. Personally in your case I would not even consider it without factoring the cost/cut of property management. Then its questionable that the investment will yield the potential growth against other current opportunities in the short term as you are proposing. But then that's another matter that can be debated. To answer your question, any of your proposed areas that you posted will be just fine with sufficient demand.