[Ron_in_the_House]

Hello

I was wondering how is the NW area ? Is it a good place to invest?

I am looking to purchase in order to rent, where will be the best place to buy in NW? and Can anyone please tell me what type of properties are easy to be rented in Las Vegas, single house, townhouse or condo.

Any advice will be greatly appreciated,

Thank you!

Ron

[olecapt]

Originally Posted by Ron_in_the_House

Hello

I was wondering how is the NW area ? Is it a good place to invest?

I am looking to purchase in order to rent, where will be the best place to buy in NW? and Can anyone please tell me what type of properties are easy to be rented in Las Vegas, single house, townhouse or condo.

Any advice will be greatly appreciated,

Thank you!

Ron

Inexpensive houses. Low rents are the easiest. So you want a low rent. So a small house 3BR/2bath 1100 to 1500 SF. 85 PSF. If you can't find the little ones go up a little but stay at the 85. If you can't find that go to 90.

Townhouses are the same as single families. In fact often cost a little more and have higher HOA fees.

Condos can work if cheap enough. Generally are not. You pretty much have to look at them individually. I would stay away from condo conversions....those are accidents waiting to happen.

[007 license to sell]

Originally Posted by Ron_in_the_House

Hello

I was wondering how is the NW area ? Is it a good place to invest?

I am looking to purchase in order to rent, where will be the best place to buy in NW? and Can anyone please tell me what type of properties are easy to be rented in Las Vegas, single house, townhouse or condo.

Any advice will be greatly appreciated,

Thank you!

Ron

One thing you should do as an investor is finding out what is going on with rentals in Vegas. There is plenty of inventory to purchase to turn into rentals, the problem is due to the high unemployment rate you are going to have more rentals then renters.

Here is some information that may be helpful.

Demand for professionally managed apartments is weak and rents fell during the third quarter to reach their lowest level since 2006’s first quarter.

The average occupancy rate rose to 91.1 percent in the third quarter, up from 90.5 percent in the second quarter, but that’s below the 93.7 percent rate in 2008’s third quarter, the firm reports.

Average rents fell for four consecutive quarters with the price averaging $840 per unit per month. That is down from $857 in the second quarter, a 2 percent decline. Rents have fallen 5.6 percent since the third quarter of 2008.
The apartment market’s future isn’t looking good because of the weak job picture It won’t recover until home prices stabilize and foreclosures begin to fall.
It is said that future apartment-sale transactions will likely result from lender sales.

The southwest valley had the highest rents in the third quarter at $994 per month, while the northeast had the lowest rents at $708. Rents in the southwest valley fell 2 percent and fell 8 percent in the south valley in the past year.

The southwest area had the highest occupancy at 92.4 percent, and the northwest had the lowest occupancy at 89 percent.
The number of notices of default for apartment complexes is climbing, setting the stage for more foreclosures. Even the bigger properties are starting to fall.

Among fourplexes through the third quarter, the 284 sales were 89 percent higher than 2008. Despite that increase, the sales volume declined 10 percent, reflecting the drop in prices and large number of foreclosures. The price per unit was $39,100, a 52 percent decline from 2008.

In the five to 99-unit market, 31 buildings sold, three more than in 2008. The average price per unit fell 25 percent to $57,500. Nine buildings with 100 units sold, four less than in 2008. The average price per unit was $34,700, a decline of 57 percent.

Houses are more desirable for families, but due to the high foreclosures displaced families are either moving in with families or moving away or homeless. You have to look at the whole picture as an investor as to where are you going to find a renter, and if your looking in a city where unemployment is 13% you have to know it will be hard to find a renter, unless you have prices set low.

As a investor there is allot more than just finding a rental, you have to make sure that the HOA allows rentals, if they do is there a limit? You need to make sure that the HOA is solvent.

I don't know what kind of investor you are if you own allot of properties or if you are just starting to get into the market because you heard about the great real-estate deals if you don't live here you really need to get info on the market period.
You should link up with a realtor that will bring you up to speed with stats, not just talk about how great things are.
Good luck in your search