Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
14y
Hi Dan.
What is your plan? Aquisition is tough in certain price points due to what Jeff mentioned. Nevada passed AB284 which has plugged up the foreclosure pipeline.
Las Vegas, NV · Member since 2012 · 4 posts · 0 votes
14y
My primary interest is flips but its getting pretty tough to buy viable properties. Im waiting out several short sale offers and getting ready to close on a couple of reos. Ive been a local contractor in Las Vegas since 1993 so I have great resources for rehabbing but still have to get into the property right.
I usually figure a selling price for a potential property based on non-reo/non-short sale vacant closings in the last 6 months then back out commissions, carry costs and repairs... resulting in a maximum purchase price. I have to play with the numbers based on the history of reo/ss closings in the neighborhood and how many are currently listed, blah, blah blah.
Its not rocket science, just math.
Sellers agents get "insulted" with some of my offers but it is what it is.
Im in it for the long haul so I plan on being very patient...
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Welcome to BP Nation Dan, great to have you.
I love Vegas and the investment opportunities there it has. I am just a quick 55 minute flight from you and get out there as often as I can.
Look forward to networking with you and assisting you in any way possible.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
14y
Welcome to BP, Dan. Do you know what price range you are targeting for your flips, yet? Seems like with your experience, extreme rehabs might be a fit for you.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
14y
Originally posted by Jon K.:
Welcome to BP, Dan. Do you know what price range you are targeting for your flips, yet? Seems like with your experience, extreme rehabs might be a fit for you.
True, and although they take longer in rehab timeframes, you reduce some of your competition as many avoid such deals.
Investor · Mission Viejo, CA · Member since 2012 · 627 posts · 204 votes
14y
It is nice to see more people interested in LV here. We know a realtor there who has been doing flips. However, we went with him to an auction a few months ago and saw people bidding far too high. Until the silly AB284 mess is overcome, the supply is bad. We bid on a foreclosure several weeks ago, and were 1 of 45 bids!
There are plenty of houses there which have not been foreclosed, but are vacant. It seems to me that a short sale is still possible, if the former "owners" can be located. Has anyone here tried to do such a deal?