Please advise newbie moving to Las Vegas
Renter · Alhambra, CA · Member since 2009 · 133 posts · 5 votes
Hi all,
I've got a job in Downtown LV and want to do a deal for a nice place within 20 minutes rush hour drive time to downtown at Charleston on 15North / juncture with 95.
I believe this is a Buy and Hold. I might come back to LA after a year or two and rent it out then.
So, which REI Club in Las Vegas would be recommended ?
Club links here:
http://www.biggerpockets.com/real-estate-clubs/nevada.html
How to hook up with wholesalers to talk.
What advice / links should I be reading ?
What homework should I be doing ?
Will be in Vegas in a week.
Thanks, Rich C
Rich, I don't know what to tell you about where to get a good deal in Las Vegas right now. I was buying at the trustee sale but the prices are getting to be at retail levels now and that inventory is way down. Plus you need all cash there. I am concerned that the market is being manipulated by state government intervention in NV. Google AB 284 if you want to know more about it. Its not a full moratorium but it has stopped the flood of foreclosures dead in its tracks. The key question is whether there will be a glut of foreclosures and shadow inventory in the next twelve months, or whether there will be an effort to stop the flood of foreclosures in Las Vegas tightening the supply/demand model. A lot of us are watching that market very closely right now. Most people I know investing in Las Vegas are making multiple offers on the MLS and hoping some get accepted.
INV Coaching and Real Estate Insider Club are both pretty good. Usually you could join them through Meetup.
What are you looking for? SFR? Condo? Townhouse?
Read the BP threads, they are all very informative!
Hello Leon,
How do like living in Vegas from the Asian perspective ?
Ok thanks, I will check the REI Club meetups out.
Which BP topic threads which you recommend ?
I'm looking for SFR in a nice area 4/2 ideally which can be rehabbed a little ( below market ). How do I determine market by comparable sales ( price sqft ).
Should I be looking for REO's only.
Realtors say you must above list price to get them.
I been reading this site previously with casual interest.
Now, I hope to really learn and apply the principles here.
Regards, Rich C
Las Vegas has been a very tough market in the last 3 months. To improve your chances, look at reos, short sales, and even trustee sale ( find an honest bidder with good title work.) 20 minutes to downtown leaves for a lot of places to consider.
Wholesalers: just open up craigslist. Theybaree trying to find you more than you are trying to find them...
Great sites is of course bigger pockets, however, have you determined a good location yet? Without steering, you may go to www.city-data.com for neighborhood info.
Best of luck
Hi Andy, ( ni hao ? ) and BP'ers :)
I'm sensing this from the lack of listings on the MLS and my realtor is not finding anything so far.
Ok, finding an honest bidder who does all the research like Rich Weese ?
So are you suggesting to find some REO brokers and work directly with them or thru my realtor ?
Ok, will take a look today. I think I will open another thread to discuss buying/dealing with a wholesaler and understanding the whole process and details.
I haven't picked the exact location yet. I think I want to be West of 15 and probably south of 95 within 20 minutes rush hour drive.
Yes, I did follow some threads there. So, let me post there and ask which areas they think are best. Thanks.
Thank you, Rich C
Richard,
I buy in Las Vegas and the market is very tough right now to find inventory because of the moratorium on foreclosures by NV. Many of the short sale sellers took their houses off the market as they were no longer afraid of immediate foreclosure. They are just living in them for free. It has created an artificial market do to govenment intervention which is scary, as we all know what usually happens when the government intervenes in the real estate market. There is little inventory in Las Vegas right now and what will happen later in the year is an unknown.
Buying at the trustee sale is just as bad now so I don't know that option will get you anything either.
Hi Bruce,
"I buy in Las Vegas and the market is very tough right now to find inventory because of the moratorium on foreclosures by NV"
Thank you for that explanation. I guess if a homeowner stops paying his mortgage and can live rent free then that only leaves the regular inventory to be consumed by "lots of buyers" at retail prices.
Additionally, I read where BOA , Wells Fargo are doing Deeds For Lease ( Rent Back to Homeowner programs ) for now.
This means that the Homeowner turns over the deed to pay a fair market rent for a year or two. This will stablize home prices since there is no longer a glut of foreclosures to complete with standard sales ( ugh ).
Any advice on what to do now to get a good deal ?
Best to you, Rich C
Rich, I don't know what to tell you about where to get a good deal in Las Vegas right now. I was buying at the trustee sale but the prices are getting to be at retail levels now and that inventory is way down. Plus you need all cash there. I am concerned that the market is being manipulated by state government intervention in NV. Google AB 284 if you want to know more about it. Its not a full moratorium but it has stopped the flood of foreclosures dead in its tracks. The key question is whether there will be a glut of foreclosures and shadow inventory in the next twelve months, or whether there will be an effort to stop the flood of foreclosures in Las Vegas tightening the supply/demand model. A lot of us are watching that market very closely right now. Most people I know investing in Las Vegas are making multiple offers on the MLS and hoping some get accepted.
No wonder I'm getting multiple offer disclosures left and right, Bruce you are making them on the same properties! All kidding aside.
Let's talks out specifics of where you may be looking, you didn't state year built in the category , so Im assuming 89128, 89117, 89146, 89103,89102. There is inventory but we are all fighting for the low price ones and rehabbing them to get top dollar. When you refer to a good deal, it is a little ambigious.
What is considered a good deal? Below market pricing at this very moment?
Are you willing to do the rehab work?
If you do not get a house, are you going to rent?
If you pay market price for a house and the mortgage is significantly lower than rent, then is that worth it?
I ask all these things because you are starting a job downtown and may need to move soon.
I am a new investor in Las Vegas as well. I keep hearing that inventory is down but I have nothing to reference that to. I just started searching for properties a couple months ago. I look at it this way, if I start in a very tough and competitive market and eventually succeed I will have learned a great deal more and become a better investor than if I started when it was easy. Not sure that this business was ever easy, but hopefully my point is clear. We just have to work harder and be patient. Good luck in your search.
Jesse
What is considered a good deal? Below market pricing at this very moment?
Are you willing to do the rehab work?
If you do not get a house, are you going to rent?
If you pay market price for a house and the mortgage is significantly lower than rent, then is that worth it?
I ask all these things because you are starting a job downtown and may need to move soon.
Hi Andy,
I think these zipcodes are candidates for the 20-25 minute rush hour drive downtown 8am start
89128 south part
89145 closer to 95
89117 more east toward Buffalo / Rainbow
89145 more east toward Buffalo / Rainbow
89147 more east toward Buffalo / Rainbow
89146
89102
89103
89107
- Good deal is below market in good area
- I'm not very handy but can assist with easy stuff so I would need help with Rehab
- Yes, I am going to rent close to downtown first , looking at some 3 month rentals 15 minutes to downtown and will do a partial move. Must start work last week of April. May "do big move" after finding home.
- Market with low mortgage sounds like an option to consider
I need time to study the areas and meet other pros so I hope to meet up with you guys in LV. :)
Appreciate all the advice given here. Hope to return in kind :)
Best, Rich C
Jesse
Hi Jesse,
Good point, patience, knowledge and hard work are the tools to reach the goal ! :)
Thanks, Rich C
+ Kind of interesting to see how government intervention will play out ...
- So, this is a good thing for distressed upside down Homeowners but does it forestall the inevitable if they cannot still pay for the homes without steady employment.
- What happens to these vacant properties during this period, banks will do rentals ? Deed For Lease ( rentals )
- see some encouraging news in LV about Solar businesses near Primm ( Stateline border ), Toyota openng a factory in the North East , Zappos moving downtown.
Thanks to all, Rich C
Jason,
Not being a LV Native, I wanted to know who Moe is
Moe Greene was a renowned Jewish mobster and former executioner for Murder Incorporated, credited with the development of Las Vegas into a gambling and
Actually, that is a good point, how do you check out who your neighbors are when selecting a property ? Knock on the door and introduce yourself before hand ?
Thanks, Rich C
Hey Rich,
Sorry I haven't gotten back on the forum for a few days. Totally agree with what Andy and Bruce said. It is brutal right now in terms of finding a good deal. The best deals I found lately was through GoHoming.com. Once in a blue moon I catch a sleeper with bare margins for flipping.
If you're new to rehabbing chances are the first time around you won't be making any money, at least that was my case. If you could learn from Andy for a bit that might help you out a lot. He definitely knows what he's doing.
Another thing is maybe you should keep watching and see what falls out of escrow. You might have a better chance to swoop in if you're quick enough.
And Jesse, I agree that a tough environment can always make you more competitive. But man, last year was awesome compared to this year.
It's been really a blast in the last 4 months. Consider getting a real estate license because we are on the mls at least 4 hours a day manipulating our search criterion to find something that potentially could be a good deal. It works out for me 35 hours of research for about one house. If you asked your realtor to do that on your behalf, they are either really hungry or do not know howbto calculator how much their time is worth. Sorry, just being brutally honest.
Even better is that if your agent stumbles upon a deal, the chances of you getting it really are slim.
Solution: get a real estate license and figure out where your niche lies.
Hi Leon and Andy,
Thanks for keeping the conversation going and telling it like it is
( slang: Keeping it real ! )
My realtor emailed me 2 regular MLS listings near the Lakes around the 200K range - 4br 1900-2200sqft ( retail all the way ).
Which is in the 30 minute communite range to work
in the Durango/Sahara vicinity.
I think I'm going to have to "learn" and take your advice. A RE License may be the way to go to get MLS access and to learn at the grass roots leevel or work with a rehabber/wholesaler.
Maybe, we can hook up for some Dim Sum when I'm in town in the next week or too ?
Best, Rich C :)
Yes definitely get a license. To get on MLS it is gonna take a bit of initial investment but it is well worth it. Plus you get an advantage taking in your own commission to help your rehab margins. Man, I missed a house near the Lakes 2000 sqft that got sold for 102k a few months ago. Needed work but would've been nice.
But yeah let me know if you want to meet up next time you're in Vegas.
And Jesse, I agree that a tough environment can always make you more competitive. But man, last year was awesome compared to this year.
Leon,
Ok, I appreciate the help and hope to return in kind when I can ! :)
I will review gohoming.com
How to find out what falls out of escrow ( back on the market ) ?
Look at getting my LV RE License / rehabbing experience etc.
Many Thanks, Rich C
PS will be in town next week with the wife.
Andy,
Here are the MLS listings he sent me
$ 199,990 9825 BISCAYNE LN Ref #: 1237184
3 br / 2.5 bath 2660 sqft 1989
http://las.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1432266660&s=LAS&t=LAS
$ 199,900 2272 AUTUMN FIRE CT Ref #: 1194864
4 br / 3 ba 2400 sqft 2007
http://las.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1432266660&s=LAS&t=LAS
They are in the Lakes area I think but I want to
"buy right" getting in and hope to learn how to do so !!!
Thanks, LA Guy
Jesse
Hi Jesse,
Hope we can help each other too. :)
Don't know how you're finding properties ?
Through wholesalers, research MLS, REO brokers etc ?
How to put together a fair deal for all ?
Best, LA Guy
Buying at the trustee sale is just as bad now so I don't know that option will get you anything either.
Hi Bruce,
So, you go to the Nevada Legal News Daily Auctions ?
Look at the recontrust.com BOA foreclosure site ?
Would like to find out more about this too.
Of course, you need a lot of experience to bid on these.
So, I'm thinking I need a "plan of action/research".
1. Meet and learn from other Investors
2. Do a lot of studying of Property Values and Rehab costs.
3. Find out how good deals are made and executed.
4. Pitfalls to avoid. Learn lessons.
5. Get the RE License
6. Learn how to research and evaluate properties on MLS
7. Build a team to include ?
8. Go Pro on Biggerpockets.com
Thanks, LA Guy
Richard Chang, yes I buy at the Clark County trustee sale. Don't even think about doing this unless you know what you are doing. This is not something to take lightly. Buying at trustee sale has many risks. I get reports from contacts I have in Las Vegas as to which properties are going to sale each day. I do not use recontrust or B of A. I search all title records and have someone in the title industry do that for me as well. I never bid on anything unless I know which position the loan is in that is foreclosing. I also know what liens are on the property prior to bidding. In NV HOA liens must be paid by the new owner. They don't go with the old owner like in CA for example. Many properties have HOAs there. Also there are tax liens, other liens called SIDS and even other utility liens. You have to know what you are doing. The deals are drying up quickly at trustee sale in Clark County so it is probably going to be a while until we see some better inventory because of the legislation I mentioned earlier.
Hi Bruce,
Thanks for the warnings on the process needed to safely bid on auction properties.
As you wrote, Investors must learn to access Title Company Trustee Data, county recording of liens ( Taxes, HOA, SIDS, LIDS, utility, mechanics etc ) as well as onsite inspection review or properties and neighborhoods etc.
As Andy, Leon and Bruce have said, it is a tough market in LV right now.
So, I'm hoping there are still a few deals out there that suit me. :)
Best, LA Guy