Our story in Las Vegas
So a couple years ago, I finally bit the bullet and a partner (college friend) and I bought our first house in Las Vegas.
We bought a small 1400 Sq ft zero lot (not even a back door) house. It was sold for 250k, and we picked it up for 75k. There was some minor repairs that we had to do:
The previous owner took one (of two) medicine cabinets out of each bathroom.
They took the appliances.
They took the ceiling fans, but the bank had already replaced them.
They left the garbage disposal, but took the plumbing under the sink.
Took every door stop in the house.
and, my favorite...
They took the middle hinge off of the interior doors (I never did fix that).
Took us about $1500 to finish the rehab work, and during that time, some thieves stole my air conditioner. Insurance covered that, and we put a new unit on the house.
That house just appraised for 150k! -WIN!
We did a cash out refinance and bought our 2nd house with @Eric Fernwood . This one was a traditional sale that appraised for 8k more than we paid. It was move in ready, but a little grimy so we spent about 3k rehabbing the place with tile, carpet, paint, and cleaning.
Both places rent quickly and have a positive cash flow. My partner and I have come out great with these two places and are anxiously awaiting our next opportunity!