Las Vegas House Hacking - New investor

Las Vegas House Hacking - New investor

Member since 2024 · 1 post · 3 votes

Hi everyone,

I am new to this community and real estate investing. I am based in Las Vegas and looking to purchase a home by the end of the year. This will be my first time buying a house and I would love to connect with some locals/Vegas investors and get some advice on the area.

I got pre-approved today and have an agent through an investment firm that specializes in rentals/investment properties. I am looking for a rental property for under $400k to start off. I am fine living in it for the first year or two and have a current roommate that will rent from me for as long as we live there, so I am not too worried about negative cash flow in the first year. My eventual goal is to keep buying rental properties in the area (1 a year to start and maybe 2 as I get more advanced). My concern is that all of my info is coming from the agency and I do not know how to find and evaluate properties/deals yet on my own. Can anyone recommend courses/ways for me to learn so that I can become a competent investor? 

Thank you all in advance for your replies and advice!

3Reply
30 views

Most Popular Reply

Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
2y

@Jay Shah I'd recommend running the deals based upon what you could rent the house for currently as a traditional rental, if your plan is not to live in the house for more than a year or two.  Who knows what rents will be 2 years from now.  Also, you may want to think about what your plan B is going to be if you are not ready to move to the next property in a couple of years.  This first property will need to meet your owner personal living criteria and be a potential rental.  That might look different than just buying a house to rent out straight away.  

See this reply in the discussion

4 Replies

Jump to latestLatest
  • Real Estate Agent · Las Vegas, NV · Member since 2020 · 459 posts · 305 votes
    2y
    Quote from @Jay Shah:

    Hi everyone,

    I am new to this community and real estate investing. I am based in Las Vegas and looking to purchase a home by the end of the year. This will be my first time buying a house and I would love to connect with some locals/Vegas investors and get some advice on the area.

    I got pre-approved today and have an agent through an investment firm that specializes in rentals/investment properties. I am looking for a rental property for under $400k to start off. I am fine living in it for the first year or two and have a current roommate that will rent from me for as long as we live there, so I am not too worried about negative cash flow in the first year. My eventual goal is to keep buying rental properties in the area (1 a year to start and maybe 2 as I get more advanced). My concern is that all of my info is coming from the agency and I do not know how to find and evaluate properties/deals yet on my own. Can anyone recommend courses/ways for me to learn so that I can become a competent investor? 

    Thank you all in advance for your replies and advice!


    Use the BiggerPockets calculators. I told all my investors to check the numbers to make sure they work themselves.   I always want the buyers to understand what the numbers are. I’m more than happy to tell you what my numbers would be for it as well. 

  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    2y

    @Jay Shah

    Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking and is full of great content.

    I recommend that you check out the following resources:

    1. Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

    2. Check out other online guides available here: https://www.biggerpockets.com/guides

    3. Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog

    4. If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking

    5. You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings

    6. BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators

    7. If you can't find what you're looking for, try the Bigger Pockets Fileplace. It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files

    Good luck.

    Hampton Tax and Financial Services LLC4.7106 Reviews
  • Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
    2y

    @Jay Shah I'd recommend running the deals based upon what you could rent the house for currently as a traditional rental, if your plan is not to live in the house for more than a year or two.  Who knows what rents will be 2 years from now.  Also, you may want to think about what your plan B is going to be if you are not ready to move to the next property in a couple of years.  This first property will need to meet your owner personal living criteria and be a potential rental.  That might look different than just buying a house to rent out straight away.  

  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    2y

    @Jay Shah

    To enhance your real estate investing confidence, consider educating yourself with courses and books on deal analysis, property management, and house hacking. Utilize tools like BiggerPockets Rental Property Calculator and connect with local investors. Focus on the Las Vegas market and leverage your agent's knowledge to understand high rental demand and property management. Network with professionals to build a strong team.

    Good luck!

Join the conversationCreate a free account to reply, vote on answers and follow this thread.