I have the option to stay in the NYC metro area (where I plan on buying an FHA multifamily in August 2015) and where I plan on spending my life, or going back to my hometown of Las Vegas for a year. Wherever I am, I plan on starting to flip houses. However in Las Vegas there are no other nearby cities or markets like there are around new York.
That being said, I'm wondering what the difficulty is of finding properties to flip, and reselling them in Las Vegas. It's a much smaller area, so perhaps less investors. I know the market there is still struggling to recover. Where would be the best market for my endeavors?
P. S. My father is a real estate contractor in Las Vegas, which is a HUGE leg up, and I was raised there so I know the neighborhoods.
I sent you an email to check out. Yesterday, the number of properties sold on the court house steps was......0! There is a time for everything. If you can flip on a 15% spread and still buy beans, you are doing well. Dont try and force it, at least not in vegas right now. The viable option is long term hold to park cash or use leverage.
I agree with Tiger M. I looked long and hard for Vegas properties to flip, but the deals just aren't there. At least not in the price range I was looking at - under 200k ARV. Perhaps there is potential at the higher end, but I wouldn't be in the know on that.
I think you'll have a difficult time in Vegas with only a 1 year timeline. Vegas is a smaller market than NYC, but we're in LA's backyard which results in a lot of Cali investors looking here. Sourcing the deals will be the toughest part.
@Tiger M. I'd love to see the article on the ZERO sales at the auction. Things have sure changed quickly.
I'd love to see a copy of that email as well, and your perspective.
Here is the sale report requested, we have been seeing 2-6 sell per day but this summed up the trend for me.
|Trustee Sale Auction Recap|
Wednesday, August 06, 2014
Clark County NV
|Avg Sold Amt:||$0.00|
|Back to Beneficiary:||6|
The numbers from Friday the 9th were higher because Auction.com is there so its more of a marketing sideshow than a trustee sale.
Opening bids 74
sold 12 (above85% value too, God bless them)
Average price: $123,308
back to Beni: 10
Postponed 61 (mainly auction.com 100% value)
for the past 30 day recap, only 210 actually sold
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