I am a SFR investor and have been able to accumulate 5 houses in the valley. I bought most of them between 2014- early 2017. I am feeling as of late that it is getting increasingly harder to find more deals in our hot Las Vegas market at the moment. Is anyone in Vegas having success with Deal flow right now and do you think I should start looking more in other markets?
While I don't know the Las Vegas market, I think that many markets prove themselves to be difficult for good buys for investors right now.
I would not say to go to a different market, but to be open to coming up with different strategies. You don't have to keep accumulating SFR.
Maybe this is a good time to buy vacant infill lots and sell them to spec builders? I've always found new ways to change what I was doing and once you're willing to let go of any set ideas, you might find other paths to take.
To the man who only has a hammer, everything looks like a nail.
Great point Michaela, I’ll try and stay open minded to other opportunities.
@Nicholas Martin Of course it is more difficult now. No matter where we are in the cycle, somebody is in distress. Divorce, Death, Disease, etc. I am seeing more and more probate deals as Baby Boomers, like my parents, pass away and leave property to their adult children. Somebody in Vegas needs to "get out from under" their property. Find them and help them.
Hi @Nicholas Martin ....There are still deals out there depending on what your looking for. Best to keep looking off market for your deals. I would be happy to discuss further with you about what folks in folks in my group are doing to find property.
Ditto. More difficult to find deals in Las Vegas. Note, Seattle, Las Vegas, and SF/San Jose, markets are the hottest right now. Read below earlier post and the reason why Las Vegas is still the value play.
I would be interested in the locals way to find properties. MLS is tough, as need to be quick to submit offer, and all cash.
I know almost nothing about the market there, but I hear about it all the time in various conversations. I'm in one of the hottest markets in the country and I hear people all the time talking about buying down in Vegas. With the sports team coming in and a big wave of appreciation, a lot of people have got their sights on it, and at least a couple of the long-term vegas investors I know are starting to sell to cash in on all the hype that's going on now.
It probably has some great potential, but you might get better results in a market that hasn't been as hyped up.
@Terry Lao ...would be happy to connect over the phone to let you know what many in my group have been doing to find off-market properties. Most have been for flipping purposed but there are a few that do buy & hold (often with creative finance here). Generally the lead generations strategies are the same for both. Feel free to text me at my number below and we can schedule time to talk.
@Ryan Evans ...Vegas is "sexy" for a lot of people. But I have no problem in telling someone to focus in another market depending on their investment model & goals they're trying to achieve.
There is hype (Raiders) and there is fact. Fact, Seattle home appreciation for Jan'18 was 12.9% year over year vs. Las Vegas 11.1%. The fact that Seattle passed their pre-recession highs of 2008 and went even higher is good, but in future will need to beat this higher bar. Las Vegas is about 19% below their pre-recession highs, thus have more room for growth.
For Feb'18, Las Vegas appreciation, year over year is 14%. I think Seattle was 15%. I think going forward Seattle and Las Vegas will be going #1 and #2, and switching at some points.
Seattle median home price Feb'18 is $777k vs. Las Vegas $275k. Lots of people are moving and investing from Southern California. Not sure where the influx is going to be into Seattle, maybe Bay area as their prices are even crazier.
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