I have started exploring the Las Vegas MSA for SFR investment. Can current investors/locals on BP recommend some areas/zip codes as a starting point for my research. I was thinking of the Summerlin area since there are some SFR for ~$250K going for rent at ~$1500. Is that a good area?
Summerlin is fine, personally I like most areas more than a couple, miles north and west of Rancho and 95.
I’m mostly in 89129, 130 and 131 but there are plenty of neighborhood worth investing. Most Vegas people think 10 miles is clear across town so don’t go too far outside the 215 beltway.
I’d be glad to sit down and talk real estate sometime, I consider it a good time. (Some day we should just all agree to meet at a pizza joint or something as I’ve agreed to meet/talk with 10’s of people and maybe 2 have taken me up on it.)
Thanks Bill. I will use these zip codes to start looking for properties. I understand that's it very hard to get a good cash on cash return in these Vegas neighborhoods but I am hoping for areas with future appreciation potential. Since you have on the ground knowledge, do you think these areas have that?
Las Vegas is probably the only market leading the country in year over year appreciation for 5 years straight and is still below its 2008 prices. No other market outside maybe Florida (being a judicial state really screwed them up.) could have anywhere near the appreciation without being way over 2008 prices.
Some other markets have had nearly 50% of the appreciation but they are waaaay over 2008 prices. Or their average price is $600k or $800 (Seattle, San Jose, etc.) not $280k.
I posted some real life examples of my properties compared at their current values. I’ll try to find you a link. It was for someone else that asked the same kinda question.
Click on the link below and look at my last post, about 7 posts up. PM if you have questions. Want addresses. They’re not for sale but let’s you see neighborhood for comps.