Rental Property Investor · Modesto, CA · Member since 2019 · 11 posts · 7 votes
I am an investor out of Central California and I want to make the jump to start buying rental properties in Las Vegas. Anyone else out there who already own rental property in Vegas? Are you buying single-family homes, duplex, fourplex, bigger, etc. trying to gauge the right price point per unit I should be looking at for multi family rental properties. Or should I be looking at other types of property? Is Vegas the right city?  Thanks guys! 
Although the market here in Vegas is very strong and continues to increase in value, it may not be the best place for getting large ROI on buy and hold properties. I've heard for years the midwest is better for that because the homes are less expensive and the rents are enough to satisfy a higher ROI that what you will generally find here in Vegas. The multi market is pretty slim Pickens here so for the most part we're seeing SFR rentals taking most of the investment dollars. (aside from large 100+ complexes) The BRRRR strategy seems to be the crowd favorite and that's mostly due to the ability to buy at a discount. Of course, that means the property will need some fixing up but if it didn't, the seller could put it out on our very strong seller's market and get full value offers relatively quickly. I'd be happy to answer anymore questions you have in detail so feel free to DM me.
Appreciate the quick responses.. I'm definitely trying to get the ball rolling on multi family, and the more research I'm doing in Las Vegas, the more that i am seeing the same trends that everyone is saying.. I'm thinking that I may need to look elsewhere..
I can only speak for mfh in las Vegas. I own A 4 plex.. 2bed/ 2 bath washer and dryer no hoa about 7 mins west of Summerlin paid 370k bac kin feb 2019 ( that was considered high compared to the rest of the areas I was looking in ) Put about 15k into it. it appraised for 430k this month collect about $3250/ month in rents. there is still opportunity and good things going on in this market, just might be harder to find. inventory for mfh now is very tight and expensive. not many deals on the mls. better luck finding deals off market. I saw today someone selling a 4 plex for for around 440k only charging $600 per door, NO THANK YOU. Might be better off looking into sfh ( more inventory) GOOD LUCK
@Josh Madruga, I, too, am an investor in California but based in the Bay Area and also looking for rental properties in Las Vegas, primarily in commercial multifamily.
Anyone looking to invest around the Statosphere seeing they're planning on rebranding that end of the strip?
@Josh Madruga, I, too, am an investor in California but based in the Bay Area and also looking for rental properties in Las Vegas, primarily in commercial multifamily.
Anyone looking to invest around the Statosphere seeing they're planning on rebranding that end of the strip?
I actually almost bought a 24unit in that area last year, we found a few things during inspection that the seller did not want to fix / discount for, which ultimately killed the deal. It reall really depends on the where, neighborhoods there alternate between b- (at best) to d- street by street. i do think long term the area will stabilize and improve, especially with all the flipped homes there and on both sides of Maryland Parkway, but theres still alot of room for improvement. Boots on the ground are essential, so either find a good Property manager and / or someone with local knowledge and network.
@Josh Madruga, I, too, am an investor in California but based in the Bay Area and also looking for rental properties in Las Vegas, primarily in commercial multifamily.
Anyone looking to invest around the Statosphere seeing they're planning on rebranding that end of the strip?
I actually almost bought a 24unit in that area last year, we found a few things during inspection that the seller did not want to fix / discount for, which ultimately killed the deal. It reall really depends on the where, neighborhoods there alternate between b- (at best) to d- street by street. i do think long term the area will stabilize and improve, especially with all the flipped homes there and on both sides of Maryland Parkway, but theres still alot of room for improvement. Boots on the ground are essential, so either find a good Property manager and / or someone with local knowledge and network.
Thanks for the insight! I believe the east side of the strip off the Stratosphere is a little more developed than the west side?