Looking to invest in Las Vegas and I am wondering what the real estate market is like? Are renters paying their rent? I know there is an eviction moritorium in place until March and could be extended. There seems to be some great deals there. I’m just wondering if it’s ideal at this time? Any advice is appreciated.
I had 2 of 12 tenants move out last year (both were there for more than 5 years.). Both properties were re-rented within 2 weeks at 15 & 19% rent increases. I have one that pays late. Other than that it's been all good in the SFR market.
A good first step might be to contact a property manager or two. Ask them how rent collections were last year and if they were getting better or worse. And then ask them what areas and types of properties are the easiest/fastest to rent out and collect the highest rents.
Do you use a property manager? When I try to contact people I seem to always get the new person and I feel like they are just trying to sale me on using them. They don’t tell me much of the down side. I have a property in mind as well. What areas are better? I was thinking close to Nellis AFB.
Winner winner chicken dinner. LV rates as the Worst rental market in USA. Not counting sfo, nyc, hnl.
$300,000 gets you $1,750 in Rent.
Cash flow non-existant for quite a few years now.
Not a Fan of Nellis AF. Theres good reason why houses there go for way less than Median.
Do you feel the same way about multi units? 4plexes?
People who tell about how much rent they get are just flexing, they are disingenious. They bought property when the Apples were big delicious and juicy.
Now all you get is Shriveled up Prunes..........lol.
Yes. I use key property management in Henderson. Been with them about 7 years after the first place I tried was horrible. If you look up Erick fernwood’s posts you’ll see a map drawing of where the properties he manages are. I own mostly in the head of the map he drew that looks like a sea creature.
North of Cheyenne, east of 95, west of mlk, and south of 215. (Though I have 1 west of 95, 1 east of MLK, and 2 north of 215 as they were primaries at one time for various reasons.)
Most 4 doors are in D areas. They could offer good cashflow if bought right. But the other factors may overcome your cashflow—crime, D tenants and vacancies.
Las Vegas is mostly good for SFR's. But with HOA's and there fees—that could eat your cashflow—-make most purchases good for appreciation, equity and tax benefits.
We were fortunate to buy when the market was at its low; currently it’s at an all time high.
I mostly manage property in Henderson, but we have a few legacy clients in the Northwest around Centennial Hills and some in Summerlin. We've seen good collection rates at only 1 currently non-paying tenant out of about 80. Most of the stuff we manage is SFR built 1990 or newer, but we do have some condo units and a few older homes too. Our collection issues have mostly been in the older homes.
Rents have been increasing in most of the areas we manage. There's a shortage of rentals overall.
The eviction moratorium extensions proposed on the federal level are worrisome, but those will impact the entire nation, not just the Vegas market.
EUREKA ive found the magic bullet.
People alwas ask should i buy or not. Ask a guy who actually owns property their Status. Buy mode, sell mode, enjoy Tequila mode.
Dont let them tell you what they did. You want here and now.
Dont even ask what a Real Estae agent thinks..........lol.