Purchasing a Multi-Family in Las Vegas

[Will F.]

Hi I'm thinking of purchasing a multi-family in Las Vegas.

Anyone familiar with the market?

I'm from Los Angeles, and the potential Cap rates/ cash on cash return in Las Vegas are ridiculously higher.

I'm guessing vacancy rates are also going to be higher, rental income will be lower and there may be expenses being out of state.

But I think we would make up for it because the value of properties is incredibly lower in Las Vegas.

Anyone have advice for Las Vegas investing? What are vacancies, cap rates, taxes like etc? or does anyone have first hand experience here?

[Andy Chu]

I'm assuming you are looking at a 4plex and not a 20+unit complex. The problem you will have is that these tenants are the ones that cannot rent houses, condos, or etc and must go to dilapidated living conditions with rents in the $500s a month. The turn over and vacancy is extremely high. Even though the #s looks good on paper, they may not be. If you want to take one off my hands, I would be more than happy to unload a 12 unit complex :) (was that considered solicitation?)