Rental Property Investor · Oxford, MI · Member since 2013 · 98 posts · 18 votes
I'm currently looking at investing in my home state of Michigan but I am also considering multi family rentals in Las Vegas or Fort Myers/Naples. Can anyone comment on the availability of properties in these markets and the rental demand?
Real Estate Investor · Las Vegas, NV · Member since 2012 · 28 posts · 3 votes
13y
I wouldn't suggest Las Vegas for multi-family investment right now but thats based on personal research. Rents are low, there is a small number of very low quality multifamilies available and there is not a very good outlook for the near future of rents going up, even though property prices are...
Lender · Woodland Hills, CA · Member since 2013 · 364 posts · 115 votes
13y
There is no better than local intel. Grateful thanks Nicolo. Adam, we are wicked low in inventory of SFR out here in Los Angeles also. Perhaps real estate ought to tell the US economy that there is no recession!
Rental Property Investor · Oxford, MI · Member since 2013 · 98 posts · 18 votes
13y
Or if there is a lack of inventory, maybe we should build houses? There's just that issue of the inventory the banks are sitting on that makes me nervous. I might try calling a few banks directly to see if they will sell off any of their inventory. I know of one specific house in a hot area that has been vacant for over 3 years. The bank is holding it as the forclosure value is still higher than the market value.
Specialist · Kirkland, WA · Member since 2013 · 1k+ posts · 817 votes
13y
Adam Demchik, Multifamilies are around but the ones that are prices right for the current market need some rehab, everything else is going at retail prices.
These prices are not based on rents at all.
They are based most likely on rehab costs.
In another thread we were talking about the correct price point is <$120k in Vegas with rents currently.