Attorney · New Orleans, LA · Member since 2017 · 38 posts · 19 votes
I'm visiting Las Vegas this Wednesday to prospect for my first investment in the area. Would like a SFR, Condo, or small MFH that needs a cosmetic rehab, to make it a high end rental. Any advice on best neighborhoods, wholesalers, turn key providers, or strategies that work particularly well in Vegas? Thoughts on the older mid century homes in Fremont? I'm also interested in Summerlin and Henderson.
Are you planning on using the property for short term rental? I heard Henderson just approved this. If you are looking for regular buy and hold, I have more questions about the kind of tenant you are looking to attract (or can tolerate) and what kind of budget you are working with. Those two factors will help determine which neighborhoods you can afford to buy in and then you can narrow down which of those neighborhoods attracts the best tenants and provide the best return. I'm going to send you a friend request. I have some other information you may be interested in.
I don't want to be near a STR illegal place. Whose to say it won't spread? Zoning and code enforcement tends to be very similar in neighboring areas. Too much risk.
I'll have to investigate Air BnB regulations some more, but it sounds like Henderson may be promising. I wonder how far away from the convention center/strip one can be and still make STR work?
I would also consider a more typical buy and hold long term rental, or even something in between like a furnished corporate rental, if there’s demand for that sort of thing.
Forget the MF to high end rental idea. Those properties are in crap neighborhoods where no one with money wants to live. Condos here only work when you can buy them really cheap, due to the HOA fees. At current market prices, I would not buy a condo for a rental.