Las Vegas to St. George Multifamily... Letʻs connect!
Aloha,
I'm looking to connect with agents, contractors, handymen, brokers and lenders in the Las Vegas and St. George, UT areas. I'll be coming out in October/November and would love to talk story about your market and any opportunities that might be out there. Or, what things to watch out for. Currently I have two short term vacation rentals and one long term rental, but would love to get into multifamily. I have other investors with me that are interested in these areas as well. Anyone familiar with these areas and want to connect, I'd love to hear from you!
Mahalo!
Hi @Mike Neubauer I live in California but I own two non-MFH rental properties in Las Vegas and I know quite about the areas around where I own. Area 1 within about two blocks of the Strip, and Area 2 Henderson. I researched those two areas to death before I bought. They are very different areas - urban vs upscale suburban.... but I love both and am glad I bought where I did. Be careful with short term rentals there if you are thinking about it... not legal in Clark County and the city of Las Vegas allows it by permit only, which is very expensive and hard to get.
John M. Thanks man. I definitely would stay away from short term rentals. I do like Henderson area, and would love to find some MFH in that area!
@Mike Neubauer I haven't looked into MFH yet so I don't know what cap rates are like in the Vegas area.
It's kind of interesting I think generally rents in Vegas are low relative to other cities of it's size, but the jobs also tend to be lower paying. But on the other hand Clark County added more new residents in 2017 than any other county in the US other than Maricopa (Phoenix), according to the US census. And I don't see that trend changing anytime soon, people are fleeing California for neighboring states and Nevada is very well positioned to capitalize from that.
The thing I like about Henderson is that it is it's own city so it has it's own police force and along with higher incomes makes it a desirable place to live for both homeowners and renters alike.
The one wild card is there is a lot of new housing development going on in SW Las Vegas (including SW Henderson), for both SFR and MFH and I believe the county was looking to further expand the area further south along I-15 by freeing up more BLM land to be sold to developers. So not sure if that might suppress rental growth as these new properties come online in the SW area?