A little backstory on me. I've had my license for 9 yrs. 2 as a broker. Been doing flips in California for about 3 years now. Been doing fairly well and know the process from start to bottom. I want to dive into a different market and I am eyeing the Vegas market. I'm pretty close to getting my brokers license in Nevada and as soon as I do, I want to begin establishing myself in the area. I don't know the market so I plan on getting my feet wet with BPOs(and hopefully get into the REO side of things as well. Could be tough), which will help speed up the process. All of my purchases will be cash and I'm familiar with pretty much all avenues on obtaining a property.
So no real questions. Just wanted to get your general opinion on what the market looks like and the investor activity is for the area. I guess this info will not be available until I join the local MLS but if any statistics available out there that I can look at(days on market, values over the past 12 months, etc) that would be great.
I am a Broker/Salesman here in Vegas and I lead a team of agents at Rothwell Gornt Companies. I also have my brokers license in MA. If I can be of any assistance please let me know. Here is a link to a conversation about the local market here in Las Vegas. http://www.biggerpockets.com/forums/99/topics/117374-las-vegas-real-estate-market-discussion
Thanks for the link! Just spent the past 2 hrs going through the search function ready on previous threads and there seems to be a lot of doom and gloom for investors in the area.
Hi @Manuel Sarabia Did the market appreciated a crazy rapid speed in 2012 and 2013? You bet it did. Make sure you read from several sources. There are a lot of fear mongers out there. Vegas is definitely a place where caution is key, but $ can be made here.
@Manuel Sarabia I don't think it is all doom and gloom here in Vegas. In Q3 of 2013 there was a lot of talk about us going into a buyer's market which at the time I would have agreed. However, since Dec 2013 our market has stabilized in regards to inventory and demand. I think a lot of people's concerns with the market softening has calmed down quite a bit. Is there a possibility of it going into a buyer's market still? I would say yes but it is not going to be as drastic or as soon as a lot of us thought it would be.
There is definitely a lot of potential to make money in Vegas still as @Phillip Dwyer mentioned. The days of 12% cap rates on almost every property are gone but you can still find good deals to flip and you can still find good buy and hold properties with decent cap rates. Our market is still appreciating in double digits even thought the appreciation rate has decreased since the hay day of 30%.
I hope this is helpful!
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