I was wondering what you guys think about investing in these properties? It looks like such a waste that they've been vacant and barely even lived in..
Real Estate Agent · Las Vegas, NV · Member since 2015 · 97 posts · 28 votes
10y
There might be a good reason they are vacant? I find when there is a good deal just sitting around for a while, there is some reason and or back story.
Flipper/Rehabber · El Paso, TX · Member since 2015 · 379 posts · 201 votes
10y
Follow the lead @Cindy Lamug. Do a drive by on google maps and take a look at the area. If you see any for sale by owner signs then call them. Sellers will always give you the entire story
North Las Vegas, NV · Member since 2016 · 35 posts · 9 votes
10y
Well i know that Boulder Highway has a bad reputation for having unfavorable people living in the area. I just feel like it's such a waste for new properties to be ignored :-/ we'll drive by and scoop out the place.
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
Hi Cindy. First an agent that can't figure things out is why they get a bad rap. Almost anything can be fixed by price. Second owners that can't see that their agent is not doing the job are at fault as well. This area was a large speculation back in the day and never really made it. When money was flowing these were all bought up and then foreclosed and never recovered. Still worth a look. Let me know how it goes and reach out if you need any help. Good luck!
Investor · Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl · Member since 2015 · 511 posts · 220 votes
10y
Cindy, There are endless reasons why a property has been stalled. Some examples are first primary lien holder can be trading in non-performing notes , riding the income tax loss, lost paper or docs, lender fold ups, high inventory or a slow internal process of a liquidator. These are just a few. I do admit that these types of homes are fun to chase down and pursue .
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
I wanted to add to this. I started to think I wasn't in tune with my market and maybe missing something but I wasn't. This neighborhood is plagued with the HOA owner occupancy rule. It has a lot of listings and they are, to me, overpriced. The property in question was foreclosed on last month and just went on the market. Where you would want to be is before it went to foreclosure and negotiate the short sale for a deep enough discount to make it work. Here are the properties in just this neighborhood (just in case you don't know that's a lot of properties for a small neighborhood). Thankfully for them Las Vegas is hot so eventually when they come down in price someone will buy them up. Gosh I love this stuff!
Investor · Las Vegas, NV · Member since 2013 · 131 posts · 63 votes
10y
That area has always been kinda tuff to say it nicely. But it does have some good things happening around there that might eventually help those prices rise. The new Henderson Hospital is near by it'll open this year and master plan community Cadence is also on that side of town. But yeah HOA owner occupancy rule is a killer. Maybe they have a waiting list or a certain percentage of rentals that are allowed to have like some of the other HOA's with those type of restrictions throughout Vegas.
North Las Vegas, NV · Member since 2016 · 35 posts · 9 votes
10y
Thanks for the info everyone! Obviously rental investing wouldn't work, we'll check out the area anyway. Maybe there'll be other opportunities available. :)