I've been searching for MF properties in Las Vegas for a little while now and have noticed how quickly places are going under contract. Even places that don't seem to be of much value are getting bought up. I've also been having a really hard time connecting with investors, commercial lenders, realtors, etc. from the area. I would love to talk story with some of you who have been doing it awhile or if anyone out there has recommendations on wholesalers in the area or can provide insight on how to access some of the off-market deals that I'm sure are out there but I'm having trouble finding, that would be awesome. Thank you for your time, and have a great day!
Hi @Mike Neubauer - yeah MF here in Vegas is a little "quirky". The resi stuff (2-4 units) are mostly all in 'D' neighborhoods, with 'D' tenants. And the 5-30 unit stuff is hit or miss. I'd be happy to connect with you. I'm a "10-30 unit" MF investor myself and have a few things I'm eyeing.
With regards to wholesalers here, you're not really going to find any. The only ones that are even on the grid are solely SFR and even those are not very easy to find. For off-market deals, you really need to be here or have someone here that can be "boots on the ground" and literally be able to drive areas and identify assets that might be potential deals. That's pretty much what I've been doing since I got here in June.
@Marty True Thanks for that info! It seems to align closely with what I've been finding too. Yeah, I've been looking at some properties in the 10-12 unit range and they scoop up so quickly I can't believe it. I've got a realtor looking for stuff, but so far they're only sending 4 plexes and smaller. I'd really like to get into something a bit bigger, honestly. If you run across anything, let me know!
It is a matter of supply and demand, that you are seeing mult's going under contract so fast. Take for example below. At any given moment, there are so many available listings without offers as of 10-18-18. When you apply the percentages, 99/4572 = 2.1%, and 99/1625 = 6%. Which means that for every 100 SFR's, there is 2 multi's. For every 100 condo/townhouse there is 6 multi's.
I know your target is 10-12 units, but don't have the available numbers for those types. However, I would venture to guess there is more 2-4's than there is 10+. Thus, supply and demand, would indicate that is why you are seeing they get sold and under contract so fast.
1. SFR = 4572
2. condo/townhome = 1625
3. multi's (2-4) = 99