Any Las Vegas REIA Members?

8 Replies

Hey there,

I'm just getting into real estate investing and looking into the LV market. I'm thinking about attending the LVREIA general meeting on June 26th.

Is anyone here a member of LVREIA? Are the general meetings worth attending? I'd like to learn about some investor friendly brokers, lenders, contractors, and property managers in the area, plus make a solid connection or two.

Thanks!

What's up @Kwaku Farkye . If you go to meetup.com you will find every meetup that is going on in the city. I would say be careful with who you network with. Vegas is a very competitive market and some people don't have a problem with guiding you in the wrong direction. If you really want to learn about the market, then you want to talk with agents that work with sellers. These are the people that will have most of the information you are looking for. Always remember, don't ask without offering something of value or else you will come across as an information whore. 

Hope that helps, 

Louis

@Kwaku Farkye My question would be am I right for this market not is the market right for me? The market is going to be what it's going to be but do you have the commitment to fight through what the market will through at you. A lot of investors tend to think that because a market is "hot" that it's worth going into. However, the hotter the market the more the buyers there will be. So if you change your thinking and your approach, you will get better the information you are looking for. 

@Louis Davis I appreciate the insight. Understanding the market is a huge factor. 

I've analyzed some buy and hold properties via the MLS that look like good deals, but since the LV market is so hot, I'm questioning whether I'm missing something key in my evaluation.

My next step is to check out the area myself, plus get in touch with property managers, the police dept, and contractors, so they can tell me more about rent, crime, and rehab estimates in those specific areas.

I've heard dealing with contractors can be a huge pain, but maybe I can build mutually beneficial relationships with them by adding value to their business in some way.

@Kwaku Farkye The only thing that I see is missing is taking action. You can analyze until you are blue in the face but others are buying the properties you are analyzing. Build you own model and foundation and stick to it. You will quickly find out that in Vegas, everyone has an opinion so you will pulled in many different directions. But if you build you own fundamentals and foundation, then all you have to do is take action. Start talking to sellers or agents and start trying to acquire properties. Once you have started to look for actual opportunities, you search for this data will have more meaning because you have dumbed it down to a specific area and not the whole city. 

Bottom line, if you have the funds then start trying to acquire your properties and do research on the area you are buying in. 

Hope that helps, 

Louis

@Kwaku Farkye Hello I recently heard about wholesale real estate and have been doing homework on the subject for about a week. Not long at all I admit but I'm excited and hoping to meet other people in the industry. Let me know if you're ever available to meet up and bounce ideas perhaps work together.