Looking for SFH in Henderson NV for investment

Henderson, Nevada
Henderson Real Estate Forum
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Looking for SFH in Henderson NV for investment

Swapnil Shrivastava
Member since 2021 · 2 posts · 0 votes

Hi All,

I am Swapnil, living in Bay Area. I am new to real estate investment. Got introduced to Henderson by one of my friend who invested in a rental there. 

I am looking for a SFH in a range of 350-550k in a good school district. Can fellow investors or agents can help/guide me on whats the best source of finding the right property for investment?

(I am already working with a property manager who is doubling as buyer agent too)

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Phillip Dwyer
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
5y

If a house is sitting on the market for over a year, even with a tenant, there is an issue.  Walk softly in that scenario.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    I recommend you use someone other than the property manager to find investments. If you use the property manager, they'll focus on a property that is easy for them to manage for them, not what's best for you. If you use just a buyer's agent, they will try to convince you to buy something that brings them a good commission and they could care less if it rents well or brings you a good return. 

    Find a good buyer's agent that understands the market from a buyer perspective. Find a property manager that understands it from a rental perspective. Use them to cross-check each other and verify you are making a good investment.

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    1Reply
  • Swapnil Shrivastava
    OP
    Member since 2021 · 2 posts · 0 votes
    5y

    Thanks Nathan for providing those information, I will surely look out for investment focussed real estate agent.

    0Reply
  • Braggi G.
    Lender · Las Vegas, NV · Member since 2009 · 1 post · 0 votes
    5y

    @Swapnil Shrivastava Are you still looking? I am a mortgage broker that can connect you with RE agents that can guide you in the local market.

    0Reply
  • Joseph Vu
    Investor · Oakland, CA · Member since 2019 · 57 posts · 41 votes
    5y

    what kind of strategy will you be implementing? 

    I wanted to invest in Henderson/ Vegas area but the numbers didn't seem to work with 20-25% down.

    1Reply
  • Account Closed
    Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes
    5y

    @Swapnil Shrivastava and @Joseph Vu my husband and I do exactly what @Nathan Gesner recommends. We are investment property specialists in the Las Vegas and Henderson area. My husband is an investment focused real estate agent and I'm a residential property manger. We've been helping investors purchase rental properties in Las Vegas and Henderson (ourselves included) since 2010. Here is an example of a house currently listed on our local MLS (our primary source of listings). It's tenant occupied (tenant wants to stay and is paying rent) and we have an appointment to view it on Monday, May 10th. Tenant is paying $1,495/mo but market rent is closer to $1700/mo. The house is listed for $364,900 but target purchase price would be closer to $340k -$350k as the house has been on the market for over a year (tenant occupied properties aren't currently selling as quickly as primary buyer properties). Run your numbers and see if this type of scenario meets your ROI target. The Vegas/Henderson market is really active with primary buyers right now so finding a tenant occupied property in your target area will be key.

    Target purchase price $340k-$350k + current rent rate $1,495 (market rent $1,700). Other details: est. taxes – $153/mo (use this link to determine tax amount for any property in Vegas) + Insurance – $45/mo + HOA – $75/mo + management fee is typically 7-8% of monthly rent

    Hope you find this info help.

    1Reply
  • Phillip Dwyer
    Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
    5y

    If a house is sitting on the market for over a year, even with a tenant, there is an issue.  Walk softly in that scenario.

    3Reply
  • Account Closed
    Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes
    5y

    @Phillip Dwyer completely agree Phillip. It has fallen out of escrow multiple times over the past year.  Good chance it’s thrashed inside. TBD. Viewing Monday 

    0Reply
  • Frank H
    Las Vegas, NV · Member since 2012 · 24 posts · 3 votes
    5y

    @Heidi Rice hi Heidi - will you keep me posted on your findings on Monday? Feel free to DM me. Thanks

    0Reply
  • Account Closed
    Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes
    5y

    @Frank H will do. The tenant is opening the door for us so curious what info she offers (if anything). 

    0Reply
  • Account Closed
    Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes
    5y

    @Frank H the house is in ok condition...definitely worn. Kitchen is decent with granite counters. There are personal modifications (multiple brick flower plants pushed against stucco exterior/bench seating in kitchen) that were most likely done by the previous owner who lost the home in foreclosure about 10 years ago. Current tenant is vacating at the end of June. List price is $364,900 and probably needs about $10k in maintenance (interior paint, new carpet, roof repairs, removal of brick flower plants and patch stucco, deferred maintenance, etc.) and fixed up it would probably fetch $1,795/mo rent. It was built in 1992. Based on our MLS data it appears to have been a rental since 2013.

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