Single-family residence buy & hold investment in North Las Vegas.
Purchase price: $225,000
Cash invested: $2,500
single family 4 BR 2 b. currently renting to small young fam. monthly profit is very low (
What made you interested in investing in this type of deal?
military. received orders to Nellis AFB in NV. Had to buy a home. decided to buy with VA loan. knew I could easily long term rent or sell home if I was to relocate again.
How did you find this deal and how did you negotiate it?
had a friend in real estate in the area. standard process, nothing special buying this particular unit.
How did you finance this deal?
VA loan. 0% down. just paid half closing costs approx. $2,500.00
How did you add value to the deal?
completely revamped the back yard. before- all gravel and dirt, decomposing leaves and trash. yard was not taken care of. Spent a couple weekends in July (way too hot!!!!!)
After- turf, putting green. string lights.
the backyard became a haven. a green shaded sanctuary in crazy hot Las Vegas.
What was the outcome?
First family viewed the prop and signed the lease. "the backyard is the top reason we want to live here." -current tenant.
Lessons learned? Challenges?
Though landscaping does not truly add value to the property when it comes to appraisal. Landscaping CAN increase the perceived value of the property immensely. Landscaping can give you the edge in a competitive market.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Amanda Bidell at Keller Williams in Las Vegas NV
When did you buy it?
What's it rent for?
I got it for $225,000 back in 2017
Renting right now for $1450. I listed it for $1550 but offered a $100 off military discount
I thought a VA loan was for owner occupied only?
@Dennis Rootes they are. I lived in the property for two years then moved out.
if I remember correctly it states must be owner occupied for two years or if member is being relocated to a different military installation.
I started the process of moving out of the house before the two year mark only because I had orders saying I was moving.
Gotcha. :) thanks!
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