It may not be the absolute best time to buy, but it is one of the better times. Rents are up and houses are cheap. I have bought over 1000 homes in Las Vegas in the last ten years. This market is the lowest I have seen since 2001. Now is a great tme to buy as long as you paln to hold for at least three years. Here is a great site that has over 1200 homes currently listed that are 20% TO 50% BELOW MARKET VALUE. Check it out. http://www.PropertyHookup.com

Balsac,

Any time is a good tiome to buy provided you can create the terms and price. Since the market in this area is dismal at best the chances of being able to find property at the right prise are good. The key is negotiating the lender down to your price.

Good luck,

The "Eckler Team"

"Would now be a good time for an investor to purchase a foreclosure and possibly rent it?"

If you took the advice of the realtors and bought in Dec 2007, you are most likely underwater, or well on your way to underwater. MIke's advice is ok on the 1% quick computation, but you need to look at worst case. Take Mike's example 100K rent it for $1,000 per month. What if prices drop another 20% this year? Now your place only rents for $800 per month. As the properties become more affordable there will be less renters (because they bought).

"Are the people being forced out due to foreclosures looking for other places to rent? "

Many of them were investors, like you, they probably didn't live in vegas. You need to look at the vacancy rates in the area. Can you handle the place being vacant say 7% of the time?

I must agree that the statement is a little skewed. Plus, you don't lose money until you sell. And, if you wait another year, interest rates may go up even 1%, meaning that a 10% discount on purchase price and a 1% increase in rates will actually affect your cash flow.

Does the nation's housing still have correction to do? Most likely. Prices were way out of whack and they are coming down to balance with current income levels. There are great investment opportunities all across the nation, foreclosure and not.

Is buying a foreclosure the way to go for an investment property? Find out for yourself at our next webinar.

We are taking a look at local properties (for us) in Contra Costa County, CA (SF Bay Area) and how they match up when crunching numbers.

Webinar Information and Registration:
https://www2.gotomeeting.com/register/957777760 (yes, this link does work)


What do you want to accomplish by the way? How long are you planning on holding the property? Those answers will help you decide where to purchase your next investment, foreclosure or not. eRealtyInvestors works with people everyday helping them make informed real estate investing decisions. This is all we do.

This is free to everyone...and see what foreclosure properties offer the best opportunities!

Visit our website for more information: http://www.erealtyinvestors.com

Denton Ward

"Buy now and you will lose money. Guaranteed."
Way too broad of a statement. In California, almost definitely that is correct. Vegas, Arizona, other parts of the western half of the country, I don't know well enough, but most likely correct in traditional circumstances. Other parts of the country - Atlanta, Detroit, Charlotte, Salt Lake City, Kansas City, Houston, have GREAT investment potential. BUT you've got to know how PROFESSIONAL investors do business. You've got to buy at huge discounts. If you buy a $100,000 valued property for $50,000(including acquisition and rehab), you've got to be pretty talented at ruining investments to mess that one up... Owner occupants will most likely still lose money buying at market value these days. NOTHING should be purchased at market value right now though. It depends - are you part of the 95% that has 5% of the wealth, or are you part of the 5% that has 95% of the wealth, or are you at least working towards making it to the 5%? Listening to mainstream media will keep you in the 95%...

Buy now and you will lose money. Guaranteed.
Here's an article from today:
http://money.cnn.com/2008/06/09/real_estate/worst_hit_market…

I think it would be a great time to do that if you have cash. Prices are down and rents are going up.

If you are looking for RENTAL investments - cashflow is king. There is a general (but amazingly not well known) super quick way to cashflow analyze a property. Basically you have to be able to collect rent in the amount of 1% of your total mortgage principal amount for a property to "cashflow" positively. So, take a reverse approach - if the rent you can charge for a specific property is $1000/month - you shouldn't have a mortgage for more than $100,000 or you'll be taking money OUT of your pocket every month to cover your investment's expenses. And this is just a quick "pre-analysis" that I use. If it passes the 1% test, then I do much more in-depth research. Hope that helps...

Hi Balsac -

That’s a very good question. The Las Vegas market is in the perfect position right now for buyers to get a deal on appreciating real estate.

I would do some web searches and read some articles on cash flowing your investments. There are a ton of programs out there like the one below that are helping buyers’ cash flow real estate.

Hope that helps!

Harley

Hello. It wouldn't hurt to wait several more months. The number of foreclosures will continue to increase and prices are still declining in most markets. We have about 12-18 more months until we hit bottom.
After that, yes, it would be good idea. I'm not sure how seasoned you are but keep in mind that there are several key factors involved when choosing your investment property: Desirability of the specific area, appreciation rates in the specific area, rental rates in the specific area and inventory levels of available rentals in the specific area.

Balsac- Go to my blog to check out my article on our economic conditions and my reasons why the real estate market in Las Vegas is a sleeping giant that is waiting for a catalyst to move!

Yes Balsac, I totally agree with Jason, the choices of properties, pricing & areas are extensive.
If you are an investor, you can’t afford to pass this period up,
Call me on 702-553-6543 if you would like to discuss your options.

Hi Balsac,
Yes... We are experiencing one of the best Buyer's markets that Nevada has ever seen. With the amount of homes on the market and interest rates at record lows, it gives you strong negotiating power as a Buyer, and now is definitely a great time to buy.
Loan guidelines have become much more strict recently, making it very difficult for people with lower credit scores to buy a home; especially if they don't have a large down payment. As a result of this, more and more people are having to become tenants instead of buying a home.
If you would like to get an idea of what is available on the market... Feel free to browse the MLS for free from my website: http://JasonSalsbury.com
I hope this answer was of help to you.
~ Jason Salsbury, Realtor®
Majestic Properties

Yes Balsac, this would be an excellent period for investors to purchased foreclosed properties. People who are forced out of their homes generally rent apartments, or move with family. Loosing your property is a depressing affair for most people and it takes time to get back on their feet. Hope this helps.