Home Buying in 89149>Question Details

Michael, Home Buyer in Las Vegas, NV

I am looking to purchase 2 investment homes here in Vegas. Looking for 125 k or below because it seems the cap rates are higher at those lower prices.

Asked by Michael, Las Vegas, NV Sun Aug 19, 2012

Can possibly do cash if the properties would be around 80 k each. Just looking for decent yields because inflation is killing me and I cannot sleep well if I had everything in stocks. Anyone out there who specializes in investment homes willing to work with me? I am a metrics and data driven guy so if you have access to that it would be really helpful.

Another factor to consider is that I have a short sale on my record. However the loan was only under my name and my wife's credit is perfect. So if a mortgage is taken out we would most likely utilize her credit. The property was quitclaimed to me as the sole owner before the sale.

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Answers

21
Your wife's credit may be perfect, but she may not qualify for a mortgage on her own for $125. It depends if she is working and what she makes. It also depends on her debt to asset ratio. If you have a $500 limit on your credit card and you have spend $275 your debt to asset ratio is very high. Another thing to consider is your state might be a community property state and the SS might be on her credit as well.

I specialize in working with investors. However, there aren't too many homes any more in the $80,000 price range. Those that exist need $30,000 in repairs to make them livable for renting. The $125 price is also difficult. You need to be around the $175 price nowadays to get a home. There are multiple offers on homes even up to the $700's right now. Our market has changed enormously. It went from a buyer's market to a seller's. Get your mortgage in place first and then I would be able to help you. We can't even turn in offers until we have proof of funds or complete prequal for a mortgage. I can refer you to some professionals so that you can get started with the mortgage. Myra Gouger / Realty ONE Group / 702-858-9311 / myra_gouger@yahoo.com
2 votes Thank Flag Link Mon Aug 20, 2012
Market is hot, But always has property fit you.
Come and see!
Do you like me to send you update listings?
Just e-mail me back at wupeggy22@yahoo.com

Looking forward to see you!

Peggy Wu
702-685-5455
1 vote Thank Flag Link Mon Aug 20, 2012
As a Landlord and an Investor with multiple rentals in Las Vegas, I would encourage you to get any 3+2 home under $100,000 today before it becomes $120,000 in the next spring buying season. Rental Demand and rents are going UP, and Investors are dropping cash on anything that can rent.


Check oyt the latest foreclosure list at the website
David Cooper 702-499-7037
1 vote Thank Flag Link Sun Aug 19, 2012
Eric Jones

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Kindest Regards
Eric Jones
0 votes Thank Flag Link Fri Mar 22, 2013
Attn:

I am Reyna and we offer loans at 2% interest rate to Companies, Governments and individuals from $50,000 to $10 Billions. This Company has be existing for the pass 27 years and this Company can deliver within 48 hours without any delay. Contact at availablefunds@live.com for more information's
0 votes Thank Flag Link Wed Jan 2, 2013
I specialize in Las Vegas Real Estate Investments and do it on a daily basis. I can give you actual working examples of what you are trying to accomplish. Our lowest Return on Investment is cash flowing above a 6%cap rate. Are highest is well into the double digits. I think you are pretty accurate in your price point strategy as well. We offer a full service turn key system for real estate investment from acquisition (private-direct and public), fix up, and management . I also have relationships with lenders of which can overlook short sales if everything else is in order. Please email me if this sounds good to you. i will than send you more info via email.

Randy Hatada
Broker/Owner Xpand Realty and Property Management
randy@xpandrealty.com
702-933-9330
0 votes Thank Flag Link Thu Aug 23, 2012
Michael, there are some excellant suggestions to your question. Are you still looking?


David Cooper 702-499-7037
http://www.lasvegaswinner.org
0 votes Thank Flag Link Thu Aug 23, 2012
Dax Tobin, is a trusted mortgage lender on the top of his game. He comes from a financial background dealing with high wealth portfolios. We have closed many successful transactions over the years..

Randy Hatada
Broker, Xpand Realty and Property Management
0 votes Thank Flag Link Thu Aug 23, 2012
Contact dax@daxtobin.com 702-938-7553 WJ Bradley Mortgage
Flag Thu Aug 23, 2012
Cash is the way to go right now if you can. You will also find that if you can put offers in on homes that have not hit the market yet you can bypass the multiple offer bidding wars that are common in Vegas right now.

I have a town home that will be listed next week for $75k. It is a short sale and in excellent condition. The current owners put around $40k in upgrades into the unit. It has 3 bedrooms with an attached garage.

If this is something you may be interested in please email me directly and I will give you more info on the property.

I also have another 3 bedroom home that is in escrow right now with one of our investors that is buying it as a short sale and will be putting it back on the market as soon as it closes. This home will be listed for $100k but this one will have to be a cash offer as you can not get financing on flip properties right away.

If you are interested in this home please let me know also.

Best Regards,
Robert Adams
Broker/Salesman
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
Founder of the LVrealestateHELP Team at Rothwell Gornt Companies
0 votes Thank Flag Link Thu Aug 23, 2012
I can close a flip property with 2 appraisals in 21 days
Flag Thu Aug 23, 2012
TALK TO ME A MORTGAGE LENDER/UNDERWRITER: I am a Local Lender for Conventional, FHA, VA, HARD MONEY and Commerical. I have been in the mortgage industry for 15 yrs, to include underwriter and operations manger for large banks and brokers.

I can be reached at tacksweety@yahoo.com
0 votes Thank Flag Link Wed Aug 22, 2012
What do you consider a decent yield? Better be prepared to buy "all cash" one decent house around $100,000. Great rental income and good appreciation potential

David Cooper 702-499-7037
0 votes Thank Flag Link Mon Aug 20, 2012
That would depend on certain factors. Location, condition of the property. But for an all cash deal I would be happy when a 10 percent yearly return not considering appreciation.
Flag Mon Aug 20, 2012
Michael
I have been in Las vegas since 1971. I have helped many investors over the years and I am always availble to help. I have a great lender that you may want to talk with for back up and so you know exactly where you are. I would be happy to set up a personal property search page for you and send the link. All I need is your criteria. Also my partner is a Licensed realtor and he likes to video properties. When you find a potential property Dave in most cases can do a video walk through and send you the link. I look forward to talking with you.
Thank You
Suzie Marquardt
SuzieM@RealtyOneLV.com
702-234-7653
0 votes Thank Flag Link Sun Aug 19, 2012
Hi Michael,
Inventory levels are very low (under 4800 total properties available in the MLS). This is causing many multiple offers.
So if you are thinking about purchasing, it will be important to find an agent that will work with you on a strategy and will keep you focused. Also, you've got to be patient.
Please call or email me if I can help you in anyway, or answer any questions you may have.
I look forward to hearing from you soon.

Larysa Dombrovska
Broker Salesperson
SHORT SALE CERTIFIED
dombrovska@yahoo.com
Toll Free: 1.800 CALL ZIP x5728
Cell: 702.379.3662

Web: http://domlar308.las.mlxchange.com/

SearchLink: http://lead.domlar308.las.mlxchange.com/
0 votes Thank Flag Link Sun Aug 19, 2012
My wife and I have been in Vegas since 1976. We specialize working with buyers/investors and currently manage over 350 homes/condos/town houses for our investors. I have a backgroud in construction and remodeling so I can give you every detail of what home is worth, repair costs and what it will rent for in this current market. We only charge 8% for our property management services. Please call any time after 8am and we can share with you our techniques we use for our investors. We have a lot of sources sending us great deals for sale which we can share with you. We hope to hear from you. Thanks, Matt and Kim

Matthew D’Ercole
One Source Realty and Property Management
Buyer / Investor Specialists
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Sun Aug 19, 2012
Hi, Michael.

Unless you have obtained a loan in the past 3 years, you will be in for a major surprise. Loan requirements have stiffened a lot! Many investors have flown all the to Las Vegas only to discover their 800 credit rating is worthless. Even if you have a great credit rating and a large pool of assets, you won’t be able to get a low interest loan unless you meet these general conditions.

You must be a US citizen. Unfortunately, getting a loan from a foreign country is very difficult unless you want a hard money loan.

You must receive a W-2 or have tax returns that show you make money. The days of “stated income” are way over.

Your credit must be spectacular. Since you are in investor, credit standards a much higher than an owner occupied property.

You can’t be leveraged to your teeth. Lenders will look at your debt obligations and compare that to your net worth.Note: Some folks play the “Second Home” or “Vacation Home” card which gives you better rates than an investor. There is some risk involved because if you get caught, there is a chance the lender will “call the note” on you.

Qualifying for a hard money loan to purchase properties in Las Vegas
Expect to pay $3k up front and 12% interest. Since you are paying through the nose to get a hard money loan, the conditions are a little looser. Their lending process is still a little vague to me but generally you need to put 40% down, have a large net worth and the property needs to be appraised at or below market. They also quiz you to find out if you have a clue about investing. They generally don’t play with amateurs.

As for a "cash buy"...

Major reasons why you should leverage your money and get a mortgage.

Better returns on cash. You will get better returns on cash if you get a mortgage. The average minimum required to put down is 30%. If you split your money into 3 properties, you will eek out about 50% more on your cash. Rents in Las Vegas support great returns and here are actual case studies showing cash verses loans.

You can hedge against a bad real estate agent. To get a loan, the property must be appraised by your lending institution. If your agent doesn’t do a good job finding you a property at or below market, you can cancel a typical deal as there is usually a contingency for the property to be appraised above the loan amount. Contact me if you want a list of pre-screened agents who won’t waste your time showing you houses above market.

Cash is NOT king. Many banks want the loans more than they want to unload the property. Even if you are the highest bidder with cash, a bank would rather take a lower offer if they can get the loan. Johnny Lunchbucket with a loan from Bank of America can cut you down if the property is owned by Bank of America. Smart agents will know which properties are owned by which banks. Investors go insane when they discover they lost an offer even though they were the highest bidder. Conversely, if you have a loan with a national lender, you can beat other cash offers.

Hard money loans are not the end of the world. Does anyone remember the days when mortgages were at 14%? Hard money loans are generally at 12% – stiff but not unreasonable. Even if you factor in a 12% loan, you will still get a better return on cash. This page has a list of Las Vegas hard money lenders.

Let us know if we can assist.

http://www.LVPropertySearch.com
0 votes Thank Flag Link Sun Aug 19, 2012
Thanks everyone for the responses. I will contact one of you within the next few days so we can get this rolling.

@LV Property search- I wasn't planing on getting hard money loans but was shocked to find out they have a big premium over market rates. At 14 percent interest and 40% down??? Really? If that were the case maybe I should be doing the lending. I would be happy with a 10 percent return renting a property out. Hard money lending would seem like less of a hassle than owning the property. It's all about the numbers, with those rates and LTV, I would imagine that a hard money lender wouldn't really care if you default. In fact it might be easier money if they foreclose with that much equity. The only drawback would be the hassle of foreclosing but all that should already be priced in.
Flag Sun Aug 19, 2012
Michael,
I have access to pre-listed homes (bank owned, traditional, & short sales) and have worked with investor clients for the past 12 years. I am tech-savvy, easy to work with and very knowledgeable. I have a low-key approach and would love the opportunity to talk with you about accomplishing your goals.

Give me a call!

Thanks,
Steve
702-630-6239 cell/text
0 votes Thank Flag Link Sun Aug 19, 2012
We have a program that as an investor, we can identify homes not yet on the market that you, as the investor can purchase at a discount and flip and sell or buy and hold-
Contact me for details.
Web Reference: http://Www.mayteamlv.com
0 votes Thank Flag Link Sun Aug 19, 2012
Hi Michael.

I have experience helping investors and would love to earn your business. Keep in mind that you will spend more money to be in the most desirable neighborhoods but you will make up for it with higher rents.
0 votes Thank Flag Link Sun Aug 19, 2012
Michael,

I got a chuckle out of your stock market comment. Congratulations on your prudent decision to invest in Las Vegas income properties, where yes, the yields are bast on 3/2/2s in the under-$150k range. Several of my 38 Neighborhood Realty agents specialize in investment properties, and we have available inventory inckuding BK Court listings.

Feel free to text me today if you need assistance on Sunday, 702.279.2466.

I help my investor clients find the pre-market and best values in our area; see Top10RealEstateValues.com for a list of hot deals.
0 votes Thank Flag Link Sun Aug 19, 2012
Me and my Real Estate partner at Realty ONE Group would be happy to help! We have helped many people find the right investment properties in the Las Vegas area. We'd be happy to answer any questions you might have.

You can contact me,
Ashley Thurkow at 702-595-4263 or
Chana Anderson at 702-498-8958
chanaanderson.com
0 votes Thank Flag Link Sun Aug 19, 2012
Yes, I not only assist investors but invest my self. I just purchased a 5/3 home at the end of June for 104k and sold it 6 weeks later for 155k. One home I bought less then 30 months ago is making me almost $800.00 per month rental income and has over 60k in equity while another I just bought 9 months ago appreciated 60k also.

I would be happy to assist you. I can be reached at 702-321-5067 or you can visit my web page at www. Attornyrealtyalliance.com

Respectfully,

Ron
0 votes Thank Flag Link Sun Aug 19, 2012
Ronald, can u reach me @
610-440-3512
Flag Wed Aug 22, 2012
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