Home Buying in Las Vegas>Question Details

Scott Hunter, Home Buyer in Salt Lake City, UT

I live in Utah and looking to possibly invest in a 2nd home. Anyone who would have patience with a novice investor? What is minimum cash needed?

Asked by Scott Hunter, Salt Lake City, UT Tue Oct 18, 2011

I don't have a specific area necessarily. Just want a good balance of appreciation and cash flow. I will need a management company. I've actually emailed this very question to a couple of brokers who I thought would be the best but they did not respond. I just need somebody with patience because I like to research everything before I make a decision.

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Answers

30
Thanks Joy. Maybe you should come see me too. My office is down by the Airport. If nothing else, we can put together a plan.

Jay Rosen, Broker
Since 1917 Realty & PM
rosen1917@yahoo.com
Web Reference: http://www.since1917.com
1 vote Thank Flag Link Thu Oct 20, 2011
Scott,
While you do need all those things, you also need a business plan and a representative who understands your plan. There are a lot of folks out there who sell homes, but not many who are qualified as a business consultant. Choose to work with someone who will do more than sell you a home . Make sure to have an operational plan, exit strategy, specific goals and know how to calculate and manipulate ROI an net income, etc...
1 vote Thank Flag Link Thu Oct 20, 2011
Scott,
I am a bit weird in that I love to work with newbie investors, creating professional investors from the raw materials I get. It has something to do with being a former teacher and a parent.

I am an old broker who has always focused on the education of agents and clients. I have extensive experience in the commercial, industrial and residential markets as well as in the business community.

I have several essays and blogs about the changing market nationally and specifically with regard to Las Vegas. If you find me on Facebook and/or send me your email address, I will direct you to them, we can discuss your goals and then we can get you started on a business plan.

Jay C. Rosen, Broker
Since 1917 Realty & PM http://www.Since1917.net
Rosen1917@yahoo.com
Jayceerosen@yahoo.com (FB)

I hope you choose to work with me.
1 vote Thank Flag Link Thu Oct 20, 2011
Scott,
I am a bit weird in that I love to work with newbie investors, creating professional investors from the raw materials I get. It has something to do with being a former teacher and a parent.

I am an old broker who has always focused on the education of agents and clients. I have extensive experience in the commercial, industrial and residential markets as well as in the business community.

I have several essays and blogs about the changing market nationally and specifically with regard to Las Vegas. If you find me on Facebook and/or send me your email address, I will direct you to them, we can discuss your goals and then we can get you started on a business plan.

Jay C. Rosen, Broker
Since 1917 Realty & PM
http://www.Since1917.net
Rosen1917@yahoo.com
Jayceerosen@yahoo.com (FB)

I hope you choose to work with me.
Web Reference: http://Since1917.net
1 vote Thank Flag Link Thu Oct 20, 2011
Based on the Oct Sales figures SFR Houses, I am showing 654 SOLDS in Areas 102,401,402,403,405 at the average close price of $130,246. There are 3 bed, 2 bath houses selling below $99,000. That's where my investors are buying


DAVID COOPER Foreclosure Specialist with Since 1917 Realty.35 Years Experience Investing. For a Free List of Low Priced Bargain Homes in Good Areas with Cash Flow, GO TO http://www.lasvegaswinner.org or Call +1-7024997037
0 votes Thank Flag Link Sat Oct 29, 2011
Scott, Im curious, have you contacted any of the agents who have offered to help you, and have you started the buying process?
0 votes Thank Flag Link Sat Oct 29, 2011
Joy, how can I get a hold of you to ask more questions?
0 votes Thank Flag Link Fri Oct 21, 2011
SCOTT, The advise of Jay Rosen below is good.
I have rental property in Summerlin. I invested with no plan and I am suffering with my decision.
My recommendation is choose a good location- Summerlin is still well sought, choose property that is in the 150 k's with at least 3 bedrooms/ 2 ba, calculate your costs: mortgage, property management fee usually 10% monthly, tax, some repairs and maintenance, special assessments.
***MAKE SURE you would get a good property manager. There are so many out there who would be so nice to you in the beginning but will treat you unkindly after few months of managing. Be careful of the fine lines of the property management contract, do not sign more than a year, make sure that you have the authority to sign the lease for renewal or cancellation. I will be happy to share more as I would not want anyone to commit the same mistake like I did---it is a painly one that I am still reaping. May you be enlightened and be guided by the different comments of other members.
0 votes Thank Flag Link Thu Oct 20, 2011
Scott: I invest Summerlin adjacent. All the benefits of shopping and restunats and community activities without the additional fees. Look for houses less than 6 years old with decent sq ft., over 1800 sq ft. Check me out if you want specific bank owned foreclosures


DAVID COOPER Foreclosure Specialist with Since 1917 Realty.35 Years Experience Investing. For a Free List of Low Priced Bargain Homes in Good Areas with Cash Flow, GO TO http://www.lasvegaswinner.org or Call +1-7024997037
0 votes Thank Flag Link Thu Oct 20, 2011
Hi Scott Hunter

I would recommed that you talk to a mortgage professional
to see which one of the many programs you quailfy for and
gives best option to buy, I have excellent person I work with
Barbara Castro @ WJ Bradley Mortgage. We @ Realty One
have excellent property management division (Management
One). I would be happy to provided you with any information
& listings with your criteria & price range. Please contact me
(702)281-2225 or email me @ jimbalsano@cox.net

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
I KNOW LAS VEGAS AND HAVE FOR 40 YEARS

http://www.rapidsellers.com/jbalsano
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes Thank Flag Link Thu Oct 20, 2011
Thanks David. As long as rent covered mortgage I'd be in for the long haul. Then when it's time to retire I'll join you as a fellow citizen of Las Vegas (at least for 9 mos of the year).
0 votes Thank Flag Link Wed Oct 19, 2011
Good balance of appriciation and cash flow???? NOT in 2011 and 2012. Not the time for 2nd home speculation. Can get you $300 a month cash flow on a $90,000 house, but no appreciation in the forseeable future.


DAVID COOPER Foreclosure Specialist with Since 1917 Realty.35 Years Experience Investing. For a Free List of Low Priced Bargain Homes in Good Areas with Cash Flow, GO TO website or Call +1-7024997037
0 votes Thank Flag Link Wed Oct 19, 2011
Thank you for your replies (one of them quite ironic). Many of you seem impressive. You all are making it tough to narrow it down much less choose somebody.
0 votes Thank Flag Link Wed Oct 19, 2011
Patience is my middle name, and I just found a lender who now has loans for only 10% down!!! I am very excited about that because it will give investors more leverage. Most sellers are willing to help with your closing costs, and we are even seeing move in ready 3 bedrooms as low as $69,000 in Henderson now!
The Principal and interest payment would be under $300 a month and rents over $1,000!
Send me your email and I will set up an auto search for the best areas. This will give you a good advantage because the best homes go fast. Cindy99jay@aol.com
0 votes Thank Flag Link Wed Oct 19, 2011
Asking the question, "Anyone who would have patience with a novice investor?" is like pouring blood into the water of a pool of circling sharks,. In this current market environment I am sure you will find many takers available to help out, (including me). As to the minimum amount of money needed to invest; properties are available for as little as $25,000 - $50,000. Obviously, the more invested the greater potential for return, but you really do not need a lot to get started. Give me a call, let’s talk and I will make your novice experience one to remember, ( in a good way ).
0 votes Thank Flag Link Tue Oct 18, 2011
You usually cannot buy an investment property with FHA loan as an investor, it'll be a conventional, more likely 20% down, can be 10% down on HomePath property.
You also need some money for fixing/rehabbing the property, the amount will depend on the type, age, and condition of the property. I have a rehabbing team in place. I'm also a
licensed property manager.
Great time to start investing in rentals!

P.S. It's understandable why some brokers dont respond, they are probably big and have too much business to handle already. At least when it happens to my broker, he forwards requests to his agents who
are quick in responding to people's needs.

Have a great day!
Yulia Shmatkova, MBA, CDPE
Realtor
702-481-3118
LasVegasHomeToday@gmail.com
0 votes Thank Flag Link Tue Oct 18, 2011
Hey Scott, Give me a call.

Mark, 702-291-8186

http://www.jackconleyrealty.com
0 votes Thank Flag Link Tue Oct 18, 2011
I am so sorry to hear that some people won't return your emails! I can't imagine being too busy to want new business, but I suppose some people are. I can put you in touch with multiple management groups that work out of my office, so you will have more flexibility about that decision.

As for "how much cash," I think the only person who can answer this is a mortgage professional. He/she will look at your finances and cash on hand, then let you know both what you can afford to spend and what kind of cash you will need at closing. As you may have guessed, I can put you in touch with people to help you with that as well.

I love working with clients who want to be well informed, so bring your questions!
Web Reference: http://BridgetMagnus.com
0 votes Thank Flag Link Tue Oct 18, 2011
Hello Scott,

Please contact me and I can answer all of your questions. The amount of cash needed depends on the property that you select. I can assist you in locating the best CAP rates and ROI. I can be reached at NakiaWoodson@yahoo.com or 702-318-1244.

Thanks,

Nakia Woodson
Red Carpet Las Vegas REALTORS
0 votes Thank Flag Link Tue Oct 18, 2011
Scott
I am always available to help. My partner Dave Fahrny and I are both licensed Realtor's. We love to work with investors. If you like to research that is not a issue. You should do that. We will help. I have been a resident of Las Vegas so I know the town and have watched the growth over the years. Dave likes to video properties. You can get a much better view of a property that looks like it may work with a video walk through. Photos are great but video gives you a much better perspective. I believe you will find the video part of our service to you to be a very effective tool and Dave loves doing it. Dave and I have helped many out of town investors. Lets talk about the other particulars outside of the public forum. We also have a complete team that includes competent title and escrow personal. The first step I would like to complete is to set a personal web page for you to view available properties. I look forward to talking with you.
Thank You
Suzie Marquardt
702-234-7653
fahrnyteam@yahoo.com
0 votes Thank Flag Link Tue Oct 18, 2011
Hi Scott,

I can help. If you are still interviewing agents, call me and we can discuss your goals.

Guy Ghanem
Realty ONE Group, inc.
702.348.6144
0 votes Thank Flag Link Tue Oct 18, 2011
I can answer all your questions in detail for you. Please visit my website http://www.LasVegasRealEstateConnection.com. There you will find maps, crime statistics, school statistics, and pretty much everything else you can think of. There is an actual 'How To' step by step manual for you under the "BUY IT" section. My brokerage and I have property management services as well. My resume is on there under "About Us". I hope to hear from you.



Sincerely,




James Bellile
0 votes Thank Flag Link Tue Oct 18, 2011
Hi Scott. You are on the right track. Research everything out with help. Minimum cash needed, that's your decision. Property management is available through our brokerage. Good rentals are: good cash flow, location/area, low maintenance and low turnover. On a side note, because of the many homeowners losing their homes, rentals are at a premium. For information, go to http://www.ReportsPage.com.
Web Reference: http://www.ReportsPage.com
0 votes Thank Flag Link Tue Oct 18, 2011
I specialize in investment properties, and my main objective is working investors. Take a look at my website and hopefully and call me with any questions or concerns. You can reach me direst at (702) 355-3931

Mark Slomka
(702) 355-3939
http://www.EncoreRealtyLV.com
0 votes Thank Flag Link Tue Oct 18, 2011
a good realtor will be patient with you, also we have a nice property management division, they love taking care of our buyers' properties.

Call me 702-596-9843 or hlatours@cox.net
0 votes Thank Flag Link Tue Oct 18, 2011
Hello Scott, I'm a broker in Las Vegas. I'm appalled that other brokers would not help you! As for your question, generally the minimum is a 3.5% downpayment if you get an FHA loan +closing fees. Condos are very hard to get financing for and are better bought with cash. As for areas with good appreciation and cash flow, there are many in Las Vegas, and I'd need more specific information from you about what you are looking for. I'm glad to help out a new investor, if you have questions feel free to call me at 702.496.4004. I used to be an investor as well.
0 votes Thank Flag Link Tue Oct 18, 2011
Hey Scott- you'll get lots of responses on here! My angle is that I'm a full time agent with a college degree, I've worked with $15K-$525K properties in the past 30 days (rentals and owner-occupant homes), and my wife is an attorney, so you won't get the typical response: "I'm not an attorney so I suggest you consult one before signing this/that/tying your shoes..." :-D Plus we're the opposite of you, but in a good way- our primary residence is in Vegas but we have a rental in Utah. Contact info in the link below!
p.s.- I'd say $25K is about the minimum amount to play with investment real estate in Vegas. I'll explain when we speak.
Web Reference: http://RealEstateAndy.com
0 votes Thank Flag Link Tue Oct 18, 2011
Scott, my wife and I manage over 300 homes/condos. We have lived in Vegas since 76 and have been in real estate since 85. We'd like to speak with you about your plans to invest. There's a lot to talk about so you have a very clear picture of current market for sales and rental. Feel free to use our web site to do your own searches and we will create a custom one for you as well. Please call any time. Matt & Kim

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Tue Oct 18, 2011
Hello Mr. Hunter

I'm sorry you haven't recieved any answers. Welcome to the world of Real Estate, keep trying.

Penny O'Brien with Simply Vegas RE
3042 S. Durango
Las Vegas, NV 89117

If you'd like, give me a call. 702.321.9383
0 votes Thank Flag Link Tue Oct 18, 2011
Hello Scott,

Email or call me your criteria and we will be more than happy to help.

Steve Matthews
Prudential Americana
702-491-4663
Steve@reovegas.com
0 votes Thank Flag Link Tue Oct 18, 2011
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