Home Buying in Las Vegas>Question Details

todorova77, Home Buyer in Las Vegas, NV

Interested in purchasing Las Vegas rental investment

Asked by todorova77, Las Vegas, NV Wed Jun 6, 2012

We want to buy a rental home in Las Vegas area for investment. I would like to know what are my options, can I qualify or should I wait to generate more cash, and how much positive cash flow can you generate?
I’m currently making $70 a year in a different state (IL). I had a bankruptcy discharge in 01/2009 (42M ago). I have about 25K for down payment (but I have no idea if I could qualify for a bank loan in my situation?). I’ve read a lot of the Q&A here but still not clear of how much cash flow will I get at the end. I’m talking on a $100-150 property after all expenses for property management, maintenance and ect. Which area, house or condo, old or new? My husband (from Vegas) is very handy so we can fix the house ourselves if needed.

Help the community by answering this question:


Janet Ratzlaff’s answer
I can set you up with a mls search in the area and have a lender in the area help you with what you can buy out here.

It is a great market and would love to help you.
Call me
0 votes Thank Flag Link Sun Jun 10, 2012
I would recommend for you to talk to a lender first. That way, your financing would be available in case you find your investment property.
Since you reside in IL, you can start your research on houses/condos here in Vegas through Trulia.com, Zillow.com and Realtor.com. Also look in craigslist for rental prices to give you an idea on how much your cashflow will be.
If you're investing, look for houses with significant discount. Those that needs TLC, handyman services or fixing are good options for you since your husband can fix them.

If you need help, please don't hesitate to contact me.

Andrei Esca
Email: andrei@AxiomProfessionals.com
Phone: 702-299-5297
0 votes Thank Flag Link Mon Jun 11, 2012
My wife and I specialize with investors/buyers. We are management company with over 350 homes/condo/townhouses. We've lived in Vegas since 1976 so we know Vegas very well. We will share with you our business model by phone or email. We look forward to speaking with you and hope that we can work together. Matt and Kim

Matthew and Kim D'Ercole
One Source Realty and Property Management
Buyer/Investor Specialists
0 votes Thank Flag Link Wed Jun 6, 2012
I don't give out my social security or income info before I know what exactly I am buying.

You can certainly get your own credit report for free and discuss the potential finance options on a "what if" basis, but I want to know I am getting the best interest rate and all the options for down pay before I commit to anyone.

You are probably looking at 20% down on an investne prop, so that $25,000 limits you to around a $100,000.

David Cooper Investor and Buyers Agent at Since 1917 Realty 702-499-7037
0 votes Thank Flag Link Wed Jun 6, 2012
Finances in place first! I have a lender that is like a "pit-bull" once she grabs on, she does not let go until its closed! Please call me and we can get started! Raina Musser
0 votes Thank Flag Link Wed Jun 6, 2012
With $25,000 to invest, a $100,000 house 3+2 in a good neighborhood will get you $200 to $300 a month positive cash flow and excellent appreciation potential. I work with a property management company that has 2000+ homes under rental, and my first suggestion is to check out Craigs List and get a feel for what other landlords and property managers are asking for rent, and see the kind of houses they are renting and the areas those houses are in.

I would certainly plan on a trip to Las Vegas to viewe potential investment houses and get a feel for what is working. Not every house that is for sale makes for a good rental.

David Cooper Investor with 35 Years Experience and a Buyers Agent at Since 1917 Realty 702-499-7037
0 votes Thank Flag Link Wed Jun 6, 2012
The very first thing that you must establish is that you are qualified for your purchase. First, conventional loans allow financing after 2 years from your BK and your credit must be reestablished with no blemishes. A lot must be established before you consider purchasing. Any landlord experience? Type of product is essential. Bear in mind that condos and townhouses have higher HOA fees that will certainly affect the cash flow. Property management is also a factor. Visit http://www.bestvegasrealestatevalues.com
0 votes Thank Flag Link Wed Jun 6, 2012
My recommendation to you is, first talk to a lender to qualify for your loan. There a lot of great investment opportunities in Las Vegas, and a good rental property leases quite fast. Most investors look for a 7% rate of return or so. Hope this helps.
Lorena Petersen
0 votes Thank Flag Link Wed Jun 6, 2012
I am a residential property manager in Las Vegas and this question is right up my alley. The formula is simple as you know but there are several variables that will differ from deal to deal. If you buy right, you should end up with around $300 in cash flow every month. That will get better over time as rents continue to increase.

On our website, I have an easy to use spreadsheet that you can easily plug the numbers into and it will show you what your return is. I also have a mortgage calculator to show you what your financing costs will be.

Return on Investment worksheet:

Mortgage calculator:

You can call me anytime to discuss this in more detail.
Sean Marshall
0 votes Thank Flag Link Wed Jun 6, 2012
You should not have any trouble getting a loan based on what you said. Rentals here are going for atleast double the payments, so you should clear a good profit. The problem is that everyone wants a piece of the action, so it is hard to get an accepted offer.
Feel free to contact me with any questions.
0 votes Thank Flag Link Wed Jun 6, 2012
View only "Active " listings here: http://purchaserealestateonline.com

Kevin Ogden
Team Leader-National Recruiter
Exit Realty "The Infinity Group"
Private Fax: 702-948-5106

VIEW MORE GREAT HOMES HERE : http://kevinogden.com

Now Hiring Agents!! Join the FASTEST Growing Real Estate Team in North America!!

FIND OUT MORE: http://exitrecruiter.info
0 votes Thank Flag Link Wed Jun 6, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer