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.
Matthew and Kim D'Ercole
One Source Realty and Property Management
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
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
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.
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:
You can call me anytime to discuss this in more detail.
Feel free to contact me with any questions.
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