Home Buying in Las Vegas>Question Details

Dave, Home Buyer in Mountain View, CA

Las Vegas investment property

Asked by Dave, Mountain View, CA Sun Aug 16, 2009

There are 1 or 2 bedroom condos for sale in Las Vegas at prices below $30000. Why are these properties so cheap? It seems like a good opportunity to buy and rent these properties since the price should eventually increase.

Thank you,

Dave

Help the community by answering this question:

Answers

6
Great opportunity! Even better if you can invest and have someone else manage.

Below is not section 8, let me know if you might be interested. You get the prop, you get the cash flow, you don't get any of the headaches.

3 bdrm, 2 bath- $82K
3 year lease 1100/month
Tenant has occupied for past ten years
Proof of all payments
Includes property management

Let me know if you might be interested. Good Luck!
0 votes Thank Flag Link Mon Aug 17, 2009
Hi Dave just went shopping with a client for Houses 70K and less yes they are there I'm a military man of over 20 years with the Air Force and I move quick with my clients.I will be able to help you please come by my office so I can give you a FREE book " Your First Home" writen by Gary Keller great info plus will give you a chance to interview me and meet in person.Please go to http://www.LasVegasFirstTimeHomeBuyers.com and e-mail me or call me 24/7 at 702-379-3888.
Thanks from Chris "VegasChris" Gerhartz
Web Reference: http://www.VegasChris.com
0 votes Thank Flag Link Sun Aug 16, 2009
Hello Dave
Yes it is possible to purchase condos for cash at about $30-35k. Some communities are snapped up right away - others have dozens waiting for the right buyer. The problem for investors wanting to purchase more than 1 is that there is usually more than 1 owner. So, if you want to buy 5, you might have to deal with 5 owners, and each could be a different situation - 1 foreclosure, 2 short sales, 2 reg sales etc. Then again, you might have some repairs on the less expensive ones. But it is true, rentals are going fast in the $750-950 per month range, so this would be an excellent time to invest.
Take a look on my website at condos in the 89107 area - that's MLS area 401. Let me know if I can help.
Andrea Packo
Investment Realtor
Keller Williams the Marketplace 1
702-279-7679
Web Reference: http://www.andreapacko.com
0 votes Thank Flag Link Sun Aug 16, 2009
Hi Dave - I work with investors every day who are snapping up these condos at these prices.

They're so cheap for several reasons, but mostly there is no financing so all condos in this price range so all of these are cash deals.

Second, you may be able to buy some 1 bedroom condos for $30,000 but 2 bedrooms are usually going for more. And my colleague is correct that you'll probably have to offer more to get one. This price range is very competitve and each property is generating multiple offers (10, 20 up to 80 sometimes).

If you want to purchase, you'll need to be prepared. I am working with about 6 buyers in this price range alone. Let me know if I can assist you.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com
http://www.HeatherSellsVegas.com
0 votes Thank Flag Link Sun Aug 16, 2009
Dave,

What you are seeing are starting bid prices; if you want to buy one you will most likely have to offer $20 to 30k above the asking price. It not a cake-walk. If you need help, give me a call.

Look luck,
Bill Johnson
Coldwell Banker Wardley
702.553.6543
0 votes Thank Flag Link Sun Aug 16, 2009
Las Vegas currently has every one in 47 homes in foreclosure. We've had a lot of foreclosures hit the market for the last several months and that has driven prices down (condos as well). Plus in order to buy a condo you will most llkely need to pay cash. FHA financing for condominiums is not available. The new guidelines in place make buying a condo a lot more difficult if you need to finance it.
0 votes Thank Flag Link Sun Aug 16, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer