Home Buying in Las Vegas>Question Details

N.c., Home Buyer in San Diego, CA

Rental property in Las Vegas area

Asked by N.c., San Diego, CA Fri Jan 1, 2010

I am interested in buying a rental property in LV area. I am looking for a good neighborhood with good schools and good rental market to have positive cash flow. What area would you recommend to look for. Desired price is under 150K. Thanks a lot.

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There are a few areas which have impressed me with higher rents per square foot and fewer days on the market compared to other areas which sell for the same price per square foot. Here's some info I posted on the subject a while ago:
http://activerain.com/blogsview/595236/las-vegas-rental-stat…
More specific research and rental statistics are something I discuss in great detail with my investor clients. Feel free to contact me if you're not already working with a buyer's agent.

I noticed Shayna mentioned Las Vegas is experiencing a "buyers market right now" however, this couldn't be further from the truth. Just ask any buyer who's tried to buy a home and found out home they offered on had 10 offers and eventually sold to a cash buyer for $10k over list price (incredibly common in our market right now) .

As a rule of thumb, a balanced market has a 6 month supply of homes. We have 8232 single family homes on the market and are selling 3105 per month (averaged over the last 3 months). That's less than a 3 month supply...and by definition a "seller's market"! Average price in Las Vegas has been relatively flat for the past 9 months.

Damon Botticelli
Realty One Group
(702) 523-7713
1 vote Thank Flag Link Sat Jan 2, 2010
Hi N.c.,

I have four investment homes in Las Vegas myself and am an agent in both California & Nevada who's based In Venice. My partner is permenantly based in Las Vegas and is a a very sucessful short-sale agent .

Las Vegas isn't particularly known for and abundance of intresting multi-unit properties. There are a lot of areas that have almost none at all. On the other hand,, houses are so inexpensive that the can be a surprisingly profitable investment. Specifically, here are lots of houses in areas to the north, east and west of the Strip (from less than a mile, to three or four miles away) priced from $65k to $85k. You can rent many of these homes for $750 to $1000 a month.

Below is a link for a blog that I wrote about some of these neighborhoods below which may be helpful. Please feel free to contact me if you'd like to discuss these or other investment opportunites in Las Vegas. I'd be glad to meet with you in Los Angeles, at my Carlsbad office, or in Nevada at my office there. Best of Luck.
0 votes Thank Flag Link Wed Jan 20, 2010
Hello N.C.,

I would be happy to assist you in finding your rental property here in Las Vegas. However, by law REALTORs are unable to tell you which areas are good or bad, which schools are good or bad. It could be considered steering.

I can provide you with a crime site link at http://www.spotcrime.com/nv/

I can also provide you with access to our new home search website, it is called the Home Buyers Scouting Report.

1. The Home Buyers Scouting Report ® (HBSR) provides the available listings that match your personal search criteria from area real estate companies.

2. The Report includes pictures, prices, maps, directions and more via a private, password-protected website. It allows you to shop at your convenience, 24 hours a day!

3. Keep track of your favorite properties by saving them in your personal HBSR Notebook and receive notification if a change occurs.

4. Now you can receive a ‘Quick Alert’ when new properties become available! Just think of the valuable time you will save! Never miss a home that’s right for you!

5. You can obtain information about grocery stores, department stores, resturants, banks, etc in the area surrounding your prospective property.

6. You can obtain information on schools (number of kids, number of teachers, principal's name, school contact info, school website info, test statistics, etc) in the area surrounding your prospective property.

I also can provide you with information on current rental properies and their ROI, after you decide which area of town you are interested in purchasing a Rental Property.

Regards,

Jason Allen Gardner
NV REALTOR ® & Property Managment Permit Holder
THINK GREEN. THINK EXIT.
Exit Realty Imoti
8260 West Charleston Blvd. Suite #1
Las Vegas, NV 89117
(Cell) 702-806-6968 (Fax) 702-966-3732
E-Mail: jagsellslvre@yahoo.com
0 votes Thank Flag Link Sun Jan 3, 2010
Hi N.C. There are several properties in the Las Vegas area, which meet your criteria. With reduced prices, investors have the opportunity to buy into the Las Vegas lucrative market. And, since the golden rule of investing is to buy low and sell high, the buying opportunities in Las Vegas are great!

I have the expertise to help you locate your ideal investment property. Whether you are looking for properties to flip, rent or hold for a medium to long-term gain, I can assist in you locating, negotiating and closing on your investment property.

It would be my pleasure to work with you to purchase rental property in the Las Vegas area. Feel free to contact me, at your convenience.
0 votes Thank Flag Link Sat Jan 2, 2010
Hello N.C., My name is Shayna Scott and I am a real estate agent here in Las Vegas. I deal with a lot of renters and the most requested areas are in the Rhodes Ranch area which is zip code 89148, the southwest near Southern Highlands area and also in Henderson. Fortunately for you Las Vegas is a buyers market right now and with $150k I know that you can buy a nice home that needs very little to no work at all in a great neighborhood that is popular with the renters. On average that amount would get you a 2-3 bedroom home which would rent on average from about $800+ a month depending on the upgrades and sq ft, etc... It would be my pleasure to assist you in finding a home for an investment property. Happy New Years and I hope that answered your initial question, please contact me if you would like to move forward.
shayna.scott@coldwellbanker.com
0 votes Thank Flag Link Sat Jan 2, 2010
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