Home Buying in Las Vegas>Question Details

First Time B…, Home Buyer in Las Vegas, NV

With 75k cash to spend. Not afraid to get my hands dirty. Should I use cash to my advantage? Maybe spend 60-65k at auction and spend 10-15k rehab?

Asked by First Time Buyer, Las Vegas, NV Mon Mar 26, 2012

Basically, I'm a younger single guy that has savings but wouldn't qualify for financing. I'd love to squeeze every ounce of opportunity out of my situation. I'm paying cash and looking at lower end properties in the 70-75k range. I'm not afraid to move into a rougher looking home that requires some time and work if it is a better opportunity. From a professionals opinion, is it beneficial to buy a SFH with cosmetic needs , floors, maybe drywall, paint etc.. spending less than comparable properties in better shape and budgeting/managing the work (also doing some myself) with the remainder of the funds I plan to spend on my home. Or with this unique market/inventory is it perhaps more beneficial to take advantage of what is "already there" within the home as the premium paid in comparison isn't just a matter of convenience but a discount in regards to what might be spent in most typical rehab cases.

Of course circumstances will vary from property to property. Any opinions? Thanks!

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BEST ANSWER
You hit the nail on the head when you said circumstances vary from property to property.
This can work out either way to your benefit.
You just have to get your feelers out there and see whats available.
I strict criteria, combined with proper budgeting and persisitance for this market will get you a home to fit your needs.

Give me a call when you have the time and we can discuss this further.

Sincerely,
Hank Lauzon III


Exit Las Vegas Realty Center
6600 W. Charleston #119
Las Vegas, Nv 89146

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844


Web : http://www.HanksLVRealestate.com

Email HankLVRealestate@aol.com


Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Mon Mar 26, 2012
Thank you very much for your time and response! I still have a several months before I have my ducks in a row but this is for certain something I am going forward with. I will take down your contact information for sure. Best
Flag Mon Mar 26, 2012
"I'd love to squeeze every ounce of opportunity" OK. That means getting an real education in real estate.
Read some books, attend some seminars, go to lots of open houses and talk to the agents and find out what is happening in that particular neighborhood.
Hold on to your money until you know exactly what your doing.

David Cooper
0 votes Thank Flag Link Tue Mar 27, 2012
In terms of what can give you the biggest return on investment ... well you dont have enough cash to purchase a home in a stable neighborhood. However, you can purchase a condo in an area where appreciation and value will increase as our market demand is high... Be prepared to look at condos that are priced at 60 65k and you will have to bid on them up to 75k . We have lots of cash investors in town making the same purchases. The rental makret is very solid and you want to be in a location where the ROI on your money is high. ( Return On Investment ) I work with a select group on investors who trust in my sound judgment and are ready willing and able to move forward . If you are out of state you have to move quickly ... making offers without being here to see the property and sending in what we call Clean offers no BS just get the property at fair competive price and put solid renters in place rents will vary from 800 to 1000. dollars depending on location ....

If you are serious and want to make a long term investment on your money

Call me leave voice mail as im out of the office looking for great properties to sell.
Ps There are many great agents on this site so you cant go wrong with any you choose.

Good Luck.

Helene M Moore
Windermere Prestige Properties
cell phone 702-275-2192
email
helenem@windermere.com
0 votes Thank Flag Link Tue Mar 27, 2012
Click the link below to read a conversation about buying older SFR vs newer condos.
http://2157639.weebly.embed.tal.ki/20120224/older-home-vs-ne…

In regards to buying at the trustee auctions I would not recommend this unless you have a lot of experience doing this. ALL the properties are "good deals" down there if you are strictly looking at the purchase price vs what the property comps for. However, your profitable purchase soon disappears when you find out that there are taxes, liens, assessments, HOA fees, etc. In order to be successful at these auctions you have to have to know what homes are going to be good deals at the end of the day and which ones to stay away from. They give you very little time to research these properties to know what you are buying so you are often times guessing. You never want to buy a property when you are guessing. My 2 cents.

Best Regards,
Robert Adams
Broker/Salesman
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
CREHadams@gmail.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Tue Mar 27, 2012
The problem is plumbing and air conditioning on a home sold as auction "as-is" for all cash. There is no inspection contingency and one mistake will put you out of the investment game forever. Plus, your competetion at the auction is "seasoned" "well-establish" and have professional workman on their staff to rehab properties the minute they get them.
HUD Properties + Government Foreclosures can be bought at close to auction prices without the hidden dangers of unreported defects.

DAVID COOPER HUD Properties + Government Foreclosures at substantial discounts
7024997037 35 years experience at Since 1917 Realty. Any Questions????
http://www.facebook.com/DavidCooper.LasVegas
0 votes Thank Flag Link Tue Mar 27, 2012
Hi First Time Home Buyer:

Congratulations on your decision to purchase a home! Before I could make some recommendations, I'd like to get more information from you. 1. What are your goals and finanical expectations are as it relates to the property. (rent it, live in it, flip it, ect.) 2. I would also want to know which resources you had at your disposal (vendors, contractors, inspectors, ect). Once I've got all the information, then we would put together a game plan and hit the ground running. Right now, the properties you are considering are receiving mutliple offers. So it's important to find an agent with good experience.

If you are still looking for the right agent to help, give me a call at 702-517-3078 and we'll see if it makes sense for us to work together.

Thanks and good luck!

Robin Gray
Realtor
0 votes Thank Flag Link Tue Mar 27, 2012
Well, I'm in a similar situation as you. I'm a young guy with some cash and I'm also looking to buy. Also, I work primarily with investors who flip properties, so, I have quite a bit of experience getting good deals.

Having done quite a bit of research for myself, I have a neighborhood I like that I think you should look at. It's true that you want a good location, but at that price point, you're going to be in a lot of neighborhoods that aren't the best. Well, in the neighborhood I really like, an investor I was working for bought a home for 60k, put 10k into it, and sold it for 123k,. It was a very good deal, but I think the area is often overlooked.

You're definitely going to want to get something you can fix up. It's way easier to negotiate a good deal when it needs a lot of work, and you'll build way more instant equity if you can get the right deal.

The auction is over-hyped in my opinion. We can check it out, but a lot of the investors have been shying about from it recently because the competition has become too fierce. Too much risk and not enough reward anymore.

Let's talk and I'll give you some good ideas of where your money will be best spent. Thanks,

Aaron Anderson
aaron.anderson22@gmail.com
(702) 773-1608
0 votes Thank Flag Link Tue Mar 27, 2012
I have just the right listings in mind for you! Give me a call, or email and I will send themm over!
Keep in mind that most auctions charge 5% on top of the sales price.
0 votes Thank Flag Link Tue Mar 27, 2012
This is what I specialize in. Check my site at http://www.LasVegasRealEstateConnection.com and click the youtube link. With such a small budget you are going to be very restricted in most areas of the city now. You may want to move from an Auction venue to Short-sale or HUD properties on the retail market. This will provide you more stability and flexibility with your finite cash reserve, while still being able to purchase 10% below market comps (yes, I know auctions can give you 30%+, however, with your limited resources, this could be a very risky decision when you purchase your one property that either has a major lien attached or is full of mold or a structural defect). I am 100% behind you with your rehabbing decision. Nearly anything under 150K and post 2000 built has been so picked over, most "move-in condition" properties are selling at or above comparable sales so you'll definitely be able to maximize your profit by being willing to do some work. Contact me when you're ready.


Sincerely,


James Bellile
0 votes Thank Flag Link Tue Mar 27, 2012
Hi First time home buyer,

Purchasing single family home and fixing it would be more beneficial to you. The savings are in buying homes that are in need of repairs!
Most of my clients are buying homes that are in need of repairs/rehab for a low prices. Once escrow closes, we have a licensed professional constructor that rehab the properties for great prices. The majority of the properties, the resale price is lower than the comparable market in the same subdivision and the property is in good condition after rehab. Tenants prefer to rent nice properties in good condition.
We have a special professional team that is licensed to guide you step by step . Please contact me at 702-612-7099 for a FREE investment consultation.

You can visit http://www.cvegashomes.com to search for investment properties.

Rena Levy
Broker/Associate
Realty Executives of Nevada
702-612-7099
cvegashomes@gmail.com
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Mon Mar 26, 2012
If I were a young single guy with money and time, I might consider buying a condo in a "safe" neighborhood. There are great deals for $40-50,000 in the northwest and southwest that can rent for $800 a month or you can have a nice place to live for cheap. You might be able to leverage your money getting a hard money loan for part of it and buy two. Like the saying goes "try not to put all of your eggs in one basket". Give me a call and we can stratigize more and set you up with an automatic e-mail MLS notification designed for what you might consider buying. the most important thing to do to get a good deal is to be first. First to see it and first to write an offer. If you can be kinda patient, we can get you just what you're looking for. The biggest problems I see with the $60-80,000 price range is location and competition. Every investor in town wants a 1 story with a tile roof for under $80,000. That's not going to be your best market to compete in to get the most bang for the buck. There is the advantage of being owner occupied with some houses and I'll explain that when I talk with you. Give me a call tomorrow at your convenience. 702.656.1818 Kurt
0 votes Thank Flag Link Mon Mar 26, 2012
Thank you very much for your time and response! I still have a several months before I have my ducks in a row but this is for certain something I am going forward with. I will take down your contact information for sure. Best
Flag Mon Mar 26, 2012
I think you read the wrong books and looked at the TV shows. From the way your question is worded, it seems as though you might be buying for investment. Whether you are buying for investment or to live in the property, here is rule #1 in real estate: location, location, location. If you are buying in a rough neighborhood, your chance of appreciation is zero to slim. If you decribe it as rough, just ask yourself if a renter would want to live here either. You would be better off buying a better property and putting 20% down. You would leverage your cash and get a better home.
0 votes Thank Flag Link Mon Mar 26, 2012
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