Home Buying in Las Vegas>Question Details

Melissa Fong,…,  in San Francisco, CA

Would like to buy for investment. Live in San Francisco. Will pay cash. Want 10% return or more. Foreclosure REO is great!

Asked by Melissa Fong, CPA, San Francisco, CA Sat Sep 14, 2013

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17
Congrats!


Search http://www.Las-Vegas-Real-Estate-Home.com


Regards,

Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-405-7659
E-mail:smokey25@cox.net

http://www.philScheinman.com
1 vote Thank Flag Link Mon Sep 16, 2013
I'd like the job. Resume is on website. Call me.



Sincerely,

James Bellile BS, RRG, ABR
iProperties International
702-222-0815
LasVegasValleyRealEstate.com
1 vote Thank Flag Link Sun Sep 15, 2013
Good morning, Melissa!

I just went through this process with a cash buyer from Shenzhen, China. In a matter of about two weeks, we looked at several properties, made one cash offer, received a counter, countered that and are closing on September 30. Everything was done remotely from China. He never made a trip to America, but instead relied on me to preview & photo properties with an honest discussion of the flaws and benefits of each property & neighborhood.

He's buying a lovely, newer 3 bedroom, 2 1/2 bath, 2 story 1,595 S.F. cottage with a 2 car garage fronting on a 10 acre park for $137,000. The home will be rented for 18 months for probably around $1,295/month, maybe more. I have introduced him to an excellent property manager with several decades experience who is preparing the formal comparative rental market analysis & marketing plan now.

I love working with buyers. Together, we worked hard and were able to find a perfect match for his criteria in short order. What are your exact criteria? I'll present several options for your consideration and let's see if we click as a team! This should be an exciting and pleasant process....

Gus Enegren, Broker-Salesperson
Synergy Sotheby's International Realty
702-524-2724
http://www.synergysir.com
genegren@yahoo.com
1 vote Thank Flag Link Sat Sep 14, 2013
Hi Melissa,

The market in Las Vegas is changing and prices will most likely be coming down by 10%-20% next year. The inventory of available homes in Las Vegas has doubled in just the past 3 months. This is an indicator that many of the investors that purchased in 2011/2012 and the beginning of 2013 are now taking profits and moving to greener pastures or are banking their money to buy again late next year or 2015. For the most part, returns of 8-10% are gone and that's another reason investors are selling.

Also, the profile of buyers and the demand for homes in Vegas has changed. Again, many if not most investors have stopped buying. The days of 20 offers within a couple of days of a new listing are gone. Owner occupants have filled in for the lost investor demand and are willing to pay the current market prices even though they are over inflated because it is still cheaper to pay for a mortgage than to pay rent, if they can qualify for a loan. Resale homes are also overpriced for investors, but still offer a good alternative to renting for the owner occupants.

The average wage in Las Vegas remains below the wages from the early and mid 2000s and unemployment is still high. Underemployment is also very high. Why are these important? Because the majority of sales over the past few years have been to investors and the prices have been driven up by the cash buyer frenzy over the past 6 months. In fact, new home builders that just a few months ago had waiting lists are now offering $10,000 or more concessions to buyers. New home prices are way over market valued up to 20% or more over the resale market.

The Vegas area still has over 80,000 mortgages that are delinquent that will go through the foreclosure or short sale process. These homes are not a significant part of the growth of available homes in the Vegas Valley. These homes will add to the growth of inventory available homes by the middle to end of next year.

Institutional investors have begun to sell as they see that the Vegas market has hit an inflection point. Prices have plateaued and will begin to experience downward pressure as buyers and sellers begin to feel the effects of a higher supply of homes on the market. Again, at one time Vegas was down to around 3200 single family homes on the market. Today we are over 6400 and will likely be close 10,000 by the end of this year. The demand continues to remain at around 3000 homes/month.

The law of supply and demand, along with rising interest rates, will put downward pressure on home prices.

I know I have tossed out a lot of info, but it is all supported by the numbers, though not by the media...yet.

All said and done the best time to buy for investors will likely be later next year and 2015. By mid next year we should be in a better market for investors looking for a reasonable ROI, though 10% may still be out of reach in most cases. I will also state that there are some areas in Las Vegas that can achieve higher ROIs, but these tend to be difficult areas to manage from afar. The key is to know your niche and to understand the real market conditions.

If you have any questions or concerns, please feel free to contact me Brett Gordon at brettgordon@LVReNow.com or call me at (702) 283-1960
1 vote Thank Flag Link Sat Sep 14, 2013
10% return is still available if you work with a buyer's agent geared toward investors



David Cooper helping investors find wholesale deals since 1994
READ MORE http://www.lasvegaswinner.org
0 votes Thank Flag Link Sat Oct 5, 2013
Low Life Bottom Feeder
Flag Sat Oct 5, 2013
Hi Melissa,

10% return in our current market is tough even with foreclosures. You have to take into account the appreciation factor in the Las Vegas market when making this decision. You also have expenses like property management, some utilities, HOA, property taxes to take in to account.

All The Best,

Charmaine Prospero
Prudential Real Estate
702-338-6867
Charmaine@ProsperoGrp.com
0 votes Thank Flag Link Tue Sep 17, 2013
Charmaine, You forgot to Mention Predatory Lending and Mortgage Fraud.
You Forgot to Mention that the Realtors knew what the banks where doing was wrong, and You watched Idly By, while people got %^$#*& out of their Life savings.
Flag Sat Oct 5, 2013
Hi Melissa

Please contact me with a little more criteria such
as price and any certain area and I will be glad
to help you.

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
REO-BPO CERTIFIED

I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes Thank Flag Link Mon Sep 16, 2013
Hi Melissa,

That may not be realistic. It will really depend on a few key factors. Call me so I can go over it with you.


Search http://www.Las-Vegas-Real-Estate-Home.com

Regards,

Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-405-7659
E-mail:smokey25@cox.net

http://www.philScheinman.com
0 votes Thank Flag Link Sun Sep 15, 2013
Check Your email for updated investment properties from Barb Eagan




David Cooper Helping Investors Achieve Above Average Returns on Las Vegas Houses Since 1994
http://www.lasvegaswinner.org
0 votes Thank Flag Link Sun Sep 15, 2013
Melissa:

I forgot to mention that I can have a Comparative Market Analysis prepared for your consideration before noon on Monday to help you think through the value of this property and perhaps an offering price. Please give me a way to get in touch and I'll get things started. This property looks like a good prospect for you and it won't likely last long.

Gus Enegren, Realtor, Broker-Salesperson
Synergy Sotheby's International Realty
8330 West Sahara Ave, #110
Las Vegas, NV 89117

Cell: 702-524-2724
Off: 702-360-1414
Fax: 702-360-1199
genegren@yahoo.com
http://www.synergysir.com
0 votes Thank Flag Link Sun Sep 15, 2013
Good Morning, Melissa!

I think I've got your property: It's 1,428 SF with 4 bedrooms, 2 baths, in the SE priced at $129,000 with a two year tenant already in place paying $1,100/MO. This is a single family residence with new A/C, no HOA, not a short sale or repo, beautifully updated white kitchen, and a few minutes walk to a park. Easy maintenance desert landscaping. Professionally done 2 tone paint in & out. Granite countertops. New carpet. New blinds. And is being sold with a Home Warranty.

Did I nail it for you?

Gus Enegren, Realtor, Broker-Salesperson
Synergy Sotheby's International Realty
8330 West Sahara Ave, #110
Las Vegas, NV 89117

Cell: 702-524-2724
Off: 702-360-1414
Fax: 702-360-1199
genegren@yahoo.com http://www.synergysir.com
0 votes Thank Flag Link Sun Sep 15, 2013
A cash Investment of around $150,000 will get you close to 10% ROI in the right location. Not every neighborhood in Las Vegas is rental desirable. You need an agent that knows the strongholds of rental areas and then looking for good deals in those areas.


David Cooper Helping Investors Find Bank-Owned REO's in The Right Neighborhoods since 1994
READ MORE http://www.lasvegaswinner.org
Join 8,000 newsletter subscribers http://www.facebook.com/davidcooper.lasvegas
0 votes Thank Flag Link Sat Sep 14, 2013
Melissa, I forgot to mention I have another buyer looking for much the same thing as you. Together, we've discovered a number of 2-3 bedroom condos in the $75,000-$90,000 range that are renting or rented for $875-950/month.

Gus Enegren, Broker-Salsperson
Synergy Sotheby's International Realty
702-524-2724
genegren@yahoo.com
0 votes Thank Flag Link Sat Sep 14, 2013
Good Morning Melissa,
It is a perfect time to invest in the Las Vegas, Henderson and surrounding areas. The market place could not be better for a return on your Investment. I just sold a home put it on the market on Sunday 9/7. A client of Gus Enegren from China is a cash buyer. They put in there offer and we countered back to his offer. His client then countered back and we went into escrow on Thursday and are closing on September 30. The home was on the market for (4 Days) and my Sellers could not be happier.
I also have a client from LA . She called me on Thursday on a home in Laughlin, Nv that she wanted as an investment home. I went yesterday to Laughlin and sent her everything from (photo’s, video of the area, and took a video as if she was walking into the home ) sent everything to her . She was so happy and amazed that I would go down to Laughlin to help her buy an investment property. She is coming down today to buy the home.
This market is great for buy and hold or buy and flip. I work with a fantastic property management team. It can be very easy to invest from out of the state or out of the country. I love to see happy Sellers and happy Buyers. I would love to see if we would be a great fit to work together.
Please give me a call 702-469-8713
Lisa Lamborghini-Moussette
0 votes Thank Flag Link Sat Sep 14, 2013
Right now the rate of return is closer to 6-7%. 10% is likely not too attainable any more in Las Vegas. REO's and foreclosures are set to the current market price. We had a 21% increase from last year to this. You fail to state what you want to pay for a home so that you can achieve the 10%. Are you looking for a fixer-upper or a property in good condition?
0 votes Thank Flag Link Sat Sep 14, 2013
Melissa, for single family, you can expect 7 to 8%, for multi family 24 units or larger you can expect 10 to 12% cash on cash right now since prices have gone up so much since Jan. 2012. I speak from a lot of experience. We manage over 400 homes and we've placed hundreds of people in our rentals. We've been in the business here in Vegas since 1985 and we've lived here since 76. I can give you a good idea of where are market is and where I think it's going, prices, areas, and some suggestions. Call any time after 8am, Matt - 702.501.0973
0 votes Thank Flag Link Sat Sep 14, 2013
I would love to help you. I am very experienced in foreclosures, please call me at 702-239-6900 or email me at rhondasellsvegas@gmail.com.
0 votes Thank Flag Link Sat Sep 14, 2013
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