Property Q&A in Las Vegas>Question Details

Colin Fox, Home Buyer in Outside U.S.

Hi, I live in Australia and looking to buy investment properties in Vegas.

Asked by Colin Fox, Outside U.S. Fri Feb 11, 2011

Hi, I live in Australia and looking to buy invest property in Vegas.
can you tell if its better for return to buy a house or apartments, which area's are best for good tenants and future growth in value of property.
thanks in advance.
Colin

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Answers

13
BEST ANSWER
Michael Rossman
Agent
Las Vegas, NV
..BEST ANSWER
I do not know the first thing about Australia... other than the Tennis matches they hold there, and a funny movie made in the 80s... What I do know is Vegas, and before you even think about purchasing an investment property, get your foundation in line first... For instance: If you will be collecting income from a property... and you do not already have one...In most cases you will want a Tax ID first... Otherwise Property managers are required to hold out funds for Good Old Unkle Sam.... RROI, ROI, CAP RATE, BLA BLA BLA... Get informed before you jump in, and have an Exit Strategy... There are a multitude of properties available that can positive cash flow, and net you a realisitc, and consistent 6-8 % return, sometimes a little more... You also need to keep in mind things such as purchasing in areas that are stable and hold value, as well as maintian a generally low vacancy rate, etc... REMEMBER...You can make 100 percent return from a tenant;but, if you can't rent it or have to turn the property every 6 months you are generally losing money..... Anyway... Good Luck to you.
0 votes Thank Flag Link Fri Feb 11, 2011
Hello Colin,
Here is Las Vegas we don't really have what you call apartments for sale. They are condominums or condos for short. Las Vegas has many different homes and condos for sale thorughout the valley.. I do believe many more properties to come toward the middle of the year. The banks have lots of inventory right now that they are getting ready to release for sale.

Homes for the most part are selling for $100,000 - $120,000 for an approximately 1600 sf. home. 3 bedroom and den, 2 full baths and 2-3 car garages. You on average will receive around $1500 a month for rent. Of course this is all estimates.

Condos you can puchase for $45k on up and receive around $800 or more a month rental fee. But, of course you will have addtional HOA fees for the condo units. They run around $150 a month.

I hope that helps you out a little. Have a great day. Penny O'BRIEN with IRES
702.321.9383 PennysProperites.com or e-mail me @ Penny@pennysProperties.com
0 votes Thank Flag Link Mon Feb 14, 2011
There are many desirable areas and locations scattered throughout the Las Vegas area. In order to better service you feel freel to email me at Burt @TheFinestLuxuryHomes.com or call me direct @ 702-406-3356. You may also visit my site @ http://www.TheFinestLuxuryHomes.com
0 votes Thank Flag Link Mon Feb 14, 2011
Hello Colin,
How will you hold the properties?
Sole owner, corporate umbrella (Inc. or LLC)?
I am not an attorney. I think you should look at consulting an attorney that practices real estate law.
Nevada has some favorable laws.
If you need a few names let me know and best of luck!
Web Reference: http://www.JJLVRealtor.com
0 votes Thank Flag Link Sat Feb 12, 2011
You can find out about obtaining a TAX Id with this link http://www.nvsos.gov or go to IRS website... This is an area I cannot advise, as it is out of my field. My suggestion would be to first speak with your accountant, and or an attorney to get direction as to what would be the best way for you set up and manage properties in the states. Federal Tax Id, Local bank account, and how your going to manage the property (Yourself or Property Manager) are some of the things to consider. Unless you will be here to manage the property, I would suggest finding a great property manager...In fact I would interview a few... They will be KEY to your property staying occupied and returning you money... They will factor your CAP rate and let you know a realistic rate of return on whatever property you have an interest in. I am not one;but, can refer a few to you..... As always wish you the very best

Mike Rossman
Realtor.....
RE/MAX CENTRAL
Web Reference: http://www.TeamRossman.com
0 votes Thank Flag Link Sat Feb 12, 2011
dear Michael,
thx for that info.
as an Australian resident how do go about getting the right Tax ID to insure no complications.
regards
Colin
0 votes Thank Flag Link Fri Feb 11, 2011
Hello Colin,
It all depends on what it is exactly it is your looking for, I have a client that is making 12% ROI annually on his investment. I have clients that haven't seen the property in person they have bought, they trust me to preview the home and send them videos of it then find them tenants for the property. My clients prefer this type of passive investment, becuase they can make a good ROI without doing a thing, just like investing in a bank but the investment is secured with real estate. If you would like to sit down and discuss plans, feel free to contact me, if not I wish you the best of luck on your search.

Stephen Messner
702-882-1235
messnersj@gmail.com
0 votes Thank Flag Link Fri Feb 11, 2011
Thanks for the reply Colin, I hope to get a chance to interview with you and tell you some valuable information I know .
0 votes Thank Flag Link Fri Feb 11, 2011
thx so far everyone.
Currently have my house on the market here in Australia and have some other monies coming in soon, so will be looking to invest hopefully in the next 6-12 months.
Was talking to some friends last night that mention Vegas so thought I would start searching and investigating my options now.
hopefully will have about $350k to $450k to invest be it a few condos or houses depending on price.
Would want good and consistent rental return with a good area with growth as I would be looking 5- 10 years investment before considering selling.
cheers
Colin
0 votes Thank Flag Link Fri Feb 11, 2011
Hi , I actually work with a lot of buyers from Australia and Canada and even retirement buyers from parts of the USA .....It is my specialty so If I can help in anyway , please feel free to call or email me. You can reach me at Rhondasellsvegas@gmail.com or 702-239-6900, I really would love to talk to you because I can tell you about great areas and investment properties. I personally would rather do that on the phone or through email with you.
Hope to hear from you.
0 votes Thank Flag Link Fri Feb 11, 2011
After some of the answers that have been posted on this subject I am not sure I want to submit an answer to this one, but I spent two years on my youth in Australia and left part of my heart there, so I thought I would jump in. When you are looking at an investment property, you need to look at more than just the potential ROI that renting the property will bring you, you neeed to look at the potential to sell the property quickly should you decide to change your investment strategy. That being said, right now Condo's are selling very inexpensively, and rents are fairly good on them, so the return is fairly good. The same could also be said for single family homes, though the ratio may not be quite as good. HOA expenses will be higher with a Condo, and there are a lot of other factors you need to consider as well.
As far as potential resale however, the single family home has much more potential right now than does a condominium. It is difficult right now to get financing on a condominium, so resale potential is limited on them vs a single family home. There are a lot of really good areas around Las Vegas to purchase an investment property. Conversely, there are areas I would suggest you avoid. A good real estate agent can help you find the area that fits your needs best.

John Morrison
Realty One Group
702-326-4078
jmorrison22@cox.net
0 votes Thank Flag Link Fri Feb 11, 2011
Hello, it depends on your price range, what ROI you are trying to return, what's more important-cash flow or future appreciation. Also, if you are going to manage it yourself or to hire a management company.
Call or email and we'll discuss what's best for you.

Marina
702.498.2664
Web Reference: http://www.LVRealDeal.com
0 votes Thank Flag Link Fri Feb 11, 2011
Hi...houses! Call me and let's talk about it!

Danya
702-375-5438
0 votes Thank Flag Link Fri Feb 11, 2011
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