Is it still possible to buy a house in Las Vegas under 50K or am I too late and/or delusional?

Asked by Ashleene, Outside U.S. Wed Jun 13, 2012

I’m from Europe & I’ve became aware of investing opportunities in Vegas only now & it looks like I’m a little too late seeing the inventory is very low. I’m looking to buy a single family home for 35000 to 45000 dollars. I’ve been looking MLS listings & I see offers that are amazingly too good: 3/2 homes in quite decent streets (at least that’s what I see on Google Maps street view). From what I’ve read prices listed are not the real amount these homes are going to sell for in the end;I’ve read about the risk of having to pay for liens & unpaid mortgage. What I think of doing is make an offer on a home selling for 35000/45000 dollars with multiple offers on it, expecting to have to pay 15000 to 20000 dollars more than the listing price if I want it to be mine. If my plan do materialize, should I put all the cash I already have as a down payment & get a credit that will pay the rest of the amount due? is it even possible to do this? I really need strong advices. Thank you.

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
David Cooper, Agent, Los Angeles, CA
Wed Jun 13, 2012
OK, Ashleene, I want to get the most rent on the lowest possible purchase price. NOT every house in Las Vegas is going to rent well, and NOT every neighborhood is in high demand by tennants.

The current $50,000 house 3+2 you see available has been passed over by seasoned investors who like to maximize profits.

My current investors are looking ar $80,000 to $100,000 in good neighborhoods, that rent for $1000 to $1200 a month

David Cooper Investor with Buyers Agent License at Since 1917 Realty 702-499-7037
Facebook Page. THANK YOU for "LIKE" me http://www.facebook.com/davidcooper.lasvegas
1 vote
Jeff Wallenf…, , Las Vegas, NV
Wed Jun 13, 2012
Last Friday we had only 73 single family homes in that price range. Please be aware that homes in this price range will ned a LOT of repairs. That's one of several reasons that properties in this price range are CASH ONLY. As far as the listings you've been seeing, the saying goes "if it looks too good to be true, it probably is."

Do not worry about paying liens including the mortgage balance. To record the property in your name, those items must be cleared and you will have title insurance to see to it that gets done.

As to bidding over list price, my experience is that you may find offers 10% over list, but not quite as bad as you expect.
1 vote
I see no mention of short sales. That's what she was thinking of and I've gathered those take forever, are complicated and do have unexpected costs. I'm no real estate pro but I've learned alot house hunting.
Flag Sat Jun 16, 2012
Raina Musser, Both Buyer And Seller, Las Vegas, NV
Wed Jun 13, 2012
It is not over yet! There are still homes within the
0 votes
Carolyn Dahan, Agent, San Diego, CA
Wed Jun 13, 2012
Hi Ashleene,

There are still many good valued properties for sale in Las Vegas even though our inventory has gone down a lot in the last six months. I just checked our realtor system and there are 79 single family homes for sale under $50,000. There was one priced at $35,000, which was the lowest. We are in a market right now that is experiencing multiple offer situations on many of the homes being sold. This causes an increase in some cases of about 15%. You might want to consider buying a home in the $70-$80,000 range and using your cash as a down payment and financing the balance of the purchase. You should discuss this with a lender so you can get accurate information as to what you could qualify for. I would be happy to refer several good lenders in this town that can guide you through the closing process and in getting qualified. Even though many of the properties for sale are getting multiple offers, there are many that aren't, so don't get discouraged. Let me know if you would like for me to email you photos and information on the homes on the market that are for sale.

I'll look forward to hearing from you and helping you in the home buying process!

Thanks,
Carolyn Dahan
Prudential Americana Group
(702) 250-2739
Cdahan@cox.net
http://www.HomesByDahan.com
0 votes
Chris Harris…, Agent, Henderson, NV
Wed Jun 13, 2012
Hi Ashleene,

There are still opportunities for you to purchase a home in Las Vegas for $50k but you have to act quickly once you find something you like. It also depends on what area of town you would like to live in and if you don't mind doing some repairs. You will have more selection if you are interested in buying a condo/townhome then a single family residence.

You are correct about multiple offer situations and possibly having to pay over list price especially under the 100k price range. I would check out this website http://www.hudhomestore.com click on nevada then enter clark in the county section. Then click on the price tab to organize the homes by price. This website will show you all the HUD homes available for sale in Las Vegas and Henderson.

There are loan programs available for you, which will give you more buying power and you can use the cash you have as your down payment.

Contact me with any other questions you may have.

Best regards,

Chris Harrison
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 ph
Chris.Harrison@msn.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more