Home Buying in Las Vegas>Question Details

Ram, Home Buyer in Reston, VA

Looking to invest about 50k and buy an condo/townhome in Las Vegas, NV. where to buy - Near Strip or near the university that can be rented ?

Asked by Ram, Reston, VA Fri Apr 6, 2012

Is it a good time to buy ?
planning to hold long time. Also need an good rental management company , and an real estate person to crunch the numbers to see if there is a possibility of having a small cash flow income, and look out for any major issues, etc - local to Las Vegas.

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David Cooper’s answer
RAM I actually own a number of rental properties and am a licensed buyers agent with a full service broker and property management company. Been in Las Vegas market since 1994. Location, location, location is my motto. I won't show you anything that doesn't make sense.

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email http://www.facebook.com/davidcooper.lasvegas
Since 1917 Realty - Jay Rosen,Broker 702-739-8820
0 votes Thank Flag Link Tue Apr 17, 2012
hi Ram,
Condos are a little bit of a problem here now, because so many of them do not qualify for financing, due to circumstances like too many non-owner occupied units in the complex, financial problems with the HOA due to all the foreclosures, etc. However, if you have the money to purchase all-cash, you can get some good deals. Many of the units will be foreclosed properties or short sales, and may require some rehab to make them presentable for a renter. The good news is the cash flow can be very good for the amount of money invested, even discounting other ways that you might have received a return on the money. Some things to watch out for: CCR's that forbid rentals, excessive HOA dues or upcoming assessments, and construction defects and class action lawsuits. Nevada law requires the seller, through the condo management company, to provide you with copies of the CCRs, By-Laws, Financials, and notifications of lawsuits on any units you may make an offer on. Using this information, you should be able to analyze the soundness of your investment. Units around the university are older, do not appreciate as well, and may require more upkeep, but are easy to keep rented. There are some older units close to the Strip, and then the new high rise towers, which may be pricier than you want to commit, and have extremely high association fees. Looking a few miles from the Strip may be the best for you in terms of or the money you want to spend. There are many good property management companies in Las Vegas and Henderson, and we can steer you toward one. If you're careful in your purchase, you can do quite well as an investor in this market. Our biggest problem right now, a very low inventory means not a lot of choices. Good luck, and if we can help on any way, please let us know.
Mike Pristow, Donna Hodge & Associates
Keller Williams Realty The Marketplace
1 vote Thank Flag Link Sat Apr 7, 2012
Look at this investment condo. Fully Furnished! 9% CAP rate. List price $49,200 and will rent for $600 month. This owner will also consider OWC if needed for a premium.

Investor's Dream! 9% CAP rate on this 1 bedroom condo ~ 111 Van Wagenen Henderson, NV 89015 ~ FOR SALE $49,200. http://www.lvrealestatehelp.com/blog/investors-dream-9-cap-r…
1 vote Thank Flag Link Fri Nov 7, 2014
For maximum appreciation and better rent to purchase ratio, I like West of the Strip toward Summerlin.
$45,000 2+2 Condos can get you $950 a month.

David Cooper. Investor and a Buyers Agent with 35 Years Experience http://www.facebook.com/davidcooper.lasvegas
Call 702-499-7037 Since 1917 Realty and Property Management, Jay Rosen, Broker
1 vote Thank Flag Link Mon Apr 16, 2012
My team and I not only can help you buy a condo here in Las Vegas but we also have a great management company that we can turn your condo over to when it is ready to be rented. I work with a ton of investors just like yourself and would be happy to crunch the numbers for you. Give me a call.

Kyle Brennan
Horizon Realty Group
702 785 2526
0 votes Thank Flag Link Thu Nov 13, 2014
If you are looking to invest in rental properties, the larger problem would be finding someone to loan money on A Condo. The other problem is associated with areas that have rental restrictions. A Townhouse or single family dwelling would be A better choice. If you need additional information, please use the contact link, located near my photo. Good Luck!
0 votes Thank Flag Link Tue Oct 7, 2014
for investment purposes. is it easier to rent a house or townhouse or condo? is spring Valley a good place to purchase? is it safe and convenient area to live for retiree in 15 years plus? please advice? tks.
0 votes Thank Flag Link Tue Oct 7, 2014
To be honest with you, you need to be buying that condo with cash. Your not going to get the financing on condos that you will on a single family homes.They're just not making loans for condos for various reasons.Just a heads up for you. Prices are starting to rise a little and inventory is currently on the low end.Good luck and feel free to call me.
0 votes Thank Flag Link Sat Apr 7, 2012
When investing in condos, my first search is what I can get for the rent. I look at a a ratio of how much rent I can get/vs. the price I need to pay. I then look at the HOA dues. That will effect your rate of return.
My best advice is between Summerlin and the Strip.

DAVID COOPER Foreclosure Buyers Agent at Since 1917 Realty 702-499-7037
Get Your List of HUD Properties and Government Foreclosures
0 votes Thank Flag Link Sat Apr 7, 2012
my name is Mike. Any where near the strip or near the University or any of the colleges is a good area for maximum return for rental property. Currently there are just over a 1,000 condos and townhomes on the market making it difficult to find a good rental property. I would love to assist with your search. I do have a townhome that you may want to consider and it is listed for under $50,000.. Contact me and I will help you locate a property that may be right for you.

Mike Yarbrough
Simply Vegas
3042 S. Durango Dr.
Las Vegas, NV 89117
Direct: 702-985-5566
0 votes Thank Flag Link Sat Apr 7, 2012
You are not too late for condos for 50K. We are property management company for over 20 years. My wife and I have been in Vegas since 1976. There are many good areas for Condos or Town Houses. North East for Nellis Air Force Base. South Central near UNLV. West, South West and South for good safe areas that are not too old. We can share more specifics with you by phone or email but not here. We manage over 300 homes, condos, townhouses. We currently have 12 vacencies. Thanks, Matt and Kim

Matthew and Kim D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Fri Apr 6, 2012
You're too late for $50k condos. Go higher and get something worthwhile.
0 votes Thank Flag Link Fri Apr 6, 2012
here are the best selling zip codes for 4th qtr 2011
***** THIS is where I would buy.
University not great area for appreciation, strip is overpriced. 5 miles west of strip, toward Summerlin. 2+2 going for 45,000 and rents for $750/month. Be care HOA fees Call me
or send me your email

89052.....422 sales
89074....339 sales
89108....431 sales
89117....343 sales
89122....363 sales
89123....395 sales
89139....366 sales
89147....354 sales
89148.....393 sales
89149.....383 sales
89178....416 sales
89183.....326 sales
89031....544 sales
89032.....328 sales

DAVID COOPER Since 1917 Realty. Foreclosaure Purchasing Agent and Property Management
0 votes Thank Flag Link Fri Apr 6, 2012
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