Question from an out-of-town RE investor

Asked by Jim, California Wed Jan 21, 2009

I am thinking about buying a condo/house in Vegas to rent it out. Since I do not live in Vegas, I wonder how the buying process will work. Do out-of-town RE investors typically make one trip to check out the properties and another trip to sign the final document? Or do they try to take care everything in one trip? If so, how long should I plan to stay in Vegas for looking and buying a property?

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Brenda Caruso, Agent, Henderson, NV
Thu Jan 22, 2009
Good morning Jim,

Each Realtor is different, I always suggest that my out-of-town buyers and/or investors plan at least 2 days to come look at different areas of the Las Vegas Valley (including Henderson) and a few homes/condos in each area. Then, you'll have a good idea about the different residential areas, neighborhoods, amenities, house types, etc. If we happen to find a property then, great! If not, you'll know where to send me looking for you.

Once we have a property in escrow, the escrow company can FedEx you closing papers so you won't have to make another trip out here for signing/closing. I can be present for you at the home inspection and final walk-through.

If you'd like to know more, please don't hesitate to call, e-mail or visit my website.

Best of luck to you!

Brenda Caruso
(702) 219-9127 cell
1 vote
Debbie Smith, Agent, Houston, TX
Mon Apr 6, 2009
Be sure you work with someone you can trust. You can do most of your research at home and never go there even to close but it's not that easy to have rental property in another state.
0 votes
Ron Johnson, Agent, Las Vegas, NV
Thu Jan 22, 2009
Hello Jim,

The information provided below is very accurate. I did want you to take a look at a Blog I recently wrote about the process.

I believe in this market and just closed on an investment property purchase for myself two days ago (1/20/09). I am also helping clients from as far away as Canada purchase investment properties for their portfolios. The prices for some parts of the valley have rolled back as much as 75% from the highs a few years ago.

Please click on the link and contact me if I can be of any further assistance.

Ron Johnson
Elite Realty
0 votes
Delete Me, , 89052
Wed Jan 21, 2009
Hi Jim,

I have worked with people that never even come out to Vegas! Not that I really recommend that, but it is possible. I can be your eyes and ears, send pictures and what not, and title and loan documents can always be FedEx'd and you would just have to sign them with a notary present. Again...not really advised because you don't have someone there going over everything along with you, but it has been done.

You are making the smart choice by investing here though, it's like a candy store for investors right now. Investor money is coming back to Vegas and it has been coming back fast.

If you have any other questions, please don't hesitate to contact me any time.

Best wishes,

Mike Dobranski, REALTOR®
Keller Williams Realty - The Marketplace
Las Vegas / Henderson, NV

0 votes
Mark Karten, , Las Vegas, NV
Wed Jan 21, 2009
Hi Jim,

Here's the easy checklist that I use with my investors.

1 - Determine if you're paying cash or getting a mortgage
2 - If cash, you can buy a condo or house. If mortgage, stick to a single family home (I can explain in detail offline.)
3 - Determine your criteria (positive cash flow, area, rentability, etc.) and send you appropriate listings.
4 - Submit offers until one is accepted.
5 - Once you have an accepted offer, now you make the trip up and see the property first hand (choose an agent who will be your "eyes" for you.) I do a virtual tour for any property my investors want beforehand, so they know what they're getting, and a full overview of the probable expenses (repairs,etc.)
6 - For closing, you can sign all documents from home with a mobile notary. If you're paying cash, it can be done via email and overnight mail.

I hope that's helpful and I wish you the best of luck - now is the PERFECT time to purchase in Las Vegas.

Mark Karten
The Karten Group
Realty Executives of Nevada
0 votes
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