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Vegas Purchase to Rental Investment good or Bad?

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joeder

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I am looking to purchase a condo nice newer built 200+ for investment and enjoy ment and was wondering what the rental market there is like since there are rock bottom prices in Vegas like to get in while time is good!
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December 17 2008 - Downtown East
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Roberto Ribas, "azrob"

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Paul, read the rules quit posting
Didn't you notice other agents don't post their numbers, websites and emails? what do you think you are just so much more clever, you are the first one to think of that?

read the good neighbor policy, follow it.

Also, this thread is one year old nearly, think they really need your advice now?
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November 09
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vegas247fun

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Hi Joe,

You can use my website to search for Condos if you like.
And i work with Merit Realty, we are one of the biggest Reo companies in the valley. i get a fair share amounts of listings before they hit the market. Let me know what you are looking for, i can forward you some. Call anytime..

Paul Arroyo
Merit Realty
702-768-2931
Website; vegashomes247.com
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November 09
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CORONA NICK

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Hey guys, I dont mean to beat on a dead horse, but what about now? What neighborhoods around vegas are good?
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October 01
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NTETS, "Caveat Emptor"

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1) why was this thread revived after 2 months off?


2)it will be a nightmare trying to keep it occupied, alot of rentals are vacant atm

3) rents can fall, making rent vs buy a moving target(for instance if you buy @ 50% of where the other guy bought then you can shave money off the rent and rent your room faster driving down comps for everyone else

4) as prices keep falling 3 will bite you in the butt too

5) people are leaving vegas, the town is shrinking as the sands and other casinos cut costs.

6) if you do it, put up your own money so the carry is low and your cost is lower than other landlords.

7) you should plan to hold these for 10 years or more, this is not stock, it is a home.
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February 25
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Caleb Yamanaka, "CHUTTA"

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Vegas is... I am not an Agent in Vegas, but we have significant holdings in Vegas.

I would stay away from Vegas residential for now.  We have clients in Hawaii that want us to find them homes because they are "cheap".  Our answer is wait...

Commercial is slow... there are opportunities in commercial, but even then my suggestion is wait.  High Vacancy rates along with current commercial loans coming due leads me to believe that the best deals are to come.  Even then there will be risk and based upon your individual understanding of the market and risk tolerance there might be reason to move.

Plus side people continue to move to Las Vegas.  Downside the "best" neighborhoods will rent out first, but because of the high foreclosure rate and all the "investors" that have already jumped the gun you should be ok in sitting, waiting and watching.

This is not a market for your first invesmtent (although that time will come) the only invidivuals who should and can justify buying now are those who are all "cash" and also have extremely well defined investment criteria (and investment experience). 

Risk is high so your margins should reflect that.
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February 25
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Robert Adams, "LVrealestateHELP"

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I get at least 20 people a day contacting me for rentals. The rentals we represent are usually rented with in 30 days. We tell everyone 60 days to be safe but usually under 30 days is normal for us. I know a lot of investors buying homes to rent out for positive cash flow and long term appreciation.
they are aware things will get worst before it gets better but they are getting in for the long term. 
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February 24
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TampaBayFirst

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I have some big investors and they are buying condos for vacation rental there. They have way more money than any of us and that is where they are putting their money. Long term investment! Would not have been my first place to put my money, but if your going to gamble why not vegas.
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February 18
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Roberto Ribas, "azrob"

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holy smoke! are you freaking kidding?

"the rental market is very good" in Vegas?

People this is precisely why the "trust your local Realtor" is the the worst advice ever!!!!!

Vegas rental market vacancy jumped 2% in the last quarter, and now stands over 10%. That is among the highest numbers of any major metro, and rental prices are dropping. Concessions such as free months rent are growing.

In addition, prices continue to slide as the foreclosures keep rolling in. Vegas is second only to Phoenix, barely, in terms of how fast prices are sliding!

So buy a rental in Vegas, watch it get cheaper while you struggle to keep it rented. Sound business plan, buy it much cheaper in a year, and undercut everybody else on rent to keep it rented.
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February 18
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Lynne Phillips, "123Sunshine123"

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Actually, the rental market is very good. And you can get some great deals at this time. People always have to have a place to live. They may not have the funds to purchase now, so they will rent. Maybe they want to test and area before they buy, Many recent home owners had to give up their homes, so a rental home or apartment is their next move. Just do your research in your area along with your realtor to make sure your final decision is an educated one.

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February 18
 

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