[Chips1984]

Hi everyone,

This is my first post and I hope someone could please help me. I've tried searching in older posts but it doesn't seem that the question has been asked. I'm looking at buying an investment property in Las Vegas to rent out. Could anyone advise whether the demand is for houses or condos? And if condos, how many bedrooms and should it be rented out as furnished?

Thank you in advance for your help.

[von949]

All I can say is that Condos got hit the hardest as far as values go. The condos near the Air Force base seem to be pretty stable as far renters go.

[airics]

Condos can cost less but have much higher hoa's..... Are you in Vegas or prepared for management fees if you are not.

[gregoo]

Originally Posted by Chips1984

Hi everyone,

This is my first post and I hope someone could please help me. I've tried searching in older posts but it doesn't seem that the question has been asked. I'm looking at buying an investment property in Las Vegas to rent out. Could anyone advise whether the demand is for houses or condos? And if condos, how many bedrooms and should it be rented out as furnished?

Thank you in advance for your help.

We have enough investors here. Come live here. It's a great City.

[Chips1984]

Thanks for the advice. I was looking for a place in Summerlin but will now check out areas near the base. I've found some of the higher priced condos are worth as much as a house, which seems strange. Don't live in Vegas but trust me, wish I did! I actually live in Australia but fell in love with Vegas when visiting late last year. So short of getting a green card, I won't be able to.

[007 license to sell]

Originally Posted by Chips1984

Hi everyone,

This is my first post and I hope someone could please help me. I've tried searching in older posts but it doesn't seem that the question has been asked. I'm looking at buying an investment property in Las Vegas to rent out. Could anyone advise whether the demand is for houses or condos? And if condos, how many bedrooms and should it be rented out as furnished?

Thank you in advance for your help.

Before you decide to become a landlord you should find out what the laws are regarding being a landlord in Nevada as well as checking what is happing with rentals and the prices before you get too excited.

With unemployment now in Las Vegas at 14.5% you need to know what demographic you want to market too, as well as how many rentals are currently on the market that are available for rent what the average rent is ect.

Maybe you have done that all ready but my guess in not or you wouldn't have to ask this question.

Here is the latest on what is happening with apartment rents in Vegas and the surrounding area.
Las Vegas average apartment rents down 9.1 percent in quarter

Average apartment rent in Las Vegas dropped to $790 a month in the second quarter, compared with $796 in the first quarter, CB Richard Ellis reported Tuesday. Overall, rents are down 9.1 percent from a year ago.

Good Luck

[Chips1984]

Originally Posted by 007 license to sell

With unemployment now in Las Vegas at 14.5% you need to know what demographic you want to market too, as well as how many rentals are currently on the market that are available for rent what the average rent is ect.

Maybe you have done that all ready but my guess in not or you wouldn't have to ask this question.

Good Luck

Thanks 007, much appreciated. I've checked out rentals and yes, there are plenty at the moment. I was hoping to get a feel from locals for what would be rented out faster/easier. As I mentioned, I was looking at Summerlin but will shift some focus to near the base as suggested on this forum. An agent told me one to two months to get it rented; I have been advised elsewhere to allow up to three months to get it rented out. We are making sure we have all the information/knowledge possible before we make this massive step. I've read that Phoenix is a bit easier to get a residence rented out but I haven't visted there and more importantly I fell in love with Vegas and have some knowledge of the city so would prefer to buy one in LV.

Cheers!

[tony soprano]

Originally Posted by Chips1984

Thanks 007, much appreciated. I've checked out rentals and yes, there are plenty at the moment. I was hoping to get a feel from locals for what would be rented out faster/easier. As I mentioned, I was looking at Summerlin but will shift some focus to near the base as suggested on this forum. An agent told me one to two months to get it rented; I have been advised elsewhere to allow up to three months to get it rented out. We are making sure we have all the information/knowledge possible before we make this massive step. I've read that Phoenix is a bit easier to get a residence rented out but I haven't visted there and more importantly I fell in love with Vegas and have some knowledge of the city so would prefer to buy one in LV.

Cheers!

It took me two months to find a tenant but I priced aggressively too. I've watched property management companies list a property at full market rate and then have them sit empty for six months.

[airics]

Originally Posted by Chips1984

Thanks 007, much appreciated. I've checked out rentals and yes, there are plenty at the moment. I was hoping to get a feel from locals for what would be rented out faster/easier. As I mentioned, I was looking at Summerlin but will shift some focus to near the base as suggested on this forum. An agent told me one to two months to get it rented; I have been advised elsewhere to allow up to three months to get it rented out. We are making sure we have all the information/knowledge possible before we make this massive step. I've read that Phoenix is a bit easier to get a residence rented out but I haven't visted there and more importantly I fell in love with Vegas and have some knowledge of the city so would prefer to buy one in LV.

Cheers!

you do realize being in australia, you would have to hire a management company, and the fees may not make it worth it for you to take the risk..

[Willy702]

Originally Posted by tony soprano

It took me two months to find a tenant but I priced aggressively too. I've watched property management companies list a property at full market rate and then have them sit empty for six months.

I put my house on the rental market for $30/month less than comps and had an agent put in on MLS. I think there were 12-14 visits per day and 4 applications within 3 days. The guy I approved agreed to clean the carpets himself and not require any painting, plus cleared out the last of the trash for me and moved in 6 days earlier than I was expecting to get someone in.

Meanwhile I heard from my agent the same model house we were competing against down the block listed for $65 more and it still looks vacant. Definitely don't try to earn pennies and end up losing dollars.