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Old 08-06-2010, 12:33 AM
 
1,347 posts, read 2,451,094 times
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Quote:
Originally Posted by VR4Jen View Post
Good info here... it looks like I'll have to pay at least twice as much to get a house in the "good" areas. It seems like many of these "good" areas have older houses in sketchy neighborhoods that are pretty run down though. There are tons of newer construction houses in NLV in nice neighborhoods... yet half the price. Just because it's near an AFB? It just seems odd to me. And again I'm not worried about immediate home values since this will be a long term investment, although I don't see how some of these 50k houses can go any lower than they are now... there are some really nice places.

One issue I'll have with going over 50k is trying to secure a loan for such a small amount. The interest rates will be crazy. And paying twice as much only to get 200 or 300 more per month from an older home?

Or I can just put 20% down on a nicer place and end up with high carrying costs and slim profits, which kind of defeats the point in coming out to Vegas in the first place.

I dunno... does this make sense to anyone else?
When I bought last summer, double digit cap rates were doable. It might still be doable but I think it's going to require a bit more more work now. Unfortunately, as a general rule of thumb, I think you're more apt to find those kind of returns in neighborhoods that you probably wouldn't want to live in.
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Old 08-06-2010, 09:37 AM
 
11 posts, read 41,645 times
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What about the Enterprise area? It's below the 215 and I am finding some nice houses. Is that a good neighborhood to buy/rent in?

And is all of Spring Valley good, even the northern parts?

Last edited by VR4Jen; 08-06-2010 at 10:01 AM..
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Old 08-06-2010, 12:21 PM
 
11 posts, read 41,645 times
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Default What do you think about this map?



(Click the link for the interactive map) Vegas Properties

I have mapped out all of my potential investment properties. The price range is 40k-100k. Obviously, all the cheap ones are North & east of the 515/95. If I buy anywhere in that area I can pay cash... otherwise I'll have to take out a loan and barely make any profit on rent, but everyone says they would never consider buying in these "bad" areas.

I just want to get my geography right on the good/bad areas so I don't waste my time. My REA is slow in responding and I am driving out there in like 20 hours and only have one weekend to see everything.

Do you guys see any markers that you would eliminate right off the bat right now? Can you point out some of the better locations? I would appreciate all the help I can get as I'm in a huge time crunch. Thanks!!!
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Old 08-06-2010, 12:36 PM
 
3,622 posts, read 5,601,076 times
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I would not even go to see the homes on East Lake Mead. When you get here maybe you'll get a better idea when you see it in person. That area is notorious for gangs and violence.

The answers are going to be the same as before and the price will reflect the area.
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Old 08-06-2010, 12:43 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,172,172 times
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You can use this map to compare with your map.

CrimeView Community Incident Map : Las Vegas Metro Police Department
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Old 08-06-2010, 02:04 PM
 
1 posts, read 2,685 times
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VR4jen, I'm thinking about doing the same thing myself. I agree with your assessment. I'm in Washington State and am looking at condos near 50K for rent. Don't forget the tax benefits of owning a rental property. You can write off any rental business related trips to Vegas and when it is not rented you can write off losses.
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Old 08-06-2010, 02:31 PM
 
11 posts, read 41,645 times
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Thank you. Do you guys think Enterprise is a good choice? It borders the "best" areas yet houses are cheaper. Would you be comfortable buying/renting there?
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Old 08-06-2010, 03:45 PM
 
390 posts, read 757,103 times
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We own property in Lone Mtn area....Craig/Grand Canyon....small house 1254 sq ft....has been renting for 995 monthly. (89129 zip), Purchased 1 year ago for 93000 - had to put in about $7,000 to make it rentable. I believe this is a good return on investment, but I'm tired of dealing with management companies...(they charge 10%) and an empty house when renters move out. They (management co) also charge 1/3 of first months rent to find renter...ugh. I'm done! Expect to sell for $107000, which should cover real estate agent fees and break even. Think long and hard about doing long distance rental property.
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Old 08-06-2010, 03:49 PM
 
3,622 posts, read 5,601,076 times
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Quote:
Originally Posted by kcoliver View Post
We own property in Lone Mtn area....Craig/Grand Canyon....small house 1254 sq ft....has been renting for 995 monthly. (89129 zip), Purchased 1 year ago for 93000 - had to put in about $7,000 to make it rentable. I believe this is a good return on investment, but I'm tired of dealing with management companies...(they charge 10%) and an empty house when renters move out. They (management co) also charge 1/3 of first months rent to find renter...ugh. I'm done! Expect to sell for $107000, which should cover real estate agent fees and break even. Think long and hard about doing long distance rental property.
Good advice and you were in a good area!
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Old 08-06-2010, 03:56 PM
 
1,376 posts, read 3,086,011 times
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Quote:
Originally Posted by VR4Jen View Post
What about the Enterprise area? It's below the 215 and I am finding some nice houses. Is that a good neighborhood to buy/rent in?

And is all of Spring Valley good, even the northern parts?
Enterprise is good, I live there. PM me the address and I'll tell you if it's a decent area, but you owe me a drink when you get to town.
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