[luckpants]

I really think right now is a once in a lifetime chance to buy an investment property in a lot of markets, Las Vegas area being at the top of the list. Here is a article I found about it, I think anyone who ever thought about purchasing now is the time for sure.
Buying is cheaper than renting in most U.S. cities - Aug. 16, 2011

[eventusstultorummagister]

Originally Posted by luckpants

I really think right now is a once in a lifetime chance to buy an investment property in a lot of markets, Las Vegas area being at the top of the list.

Sounds a lot like real estate rhetoric, I'm afraid I'll need a more convincing argument. I agree that lower prices are generally good for buyer's but if the problem is prolonged by inventory overhang and minimal job growth when will it end? I have seen foreclosure forecasts as high as 7 million homes in the next couple of years. That oversupply would have a serious impact, don't you agree?

Consider this...
$150 billion in home loans became delinquent in the fourth quarter of last year.

[Willy702]

Originally Posted by eventusstultorummagister

Sounds a lot like real estate rhetoric, I'm afraid I'll need a more convincing argument. I agree that lower prices are generally good for buyer's but if the problem is prolonged by inventory overhang and minimal job growth when will it end? I have seen foreclosure forecasts as high as 7 million homes in the next couple of years. That oversupply would have a serious impact, don't you agree?

Consider this...
$150 billion in home loans became delinquent in the fourth quarter of last year.

With rates starting to creep up and rent yields bordering on record highs for the Las Vegas market this is a one of a kind market. Now if the goal is to call the absolute bottom it might come a little later or we might be right on cusp of it, but if one is using financing and plans to be a renting landlord there is extremely low risk compared to considerable reward.

[jerseyru]

Originally Posted by modhatter

What size? A house or a condo? How old and how much did you get? Also how many bedrooms? (If you don't mind my asking) It is so hard to know truth from fiction sometimes. Though I guess it has a lot to do with location, house appeal and the corresponding rent. That's the zip code with all the foreclosures that was on TV. Hard to resist buying at those prices, though I'm not sure when that aired on TV and if prices have jumped much. Looked like some really nice houses.

Also wondering. What stipulations do you make with tenants about performing any landscaping. Even if you have desert landscaping, there is some work to be done. Do you make it their responsibility? Most homeowner's associations that I have been familiar with include the front yard landscaping and homeowner is responsible for rear. Of course you pay $100 to $200 in those HOA.

Mines rented at $1395, it's a SFR 2400sf, 3br/2. 5ba w/ pool. As far as landscaping and pool, I pay that. HOA in iron mountain ranch is ony $39

[TheGreatCurve]

Originally Posted by LostVector

TheGreatCurve ... Fundamentally, I agree with you, mostly. There is a concept of "unsophisticated investors" which basically says you have a moral obligation not to push junk on people who aren't smart enough to know what's going on ... Aka little old ladies. The banks should have known better.

At the same time, surely there would have been no grousing if the market had kept rising so the investors who overleveraged need to bear some of the blame as well.

But I don't think "knowing better" is really relevant. I believe the banks knew exactly what they were doing. They are in the business of selling loans after all. If they don't sell loans, they don't make any money. Not too different from used car salesmen, yet people don't seem to have a problem with used car salesmen pushing junk on little old ladies every day of the week. At least there hasn't been the uproar against used car salesmen as there has been against banks.

It just seems people want to point the finger and blame others when decisions they made themselves of their own free will turn out to be bad decisions. People just can't seem to accept that they made a dumb decision and were greedy. It's like = "Oh, I couldn't have been that stupid, it MUST have been someone else's fault that I decided to buy a house I couldn't afford and paid three times more than it was worth. Nope, not me, because I'm special." Come on, really? This is why we live in a society in which people don't want to take personal responsibility for their own actions or inactions and instead call a lawyer and sue at the drop of a hat as soon as their decision doesn't turn out quite the way they thought it would.

If you buy a gun and accidentally shoot yourself in the foot, should you blame yourself for buying the gun or blame the gun shop that sold you the gun?

[jerseyru]

Originally Posted by airics

Strange thing happened to me and one of my rentals. Tenant called 9 days ago said they lost job and had to move out. They had been in 1 month... So they moved out, no damage to house... I had the carpets cleaned, raised the rent $180 and posted on Craigslist 3 days ago, home rented out on 1st showing.... No problems here in 89081

What did you raise rent to and what size SFR? I'm was looking at purchasing in the 89081 later in the year.

[airics]

Originally Posted by jerseyru

What did you raise rent to and what size SFR? I'm was looking at purchasing in the 89081 later in the year.

1700sf 4br 1300.

[eventusstultorummagister]

Rental Market is in Decline

Las Vegas Investors & Rental Homes

[jerseyru]

Originally Posted by airics

1700sf 4br 1300.

NICE! Can you smell the pig farm?

[airics]

Originally Posted by jerseyru

NICE! Can you smell the pig farm?

Not at all. It's not near Washburn and 5th