I am new to this board and new to investing in real estate. I am a young gun 22 and plan on making my first invesment in some property in las vegas. If anybody could help me with the pro’s and con’s that would be great.
Here is my general idea thus far.
100% finance and use the down I have for problems if they arise
Pay mortgage until I find renter and once renter is found buy another property.
well thats it lol. Not alot of thought process thus far lol.
The market in Vegas is currently cooled down from what it has been of late (last 12-18 months). It is still growing strong but the inventory is high right now.
The days of houses selling in 1 day with 40 offers are gone for now and many houses are back to sitting for a couple months or more.
It is still a good market for mid-term holders.
As far as 100% financing, I am not an expert but using the banks money whenever possible is a good thing for investment props.
Judging by a recent appraisal in a prime LV area, the appeciation rate from Sept 04 to May 05 (last appraisal to this one) was 9.18%, which equates to a current annual appreciation rate of about 12.25%–about the norm for this location over past half decade.
I myself a young gun. 23 here in cali (Orange County) I did purchase a condo 3 months ago in Las Vegas as an investment. I got lucky the sellers are renting off me until their new home is built. From the looks of it the condo appreciated 5% in 3 months!!! I paid 157,500 for it and now some are selling between 165,000-180,000. That is very nice!!! Please do buy! I think its going up! Look what happened to Orange County Cali. Homes/condos appreciated the last 4 years!! Its crazy and it will stop soon. So I live with my parents still and I own a condo in vegas. What happens in Vegas Stays in vegas!!! :o
We must be brothers!!! lol. I live out of my moms house where I run my supplement site and I live in Ventura. What part of orange county are you in? Lets get rich together:)
Yea lets do that ;D. I’m in Anaheim…Have you ever gone to a seminar? I have not yet but always been interested. We should go! Find one in orange county and let me know. Do you have any money to put down on a home out in vegas? How is your financial situation? You should really think about arizona or vegas…
I have money but I am pretty much investing it into my suppelement website. That is why I would like to 100% finance.
I will be heading up to vegas in a couple weeks to look at property.
You can join Marshall Reddick’s monthly meeting in Irvine, informative, not necessarily buy houses from the group, but as a good education.
I’m going to Vegas next weekend to see a couple of condos.