Investing in Las Vegas Single Family Homes
If your real estate investment focus is primarily on the Las Vegas single-family home market, there are a number of options to consider, any of which could prove quite profitable, provided your investment strategies are on target.
- Purchase/rent or resell
- Purchase/repair (fixer-upper)-rent or resell
- Purchase fixer-upper/ sell to renovator as-is
- Lease/option rental
- Purchase/sell to investors
As in any money-making endeavor, the old saying “buy low/sell high” is the ideal scenario for any profitable venture; however, there are few simple money-making scenarios in the Las Vegas real estate investment game, particularly considering current market conditions.
In order to find the most profitable deals, you need to locate motivated sellers, including lenders with an inventory glut of deals gone bad, and adapt your methods to concur with the marketplace.
Since finding the properties that can make you money is the key to your real estate investment success, you have to know where to find the deals most suited to your investment goals, for example: Las Vegas Short sales, foreclosures, “underwater” homeowners, homes for sale due to divorce, death, relocation, etc.; these offer many opportunities for the astute investor to capitalize on.
Don’t forget the MLS. That may seem obvious, but the MLS allows you to quickly evaluate a property to see if it fits your profile of targeted properties. The MLS can be a shortcut to finding the particular kinds of housing that suit your investment strategies best. Check with the county recorder’s office as well to keep up to date on realty transactions.
Network with your business associates, attorneys, Realtors, accountant, etc., even your mailman. Let everyone know that you are in the market to purchase Las Vegas single-family homes. You may be surprised to find that some of your best deals can originate from many an unlikely source.
Another form of generating new business can be from Yellow page ads and flyers targeted at specific neighborhoods which work well in some cases, and not in others. However, you won’t know if they work for you unless you try them.
Once you have found a property or properties of interest, don’t make a move until you have determined the property’s current market value. Seems like a no brainer, but this is where your Realtor comes in. He/she will have access to the up-to-date information you need in order to determine how much you are prepared to pay for the property, as opposed to the asking price.
Once you have concluded a deal, it is imperative that you have given equal thought to formulating effective strategies to attract buyers or renters, in order to generate profits as soon as possible after purchase.
Always keep in mind that reliable information and advice is the foundation upon which every successful real estate venture is based.