Choosing The Best Las Vegas Neighborhood To Live In
Investing in the purchase and rental of Las Vegas single family homes can prove to be a wise move for the investor, particularly the investor whose goals are to find investments that can be a ready source of positive cash flow, and have the advantages of tax incentives as an additional benefit.
Rental properties loom more attractively than ever as wealth-building investments since obviously there will always be renters, and not everyone can afford to purchase their own home.
Under current conditions, not only are there many thousands of people who are unable to purchase a Las Vegas home and must rent, but what about the untold numbers of people who have lost, or are in the process of losing their homes to foreclosure? Certainly, they will need a roof over their head as well.
The way to make money is by being able to supply a real need, and the need for rentals is most certainly real.
However, the small investor can certainly make money as a landlord, but only if he/she is wise enough to accumulate the knowledge required to succeed in real estate investment, and have the backup of a good, experienced Realtor, an equally knowledgeable real estate attorney, and a savvy CPA.
First of all, buy locally. As a small-time investor, you will want to have easy access to your property or properties. It will be much more cost-effective to not impact your profit margins by the addition of traveling expenses.
Secondly, you should have an agent with considerable area rental experience, who can advise you as to what areas traditionally rent the quickest and for top dollar.
Location has always been very important when choosing a property. For example, a neighborhood located within the boundaries of a highly rated school district would be the optimal choice of families with school-age children.
Homes within reasonable distance of a business district, shopping and entertainment venues, would most likely attract young business people who prefer the roominess and privacy of a single family residence.
However, it’s best to remember that unless a property is in distress, there will not be many homes for sale in desirable locations that can be purchased at less than market value.
Be sure that you ask your agent to investigate local area rentals for similar properties so that your rental fees will not be out of line with asking prices for neighborhood rents.
Additionally, you need to balance fixed and variable expense costs against your expected rental income for each property in order to evaluate your profit margins.
If you are an investor interested in buying rental property in the Las Vegas Valley, we would be pleased to hear from you. Shelter Realty can help you to find the properties that meet your criteria and then handle the management of the property. We can be reached at 702-376-7379!