Everyday I hear on the news what a bad market Las Vegas is. This is often repeated in the newspaper. Inventory is up...Prices are dropping...This is not the place to invest...blah, blah, blah.
Yet, I've been working with a number of people who don't agree. We spend time looking for investment condos in the low $100Ks, and I've found quite a few in very nice communities. In fact, I just came across a unit (no its not my listing) in Silverado Ranch. Silverado Ranch is located on the border of Henderson, and close to the Strip. This particular condo offers two bedrooms and tons of upgrades including granite countertops and maple cabinets in the kitchen, hardwood floors, ceiling fans and two master suites with walk-in closets. The community is gated and of course has a sparkling pool and spa.
These deals are out there and they don't last long. The biggest problem I've discovered is buyers who can't make up their minds and then when they've decided to make an offer, the property is already under contract. They've missed the boat. In fact, right now any property in Las Vegas and Henderson that's in decent condition and priced under $200,000 are selling like hotcakes with multiple offers. Huh?!?!?!
It seems these properties make excellent investments because they ..... wait for it ..... cash flow. That means if you buy it for an investment, you can rent it for at least what its costing you or can even make a little money. A 2 bedroom condo in this community rents between $925 and $950 a month. This particular condo will cost approximately $880 a month (including principal, interest, taxes, insurance and HOA fees -- assuming you'd put $20K down on this condo listed for $120K). That's $45 to $70 a month cash flow -- not a ton of money, but not in the negative. It's been quite awhile since we've been able to say that.
So if you've been looking for the right time to buy or jump on the investment, NOW is the time. Don't hesitate to call or email me regarding this or any other investment property I can help you with.
Heather Peck
Rosen & Company West
www.heathersellsvegas.com
702-595-7380
lasvegasexpert@yahoo.com
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