For the past 5 years, Las Vegas, Nevada has offered an unprecendented opportunity for real estate investment.
For those are currently working with me, you know your investment is doing extremely well and we are cash-flowing on every single investment property we have together. The way the local market has been acting of late, the world is realizing our secret. They too, are interested in buying cash-flow homes well below replacement cost in the most exciting city in the world.
If we are currently working on your 2nd, 5th, or 10th home great!
For my potential partners, who I have not yet worked with, I refer you to an article issued in Personal Real Investor, March/April 2010. According to the author:
“When it came to housing, Sin City topped every “Worst of” index and list. News magazines printed aerial shots of acres of empty or half-finished homes with weeds in the streets. House prices plummeted … 63 percent, according to the real estate searc engine Trulia.
Median sales prices have ended up where they were in 2000: at $130,000 down from $314,000.”
…”The metro area [Las Vegas] is surrounded by federal bombing ranges and Indian Reservations. It’s pretty much landlocked. This land scarcity compounds investment opportunities…. over the next decade to decade and a half, we’re going to start seeing population growth again…”
Las Vegas has been slammed with negative press for the past three years and has been known as the “foreclosure capital” of the United States. We have welcomed this and all of the negative press that has followed. We have known that we are doing something special out here and have enjoyed having less competition. Unfortunately the competition is coming. Competition is not only coming from California and the United States, but we are seeing even more foreign competition. Extremely low housing prices as well as the weak dollar are to blame. We do feel that we have a little bit of time. Markets change quickly and we have to adapt and change our strategy to stay ahead of the curve. Fortunately a lot of the competition that is coming does not have the experience nor the expertise to compete in this business. There is a long learning curve and with the 70+ properties that we have done within the last 3 yrs, as well as the additional 20+ units that we previously managed, we are well ahead of them.