Newbie investor in Las Vegas looking for advice

[Jim Owens]

Newbie here looking to start investing in real estate. I live in Las Vegas and I would like to start investing there. I have been interested in real estate for a while but I did not know where to start. My goal is to start small by purchasing a sfr, condo, or 4 plex to rent and eventually move up to bigger properties, learning as I go. I know I am going to make mistakes and I feel if I start with smaller properties I can limit my risk...

I have been analyzing different properties for a couple months and I can't find anything on the market that cashflows worth a darn. I see fourplexes, in terrible locations, for 500k plus that rent for $750 per unit and 350k houses that are lucky to rent for $1800. I've heard the 1% rent to purchase ratio rule is dead and I would be lucky to find .5%. At .5% I would be losing money every month.

Should I be looking somewhere else to find deals that cashflow? I don't need a home run but I was trying to cashflow $100 per door and 8% ConC return.

I've searched for Wholesalers in Las Vegas but haven't had much success with that yet either.