Greetings... starting... Vegas.

[Bryan Christopher]

Hi all, 

Newbie here, so please be gentle. I have to say I'm just shocked at the level of giving back I see around here. It's counterintuitive to think that such an opportunistic field of practice would have such a supportive user-base. Kudos to all of those around here who helped those who helped them. Hope I can do the same some day. 

I'll try to keep it short... essentially, I've been eyeing the Summerlin Las Vegas NV area for quite a long time. I almost took the plunge back in 2008, when yes... it would have been smarter. But I put all of my capital into my own home here in CA and at least built equity that way. Now years later, I'm looking at the area and while I know it's not the best RTV in the country, it's light years better than anything around me in Burbank CA. I have friends and in-laws there. I know the general lay of the land, but am no expert. I'm hoping to start small, with a SFH or condo, sub $125k, let's say for the sake of conversation. I'd use a manager, at least for the start. I'm planning on 20% down, unless anyone has thoughts otherwise.

Things I'd love advice on from anyone who knows the area, or just has a feel for what might help a very new investor... 

-Out of state banking, I have no clue. Any ideas on where to start? 

-My friend has a realtor there who helped him with a recent flip. I plan to speak with her but am open if anyone has suggestions. 

-Finding a contractor locally to prep the unit for rental... any ideas? (I do have one lead.) 

-General trends in the area? (Seems to have risen in the 8% range last year.) 

-My friend owns/rents a condo had has about a 1% RTV right now which is my aim. (I can't get close to that where I live.  Should I be shooting higher or is that solid? 

-My profile - mid 40s, solid income, home-owner, may be selling soon and renting and investing some of the profits and looking for an investment home here to rehab for myself. (My house/neighborhood is very frothy.) Either way, I have cash... not endless but enough for a DP and some repairs to get started. Again, live in CA but can travel easily to LV and do have friends there, though no connections investor-wise. 

-On that note... anyone interested in chatting about Las Vegas investing, or if I can answer any questions about my area, please hit me up. 

-Most importantly... what am I forgetting? 

If you have an a brief thought on the matter, I greatly appreciate it. Thanks for taking the time to listen. 

Be well. 

[Tiger M.]

My crystal ball has a crack and isn't speaking to me right now. All I can say is I watched the cash flow leveraged investors loose their butts, but the equity driven all guys remain. 15 yrs goes by quick. I have a couple guys on their last year or two before payoff and they had to pay some expenses along the way but the tenants really paid off the houses. And they are happy campers as they head into their mis 50's with free and clear rentals. 

Yes, your 15/30 yr comment is correct. You are welcome to call and chat more anytime.