SFR in Las Vegas, NV

[Matthew Middleton]

Good afternoon everyone,

I've been reading thread after thread of SFR investing on this website and I've found a ton of useful information. I also attended my first investor meeting last week and it was quite informative. First I'll start with the good news. We just received an offer on our home yesterday. We listed at $330k with a goal of somewhere between $320k and $325k. Surprisingly enough, we received an offer at our original asking price AND they're covering half the closing costs. The net profits from the sale (assuming it appraises) will be used primarily for our first deal in the future.

Of course there are numerous ways to find properties for sale but I've just been browsing the typical websites(Zillow,trulia etc.) and homes are priced pretty high out here these days. I see threads of people finding properties under $100k in their towns but that would hardly get you a condo in a questionable side of town here. Also, I love the quad-plex house hacking technique, unfortunately, Vegas isn't known for small MFR. Eventually, my wife and I will be moving to the DFW area, where less expensive SFR are much more common, as well as small MFR.

So my question is: Should we purchase another inexpensive SFR for ourselves this year and look into turnkey SFR in the DFW area? Considering rents have increased to over $1400/mo for a 2bd 2ba, it doesn't make much sense to rent here.

My goal is slow and steady passive income. I'm not concerned with quitting my job in 5 years. I just want to build a portfolio SFR and/or Small MF homes over time, with enough cash flow to cover my primary bills.

I greatly appreciate your feedback,

Matt

[Bill B.]

Why would you insult someone and their occupation/business and then say don’t take it so serious? Does that mean she knew she was lying?

She never contributes anything other than to say don’t buy vegas oh look don’t buy Vegas. sure they had the highest price appreciation in country AGAIN,, and people are still making a killing with buy and hold in Vegas, but, don’t buy vegas. 

Click on her profile and look at posts, 80% match keyword vegas and 100% of those say don’t buy vegas. 

I don’t understand the motivation, there’s never a buy this, only a don’t buy there. It was one of the reasons I promoted the need for a block, the posts are basically copy and paste. 

If you can’t buy in the city that lead the county in job growth, population growth, rent and price appreciation, where can you buy? I mean sue we don’t have income tax, and the property tax is among the lowest in the country, and we don’t have snow or earthquakes. And the houses are all relatively new and almost no maintenance, but other than those things, what’s it really got going for it?

It just gets old quickly. Anyway....

Don’t take this post so serious, it’s only an observation over months and months of zero contribution supplemented with uniformed advice.