Please advise newbie moving to Las Vegas

[Richard Chang]

Hi all,

I've got a job in Downtown LV and want to do a deal for a nice place within 20 minutes rush hour drive time to downtown at Charleston on 15North / juncture with 95.

I believe this is a Buy and Hold. I might come back to LA after a year or two and rent it out then.

So, which REI Club in Las Vegas would be recommended ?

Club links here:
http://www.biggerpockets.com/real-estate-clubs/nevada.html

How to hook up with wholesalers to talk.

What advice / links should I be reading ?

What homework should I be doing ?

Will be in Vegas in a week.

Thanks, Rich C

[Bruce M.]

Rich, I don't know what to tell you about where to get a good deal in Las Vegas right now. I was buying at the trustee sale but the prices are getting to be at retail levels now and that inventory is way down. Plus you need all cash there. I am concerned that the market is being manipulated by state government intervention in NV. Google AB 284 if you want to know more about it. Its not a full moratorium but it has stopped the flood of foreclosures dead in its tracks. The key question is whether there will be a glut of foreclosures and shadow inventory in the next twelve months, or whether there will be an effort to stop the flood of foreclosures in Las Vegas tightening the supply/demand model. A lot of us are watching that market very closely right now. Most people I know investing in Las Vegas are making multiple offers on the MLS and hoping some get accepted.