1st Investment property. In Vegas!

[Kealii Murray]

Hey guys!

So been going back and forth on this one for a while.

250k SFR single story 3bd 2ba. (Market Value 265k)

10% down + closing costs (32k)

Monthly P&I + insurance/property tax etc.

1400/month

Current tenant will stay on after purchase.

1315/month rent. 

After paying in additional 10% in Principle.

Mortgage will go down to 1290/month.

I realize there is a negative cash flow to start, but im thinking the 15k in equity off the bat and highly recommended tenants making rent payments in the 1st month is worth it (no waiting a month or more to find a good tenant.)

Main goal is buy and hold. Hopefully market continues to rise while paying down principle with tenants money.

I would appreciate any ideas or insight anyone has from seasoned investors. 

Mahalo!

[Michael Coxen]

A word of caution, you're now speculating and not investing. Nothing wrong with that, but just consider that if rents come down and/or prices come down, can you afford it? I'm as excited about the Raiders coming too, but a football team coming to town does not mean prices will explode. A team of 100 or so players (plus coaches, trainers, management) isn't really going to cause the tremendous impact that everyone is hoping for. Granted, there are other factors that are causing a population boom and supply is tight, so I believe prices will continue to rise steadily. However, as fellow Las Vegan Flavor Flav says, "don't believe the hype!"