Long Distance Rentals in Las Vegas?

[Mike G.]

After purchasing my first buy and hold, cash flowing duplex a year ago in Tacoma WA, I have been looking in the Seattle/Tacoma area for several months and the properties are so expensive now, the cash flow just does not work. I am looking to use the BP techniques for Long Distance Real Estate, specificallylocated  in Las Vegas. I am looking for advice from Las Vegas local and knowledgeable BP members on what specific area to focus a search on. I am looking for a property (3 or 4 units) in a good area, lower crime that will attract better long term tenants (ultimately better cash flow). I am also interested in a building a network team, realtor, property management and reliable maintenance, handymen, etc. Any advice on areas and especially a quality property manner would be greatly appreciated. Thank You, Mike

[Terry Lao]

@Luke Weber

I own several 4plexs and looking for more in Las Vegas. The trend that I am noticing is sellers are listing their 4plex way higher than comps, and hoping to get all cash buyer. For example, today new listing for triplex, at 309k, off strip at Santa Paula Drive. When I spoke to the listing agent, I wanted to put 25%, and finance. I asked her about comps, and appraisal will not come close to 309k. At best 250k. Agent advised will not accept financing offer, only all cash. 

Please confirm if you are doing that with your 299k listing. What do you think the appraisal will be?

Terry