Has anyone Invested in the Las Vegas, NV area?

[Josh Rodriguez]

Just curious to see if anyone has found any success for rental properties in the Las Vegas, NV area? I have been analyzing plenty of single homes and so far they look promising. I am fairly new to real estate and I thought I would see if anyone had any advice or any experiences to share for investing in this area . 

Thank you!

[Brad Bellstedt]

Hello Josh! I too run the numbers on a lot of SFR's here in Vegas and for the most part you're going to find 5 and 6 CAP rates unless you can get the property at a pretty serious discount or if you are willing to self-manage the property. I'd be happy to double check any of the math you've done. Never hurts to get a second pair of eyes on it.

I currently own one rental property myself that falls just short of the 2% rule but I didn't buy it that way. It was purchased as our primary back in 2009 and the rental market rates have caught up to the almost 2% rule. 

From what I've been seeing over the past year is that the BRRRR strategy seems to provide for the best return. You can buy a property that won't qualify for conventional/FHA loans due to the condition on a significant discount (because of the lack of demand for such a property) rehab it, rent it, and refinance it back to a healthy return on investment. One of the last ones I ran was showing a 9% cap rate. Of course, I could be off in my repairs estimate but the initial math on that one is promising enough to take a more in depth look and that's where I am finding the majority of higher returns.