Multifamily Househack in Las Vegas

[Sean Zachary Agpaoa]

Hello Everyone, I am moving to Las Vegas, NV from CA in early 2022. My goal is to purchase and househack a multifamily property valued at ~$400,000 by 2024. I am looking to generate atleast $200 of positive cash flow per month from the househack. I am new to Las Vegas, so please feel free to share any general advice. I would greatly appreciate it!

Here are some questions that I have in mind rn:

1. Are multifamily properties a great investment to househack in Las Vegas?

2. What are some recommended locations that I should consider to buy a rental property?

3. I am aware that there are alot of houses being built in LV. What are some developing locations that show great rental potential?

[Terry Lao]

@Sean Zachary Agpaoa

Not having funds is definitely going to make things more difficult. It's always hardest to purchase your first property.

I am not aware of any multi-family being newly built in Las Vegas since 2013. The current cost per square foot to build is about $240. A typical 4plex could be 4000 sq. ft., thus 4000 x 240 =960,000, and you still have to buy the land, maybe another 200-300k. Let's say $1.25M to build a 4plex in average area. You have 4plexs in Spring Valley for $550-600k. Conclusion - no developer/investor will build at $240 per sq foot. Back in 2014, when square foot to build was $100, still no developer/investor will build. This is why you will not see any new 4plexs. Now, rehab/flip an existing 4plex, done all the time, and price sensitive.