Las Vegas Market - Best Investment Areas

[Sarah Hoffer]

Hello BP Family! 

I am considering a relocation to Las Vegas, Nv for work, and I do not know much about the area or the market there. I would like to do another house hack (SFH or Duplex), and I am looking for a safe area near north Las Vegas that has experienced growth and would attract young professionals. Any advice you have is greatly appreciated! Have a wonderful holiday season!

Sarah 

[Eric Fernwood]

Hello @Sarah Hoffer,

Good questions. We've worked with several house hackers and have some considerations.

• All multi-family properties in Las Vegas are in high-crime distressed areas, and I do not recommend any of these properties.
• With house hacking, you need to be aware of homeowner associations. All associations that I know of prohibit house hacking (subdividing a unit). So, avoid properties within associations.
• You will want to select a property with four or more bedrooms and baths. However, the number of baths must be proportional to bedrooms. The number of baths must not be less than bedrooms - 1. So, if you have a four-bedroom property, you must have at least three bathrooms.
• Be aware of the renovation materials. LVP performs exceptionally well. Also, be aware of the paints. Never paint walls with flat paint. If you like, reach out to me and I can provide you with the paints and colors that we use on our rental properties.
• You will likely put locks on the bedroom doors. We use Kwikset Smart Key locks because you can easily rekey them yourself. If you use standard locks, it will cost $55 or more per rekey, a waste of money, and an inconvenience.
• While your initial need for the property is house hacking, you may want to make it a long-term rental in the future. So, you need to be very aware of your tenant pool. For example, the tenant pool we target has an average stay of over five years. The 2008 crash and COVID had no impact on our target tenant pool. We've had five evictions in the last 15 years.
• Always have room mates sign a lease that clearly states when money is due and the result of being late. Also, duties, like keeping the kitchen clean, where to park cars, etc.
• Do not buy weird properties; stick with one or two-story homes.
• Below is a map of some of our client's properties from 2018, which should give you an idea of where our clients own properties in the northern part of the Las Vegas metro.