All Forum Posts by: Andrew Weiler

Henderson & summerlin are both wonderful options for SFH being that both are very popular sides of town for people from california to move too. Both are really great areas, great shopping, schools, and other amenities. Summerlin is a bit further from all the action than henderson is but there is plenty to love about summerlin for sure. Tons of families move to these areas to give their kids a better life especially coming from california, I speak to this only because I myself am originally from california and I find that those two areas of the valley are the closest thing to california feel. Let me know if you have anymore questions!

Jim, 

There is tons to understand about investing in the Las Vegas market, always open to chat and help anyway I can. I'm an investor agent here in town and my uncle and I have a few SFH as well as MFH here in town and they have done really well.

Love to chat more. Send me a message! 

Hey Douglas, 

From my experience the best case scenario is to have a team established first, of people you can trust. On the contractor side of it making sure your contractor is good with investor friendly numbers. That way when you find the right deal you just need to lock it up then there is no time in between to let a deal sit and you can get rocking and rolling right away! 

Hope this helps, feel free to reach out with any other questions in this space! 

Data shown from multiple sources on market changes

Note:  The market we are trending towards reflects similarities with the market in 2019. Excluding the unicorn years of 2020-2021 where everything was relatively unstable!  

Homes sold 

Last month sold = 1,710 sales   43.6% decrease year over year 

Median home price 

4 months in a row we've seen a decrease now standing at $445,000 

Monthly withdrawn listings 

Last month we saw 1,390 withdrawn listings 

Current inventory level 

Inventory levels at 7,993 

STR's in Las Vegas have heavier restrictions that make it dang near impossible to do one, such as they need to be owner occupied, not be within 600 ft of another STR and they must be 2500 ft from any resort or hotel.

In henderson and any unincorporated parts of "Las Vegas" the restrictions aren't as firm, such as non owner occupied (which makes everything easier) same restrictions between STR's but no restrictions according to resorts & hotels since there aren't a ton compared to city of las vegas. Hope this helps!

P.S. they started giving out STR licenses you just need to sign up and get in line for them to do them "legally" pretty sure it can be done on the clark county website.

Las Vegas market is purely separate from the rest of the markets in this country, things are different in many ways here. 

That leads me to wonder, what is everyone's percentage of ARV that your buying at in this market?

Any & all feedback would be awesome! 

Here is some quick hitters on the vegas market in the last month! 

-August marked the third consecutive month in a row that the median home price in Las Vegas has dropped. Dropping to $450,000, the median home price of single family homes sold in Las Vegas is at a 6-month low and matches what the median price was for February of this year.

-In addition to a decline in median home price, the total number of homes sold has declined in the past three months, inventory available is on the rise, and time on market has slightly increased.

-The shift from a strong seller’s market to more of a neutral or buyer’s market is likely due to the higher interest rates, inflation, and uncertainty as to what’s going to happen in the coming months.

- STR update: The window opened up to start applying for short term rental licenses, although the list to get one has filled up quickly. It was already kind of tough to get a licenses for STR's in vegas but now it just got a lot tighter.

Congratulations Lauren, well done! 

Are you continuing to pile up more properties at this rate? or just working with the one? 

Would love to connect with ya! 

Quote from @Mike Shiffman:

Hi Gents,

I'm a newbie and have lived here in Vegas for decades.  I was searching for multifamily and for me all I found were really old properties in lower income older areas of town.  I was wondering if I was looking in the wrong place?  Also, do you do section 8, Andrew?

Thanks,

Mike

Hey Mike, 

Ya know personally my uncle and I have actually been searching in those same areas and found relatively the same style of properties. 
three of the four of our multi families have been 1985 and some older, most likely that's the case for us cause we are generally targeting those older areas of town in North Las Vegas being that they are strong rentals for larger families moving into town for the first time. Now that does come with extra work, we've had to do some major remodels on most of our properties to at least bring them closer to an early 2000's build. 
On the topic of section 8 housing we have been doing more research into getting that going but nothing we've pulled the trigger on yet. Now it does make it much smoother for keeping your property occupied but we just like to do more research on it before we make any big decisions! 

Hope that helps! Feel free to reach me for any more questions I may be able to help you with! 

Vegas is super strong for equity in homes in the long term which makes for great rental opportunities. 

My Uncle & myself have developed a strong rental portfolio, finding most of our success in multi families. Although we do have some SFH's that have done fairly well especially over time, but all in all the multi-families we have are the bread & butter of our portfolio. They have provided strong cash flow and equity from the time we acquired them around 2019 & 2020.

Curious to hear about others experiences in whether you have found more opportunity in SFH or multi-families!