All Forum Posts by: Andrew Weiler

Depending on what part of the valley your looking to run a short term rental in the restrictions will differ, for example in the city of las vegas these STR's need to be owner occupied and I believe about 660 feet away from another already established STR, as well as I believe 2500 foot buffer between any incorporated or predevelopment resort.

For unincorporated cities of las vegas ( henderson, summerlin, north las vegas) the same rule applies with distance between already licensed STR's (660FT)

They are giving out licenses to people to start reserving the ability to use STR's but they are limited so I would take any opportunity (if your ready to start) to get on the list so you don't miss out!

Hope this helps, feel free to reach out for any questions!

@Richard Caldwell

Depending on what part of the valley your looking to run a short term rental in the restrictions will differ, for example in the city of las vegas these STR's need to be owner occupied and I believe about 660 feet away from another already established STR, as well as I believe 2500 foot buffer between any incorporated or predevelopment resort.

For unincorporated cities of las vegas ( henderson, summerlin, north las vegas) the same rule applies with distance between already licensed STR's (660FT)

They are giving out licenses to people to start reserving the ability to use STR's but they are limited so I would take any opportunity (if your ready to start) to get on the list so you don't miss out!

Hope this helps, feel free to reach out for any questions!  

Over time I've noticed many of the investors I work with have favored certain areas to buy investment property, whether it be flips or rentals. I have seen that north las vegas, silverado ranch, and summerlin have been the hotter areas for strong rentals. I'm interested in hearing others opinion and experiences when investing in this market. 

What are your desired areas ? 

What has been that strategy when investing in said area? 

What has been the turnout on those investments?
 

               Calling any investor friendly GC's in the local Las Vegas area, would love to connect to see how we can be an asset to one another's business. Feel free to private message me or reach out via this post. 

In terms of buy and holds (cash flowing rentals) the opportunity is overall high, obviously based on how long you are willing to hold because the market in vegas has the ability to generate long term holding equity with the fact that vegas is a top 5 growing city in the country currently. My uncle personally has a few cash flowing rentals that at the time of purchase he got at a good price before major market changes, and even through the overall loss of value in his doors they still maintain a higher growth potential just with the cities intense influx of people, organizations, sports teams ETC...

Hope that's in some way helpful!

In June 2022, Las Vegas home prices were up 22.3% compared to last year, selling for a median price of $438K. On average, homes in Las Vegas sell after 19 days on the market compared to 14 days last year. There were 1,975 homes sold in June this year, down from 2,608 last year.

Obviously these numbers don't reflect the last month or so from impact of interest rate changes, but just some updates for the community! 

Happy investing!  

In more ways than one, Las Vegas housing market is getting hit with cold water.

People are buying fewer homes, sellers are slashing their prices, and availability is soaring.

Southern Nevada is far from alone in seeing its once-sizzling market cool off lately. But in some key ways, recent reports show, Las Vegas seems to be hitting the brakes harder than other metro areas.

With that being said, Las Vegas market has by no means screeched to a halt, as homes are still selling. Overall, buyers are pulling back as higher mortgage rates wipe out the cheap money that fueled America’s unexpected housing boom after the pandemic hit.

Just over 27 percent of pending sales in the Las Vegas area fell through in June, the highest cancellation rate in the nation. 

Andrew Weiler 

New Western 

 Well the average yard size in vegas is around 1712 SQ FT, so I'm sure some of the homes on the lower side of the average wouldn't need that much space but 600 can be quite small for homes pertaining to the average of homes across the valley. 

Higher end real estate is actually quite sought after to a very savvy investor with higher liquid cash, personally some of my investors i've worked with have done a few deals in the 750,000+ purchase price. 

Existing pools in las vegas just became exponentially more valuable with new regulations in place to limit pool size.  

Under the new guidelines all new residential swimming pools and spas will be limited to a total of 600 square feet per property under the new rules that have been approved. Single-family residences will ultimately be the target audience for this new program. 

Investors are going to look to lock up any & all properties with those existing pools 

@Lucie Tighe As far as vegas goes its become increasingly more STR friendly than it has in the past and we will see it continue to develop in that direction so long as the properties reside outside 2500 feet from any resort in town