All Forum Posts by: Robert Adams

if you need help in Las Vegas or Henderson please let me know. My team and I would be happy to help!

Are you looking for a 6plex in Vegas? We have one listed and the seller is close friend of mine. List price is $175k and it is fully leased out.

It varies per market but here in Vegas you would need to get someone a POA. The POA would need to have the specific address listed in the POA.

You also need a good agent that knows what you are looking for that can do the local leg work for you. That agent should have good communication skills and be willing to preview these homes for you. As well as take extra photos for you etc so you can get a good feel for the property from abroad.

If you are interested in the Las Vegas market please let me know as I would be happy to help.

Also I would not use Zillow for accurate DOM. Check MLS for that. Zillow is often times inaccurate and Zestimates are inaccurate majority of the time as well.

We have experience with homepath here in Vegas but I assume it caries with different markets. Here the homepath properties are going for above appraisal value. there were days when you could buy them at a discounted rate but those are long gone for us here in Vegas.

Do you buy any in Las Vegas?

I have a client who we sold a manufactured home for $19k.

The same unit after being converted to real property is comping at $72k. Are you interested in buying this property? (I know the current owner wants to flip it). Perhaps convert it yourself and increase your profit or have him convert it and then sell to you higher once converted? Either way there is profit to made here and I know the owner is a reasonable guy that would be willing to find a way to make it work. Let me know if you are interested.

Welcome! This is a great site with a ton of useful info. I have been posting on this site for a long time but have just upgraded to the pro account yesterday. Once you get caught up on all the free stuff you can read here you should upgrade. It is inexpensive and there is a quite a bit more you can do with a Pro account. Good luck on your goals!

Brandon Turner I added 20 keywords. Not really sure what I was doing so I am assuming I will have to tweak that as time goes on but thanks a lot for the heads up. I tried to verify my number and it is giving me some kind of error. I am talking to Josh about helping me out now. I will have to get a pic for the avatar. I always use the lion head from our logo on all our other social media/forums/etc. I'll work on that. Maybe it is time to switch out the lion head for a pic on all the other sites too. I just like the way the lion head stands out in a list of faces on some sites.

Chris Clothier Thank you for the warm welcome! I have posted in the free forums before but have very little experience with the rest of the site and its features. Any tips for a BP newbie would be greatly appreciated.

Will Barnard Definitely, going to work on getting a profile pic/avatar. In regards, to the tenant's comment I kind of assumed this site wouldn't be all that great for finding tenants, as most of my interactions and discussions with users/clients on this site have all been buyers/investors. But figured it can hurt to throw the rental listings up here as well. Thanks for the input both here and on other posts. I have enjoyed reading your comments on many different threads.

J Scott The rental market is strong here in Las Vegas. Properties priced correctly are usually only listed for no longer than 30 days. The $600 mo - $900 mo properties priced correctly only last a couple weeks at most. Sometimes you get difficult owners that want to list too high so the property will sit there until they want to come down. I advise heavily against this as asking a $100 or $200 a month too much can often cost you a month or 2 of rental income while the property sits vacant. You can buy rental properties (even with financing) and still create positive cash flow. For example you can get a $50k condo and rent these units for around $800 mo all day long. The problem is prices have been going up throughout 2012 and this is decreasing your profits. Next month (Feb) the legislature is meeting again and there is a lot of talk about amending AB284 which [along with other factors @Will Barnard :) ] has decreased our inventory greatly. Will and I were discussing this matter on this thread: http://www.biggerpockets.com/forums/48/topics/71398-buying-reos?page=1#p487048 We have a reliable in-house PM team at our Brokerage if you or anyone else is in need of those services. If you ever have any questions about the market out here I would be happy to help in any way I can!

Thanks again to everyone for the warm welcome and informative responses.

Will Barnard OK I see where you are coming from better now. If the law is removed or amended and the market softens the inventory numbers will still remain low. I agree with this. I think the market will soften but since demand is so high it will absorb these new listings and available properties will not last long enough to build up the available inventory high enough for prices to drop again. I think when it softens we will see a healthier market here. When submitting offers instead of competing with a dozen offers maybe you are competing with 2 or 3. Either way the property is still sold and therefore not left as standing available inventory but the market will have been softened and the buying frenzies that are pushing purchase prices around 10% above appraisal value will be gone.

Xing Zhu I agree that it should only be a mild increase on standing available inventory but the increase home popping up on the market will increase greatly but they will disappear just as fast keeping the standing available inventory low.

Thanks for all of your input.

Will,
The points you brought up are contributing factors and maybe the main causes in CA and AZ but those are not the main causes here in Vegas.These types of funds were buying bulk properties for heavy discounts and flipping them for the past several yers. It was only this past year since ab284 was passed that new REO listings dropped from over 5000 new reo listings a month to under 500 a month. The funds can't find bulk propertIes anymore and if you do they are going for market value not discounted heavily (Other than the huge deal at city center for 119M).

As I am sure you are aware Vegas was hit very hard when the economy went down the tubes. We have sooo many more default owners that their homes are not hitting the market due to ab284. Once this is changes we will have a lot more inventory. How fast the banks will release it and how fast the market will absorb it is another debate.

Low prices and high rental rates are allowing investors to buy and create positive cash flow so that is keeping demand high but this has also been the case for several years. It was only this year that prices have gone up and inventory can't seem to get above 5000 mark.

I appreciate your input, I just think you are discrediting the effects of this law on the Vegas market.