Thank you BP members for you fast and honest responses to my post. For the short time I have lived in Vegas, it has been very interesting watching and learning the market and what is out there. Through my novice eyes it seems like there is quite a bit of inventory on the market which is not getting moved. I am able to talk daily with a lot of locals through my job, which I think average out to the median population and i am getting the same response; rent has increased a lot, cost of living has increase some, and "in their opinion" the market will see a little downturn.
@Rachel Kokosenski thank you for the tip on the midwest, I have already begun looking at different cities and see some great potential! Will continue my due diligence and make my way through the BP forums!
@Stephan Kraus Thanks for your response - good to "meet' a fellow Vegas investor! Looking through prices on different sites, it seems as though from a look test that prices high compared to what the particular house is being offered. Everyday I am getting a ton emails from realtor and zillow with price drops from all over the city which has got to mean something. I do wonder about condo/apartments though? I have ran some numbers and see some potential for a nice return on ones in certain areas. With rent prices increasing little by little what are your thoughts? Spring Valley, Enterprise, NW Vegas, Henderson areas. These would be long term holds IMO.
@Casey Powers Nevada does seem to be a very friendly business state which has the potential to keep and draw new people. I actually met someone yesterday who works for the Raiders and said some if not all the employees have moved out to the area already. It could be a bit cheeky but with a lot of inventory on the market, prices stabilizing and increased days on the market - running numbers on properties and going in with below market offers. As mention, make the property work for us. If its a no, its a no and move on!
