All Forum Posts by: Stephen DeThample

I tell clients to take their time and find something they will be happy with.  When flipping your primary residence (great investment by the way), you want to focus on finding the most desirable property for your price range.  That will be the most important part.  Location, location, location.  Everyone one hears this and then throws it out the window during the search.   As flippers, it gives you the best chance of finding a deal.  You're looking for that UGLY house.  If you have any specific questions, please ask.

Good Luck!

Quote from @Kyle Tusing:

I have been wanting a Las Vegas property for a while now, this just makes me want one even more.... Anyone have a good deal?

What are you looking for? We have an acquisitions team that is always hunting flips. If you wanted a good deal on something, I’m sure we can set up a deal through them for a property that doesn’t meet flip value, but would be a win for an experienced buyer. 

Hi,

I'll try to answer based on your list.  I like the organized post!

Here is a list of things I look for in my first house hack:

• Location with high-quality tenants. (I plan to go with rent by the room. Don’t want to end up in a place where it is hard to rent the rooms out)
• Las Vegas has many choices when it comes to tenant pools.
   - There are 29 hospitals in Las Vegas, Nevada.
•  - There are over 60,000 people employed by casinos in Las Vegas, Nevada.
•  - We continue to get new developments by businesses other than the hospitality industry.
  
• Appreciation. (people/businesses are moving to the area, more jobs, new public infrastructure is being built)
• Las Vegas will see long term price appreciation.  The city has filled in most of the empty lots as the population has increased. Once land is more limited, it will resemble other cities that have populations that are living farther and farther from the city, causing prices to increase for prime locations.
• Affordable house price. (Looking for areas where I can still find deals under $400k)
• As of 5/5/23 there are 860 SFR properties available. This does not include condos and townhomes (865 More).
• House has to be in decent shape with little to no work required. (Recently remodeled would be perfect)
• Las Vegas's climate keeps the homes in good shape.  The roofs are concrete and last 30+ years.  The yards are desert landscaped and need very little attention.  There are lots of house flippers you can find a fully rent ready home from.  
• Needs to have restaurants/bars close by.
• Las Vegas is full of businesses.  You don't have to worry about driving across town for anything.
• Cashflow. (As long as PITI is covered by rents and my living expenses are $0 - $300 I am happy)
• House hacking by the room is my favorite way to find cash flow.  Especially if you are willing to stay in the smallest room and rent out the primary.
• Scalability. (I have a long-term view and want to stick with one area for a few years)
• Las Vegas will continue to have renters as people come in for new jobs and opportunities.
• Diversity. (Metro area should have a diverse economy, not just tourism, etc..)
• We are getting better every year.  Mark Wahlberg is trying to create "HOLLYWOOD 2.0" here.  There are a lot of cool things on the way.
• New infrastructure project. (New roads, train stations, public transportation, schools, hospitals) Preferably the ground has not been broken yet, but the bill is approved.
• The city is always growing and improving.  It's interesting to see the changes that have taken place over the 21 years I've lived here.  The casinos will continue to tear down and redo their properties, which keeps new customers and businesses coming to Las Vegas.
• Population growth.
• According to the United States Census Bureau, the population of Las Vegas, Nevada has grown by 18.7% over the last 10 years.  This growth is due to a number of factors, including the city's strong economy, its mild climate, and its abundance of entertainment options.
  
  Las Vegas is one of the fastest-growing cities in the United States. The city's population is expected to continue to grow in the coming years.

If you have any specific questions, I'd be happy to answer.

MTRs in Las Vegas have done well. We have the small hospitals around the city, as you know. We also have casino employees who move to town and need a place to stay. There are also opportunities for higher rents for working around  the schedule of a new home build. 

Plenty of ways and ideas to increase rent above LTR prices. 

The condo rents will highly depend on where it is located and how nice it is.  

$595 for a 416 sq ft. condo near the University.

up to

$5000 for a nice 5200 sq ft place at The Martin near the strip.

Can go a lot higher for something more exclusive.

The nice thing about Vegas is we always have renters. The university brings in people for the lower properties near the strip and also for high end properties throughout the city. The casino employees are a big part of the rental market as well. Poker players fill the city during The World Series of Poker and pay top dollar for "cool" properties that are close to the strip or in high end areas. Just be aware of the HOA fees for condos, they vary greatly.

Hi Erica,

The MGM Signature is set up for Airbnb.  It's expensive but they take care of everything for you.  If you are looking for a house and have specific questions, feel free to ask.

I would need more information.  Will you be able to qualify for a mortgage after moving?  

Mortgage application checklist

• W-2s for the last 2 years (or 2 years of tax returns if you’re self-employed)
• Pay stubs for 1 month
• Bank statements for 2 months
• Driver’s license or government-issued photo ID
• Child support or alimony payment agreement (if applicable)
• Other income information

These are general for any mortgage.  

As far as multi-family in Las Vegas, I wish there were better choices, but there are not.  Class C or below or too far from cash flowing in better areas.

Single family fixers with the FHA 203k loan are a possibility. A little more effort, but might be your golden ticket.

If you have specific questions, let me know.  Happy to answer any questions, the more specific the better. 

Great details, house hacks are always going to be profitable, even at higher interest rates. Love the full breakdown!

Las Vegas!

We have low tax rates, high income, new sports teams (Oakland A's) and businesses coming to town all the time, as well as new casinos opening.  We have low inventory and a big renter base that needs a place to live.

I see this is a late answer, maybe it can help someone else if not you.  My best advice in dealing with the city, county, or state offices is going in person and asking very polite questions about how the process works.  The people working these offices are generally very nice and will help you.  Coming into an office and having a conversation that makes them the expert, will put you in a position to get answers and build a relationship with them if you need something else in the future.

Always show up extra friendly, no one helps rude or bossy people.

Good Luck!