Why do we have to go scouting first?
The majority of investors who come to Vegas are so misinformed that we have to completely break down their thinking before hunting. For example, many investors initially believe they can get a house in Summerlin (aka A neighborhood) for $50k. Or they think they can get a $100k house that rents for $1800. By the time they get here, conditions have changed so much that they rethink their strategy. Once an investor has accurate information on inventory and market rents, they often change their mind about the type of product they want to purchase.
Can I make offers on properties that we see?
Not unless you brought “proof of funds.” Without proof of funds or a bank letter of credit, you cannot make an offer as listing agents will throw your offer in the garbage. You must be able to prove you have the money to purchase the property before making any offers.
Do you charge any fees to go scouting?
No. The only purpose of scouting is to confirm what you are looking for and for us to get to know each other. This is our “first date” and there won’t be another one unless we get along.
Will the properties we look at be available next week?
Not likely. 33% of the inventory you see on our website gets snapped up each week. Competition is stiff. 70 properties a day are purchased by investors like you.
How do I prepare for scouting?
1. Confirm availability before making flight arrangements. We book weeks in advance and we are slammed.
2. Bring proof of funds. You do not have to give it to us. HOWEVER, it’s good to have in your back pocket just in case you see something you like. How often do you go to the mall without your wallet?
3. Wear comfortable shoes and clothing. Scouting & hunting is hard work.
4. Get plenty of rest. We start at 7am in the summer.
5. Bring your laptop / ipad so you can do some homework and review results of your tours.
6. Leave the kids with someone. We have serious things to talk about and you are making a big decision.
Do I have to see all the houses on the tour?
No. We are not going to hold you hostage. We are not into time shares and we are super busy. You can stop when you have had enough.
What else should I do while I’m in Las Vegas?
You should also set up a US bank account if you are not a US citizen. You will need that account in order to receive funds from your tenants or property management company. Back to Top
Scouting Tips
Understand the purpose of scouting.
Each investor has a unique strategy and preconceived idea of what should be purchased. For example, some investors want “A” neighborhoods while others want “A” income. The purpose of scouting is to enable us to “dial in” your preferences. Many investors don’t know what they want until they see the inventory available. By scouting properties, we all discover what you want and then hunt down your preferences.
Keep an open mind and listen to the news with some skepticism.
You will save more time and energy if you listen to a local agent’s recommendations. Your market is different than Las Vegas. The news media is WAY off on their reporting. Even if you are an experienced real estate investor, it is wise to listen to the locals.
Get your finances lined up.
Amateurs fly to Las Vegas without their wallet. This has to be the biggest mistake investors make. Scouting for properties without knowing how you are going to purchase an asset is a massive waste of everyone’s time. It’s ok if you don’t buy something when you come here but it’s simply crazy not to have financing in your back pocket.
Get your ya yas out before scouting time.
We love for you to come to Las Vegas and gamble / party like a rock star. HOWEVER, we start early and we take our profession seriously. If you show up late, hungover or drunk, we will politely reschedule you.
Leave the kids behind.
We love kids. Kids are great. Kids have no business looking at houses with us. It’s dangerous, distracting and wastes everyone’s time. We can provide you with a reliable baby sitter for a flat $100. An alternative is to have breakfast together with the spouse & kids so you can comfort everyone and then move out. Your kids will have a meltdown around noon in a house that’s full of carpet soaked urine in 115 degree weather. Do you really want them to go through that?