Las Vegas Real Estate News
Looking Back A Decade
After 10 years, houses are still 30% below the bubble. Even though prices continue to climb, there will probably be another 4 years before we reach the high water mark. House prices have since climbed from the depths, to a median of $229,250 last month. We still have a long way to go.
Thin Margins In Flipping
There is very little money to be made flipping houses at the moment. If flipping is your game, we highly recommend flipping multi family. Picking up a distressed multi family and letting us help you fill it up with tenants is still every lucrative.
Tivoli Phase 2 Nearly Completed
Tivoli Village already has a mix of retail, restaurants, office space, beauty and fitness tenants along with Las Vegas-based companies. Tenants include California retailer Pacific Sun and financial giant Merrill Lynch and local businesses Vegas T-Print and Summerlin Dental.
Michael Jackson’s Rental For Sale
I’m dying to know how much he paid in rent each month. You can have it for a paltry $9.5M. The 1.7-acre compound with seven bedrooms and 12 full bathrooms is at 2710 Palomino Lane, near Rancho and Alta drives.
Lease/Options
You may have noticed that we have zero inventory in our lease/option portfolio. The biggest objection most investors have is that they could be forced to sell their property if the tenant/buyer performs. With actual purchases occurring under 10%, investors stand to make more than a typical return. Average single family returns on cash are standing about 6% while lease/options perform at about 11%. If you combine a mortgage on a single family lease/option, returns come in at about 16% and that doesn’t include appreciation. We expect appreciation to hover at about 5% annually for the next few years. There is no better return on cash in Las Vegas than getting a loan on a single family home with a lease/option. Our lease/option properties typically move within 2 weeks because we have 4,200 tenants subscribed to mailing list.
Here is the top 10 properties you should consider purchasing for lease/options.
This week’s top pick – $185k / 3/2/2 with a tenant in place paying $1150/month.
Property Management Info
Closing Out Multi Family Properties – Our most problematic properties have been put on the market for sale. We will eventually phase out all our multi family properties by the summer of 2017. Owners who don’t want to sell theirs will be encouraged to find someone else to manage them. Unfortunately, we haven’t found a competitor yet that’s both competent AND willing to take on multi family properties. We won’t leave anyone hanging. If you know of a good company, please notify Jim so he can check them out.
Electronic Rent Collections Changed – Since Intuit shut down, we selected PaySimple.com as our rent collection vendor. The only problem so far is that it takes on average 3 days longer than Intuit. Oh well.
Jennifer Payne – Has her property management license now. Yay. We have more peeps to handle the volume.
Web Site – Server Change – We were forced to switch providers for both our web site AND our database 3 weeks ago. The major bugs have been fixed so the worst is over.
Popular Links
Recent squatter removal video.
Evictions and how they work