California investors snapping up Las Vegas Real Estate versus their own backyard in some cases. Low mortgage rates coupled with the affordability of Las Vegas Real Estate versus higher prices in California and other states (and countries) is driving demand. Rental rates in Las Vegas are also high enough to cover mortgage payments with just 20-40% down, depending on cost of the home for most investors snapping up Las Vegas Real Estate
Snapshot of the Investor Scenario for Las Vegas Real Estate
In most cases investors need to have sufficient funding in place for a down payment of 20-25% coupled with good credit. But, it can be challenging to get a loan if the seller of the property has just owned the home for under 90 days, which in most case sends a signal the home is just being “flipped” quickly. Also, some lenders are starting to require investors to have a minimum of two years of experiencing owning and managing rental property prior to issuing a loan.
Some Financial Institutions Sitting Tight
We can’t comment on individual lending institution’s 0verall policies. But, as anyone knows who has picked up a newspaper many financial institutions have tightened up their lending criteria and in some cases are just sitting on the sidelines, not making loans at all. Clearly, financial institutions are getting much pickier about loaning money and we don’t think this will change anytime soon.
Primer for California Investors snapping up Las Vegas Real Estate:
- Swing by the new City Center when in town – it’s gorgeous
- Have the patience of a Jedi master when wading through the multiple offer process
- Use a Certified Distressed Property Expert - they’ve taken specialized training for handing Las Vegas Foreclosures
- Visit this focused page for Las Vegas Real Estate Investors and download our Power Point Presentation – no reg required
Happy Holidays…………
