These are turbulent times fraught with risk and reward. What advice would we give to a Las Vegas real estate investor in terms of investing in today’s market?
Our short answer is it depends? Here are factors to weigh:
- Your age, income position, risk tolerance, spouse’s attitude, goals; i.e. cash flow, tax benefits, retirement, timeline for generating return and what kind of return you are seeking: aggressive, modest, in between.
- If you are new at real estate investing then we urge caution. You should work closely with a market-honed realtor who understands the turbulent market we are in right now.
- Take a hard look at all figures provided by the seller and have your agent review them with you in a very focused manner, realizing financial numbers can be interpreted a number of ways.
- Study others investment strategies in the Las Vegas market – don’t spend your life in seminars and buying books and tapes either. Any knowledgeable realtor can pull financial numbers for you across a wide range of properties and then mash them up in spreadsheet and take a hard look at the numbers.
Best Advice about Investing in Las Vegas Real Estate
1. Double check all facts and figures, with emphasis on income and expenses on property you have identified as a potential investment. Know going in that many of these numbers are overstated and can be inaccurate.
2. You can’t do too much due diligence within reason on the property you are buying – think local and macro; meaning, what’s the local neighborhood like and then drive around in concentric circles and/or look at Google Maps to get a feel for the areas and communities around you. Using an online tool like Google maps can save you a lot of drive time and gasoline costs; but, there is no substitute for taking a hard look up close and personal at the area(s) where your target investment property is located.
3. Don’t get tunnel vision when you look at Las Vegas real estate - there is a lot of inventory right now and we can show you some great deals. Locking in on one particular piece of property or home can be dangerous – make sure you look at all of your options.
4. Remember money is made “when there’s blood in the streets” – yes, we are in a down market but this has historically been when the most money was made in real estate. Smart investors are out looking for and at good Las Vegas real estate deals and buying them!
5. Be flexible and creative in your real estate strategy – you will experience challenges and navigating through them can be tricky, especially if you are locked in to one perspective.
6. Creative financing can separate the successful from the non-successful. Any good realtor/broker should have financing partners they’ve worked with for years (as we do). You want to leverage these relationships as much as you possibly can and don’t take no for an answer. Look for people who are out of the box thinkers who want to help you get a deal done.
7. Remember Las Vegas real estate is distinct and unique from many other metropolitan cities in the world due to many factors including: global tourism, entertainment and outdoor recreational amenities, our “island” real estate model, we are surrounded on all sides by BLM land and the gaming industry.
Last but not least, take a deep breath and call us! We are maniacally focused on providing excellence in customer service and we have a dedicated team of specialists who work solely with individuals who are investing in Las Vegas Real Estate.
