Las Vegas Investment Steps
Below are some Investment Steps you should follow when investing in Las Vegas property:
- Get your financials lined up. Decide if you are going to pay cash or get a loan before flying to Vegas. You will make more money if you leverage your money, however, lending standards have tightened up. Simply contact your preferred lender or the bank you use and ask them if you can get a loan. If you don’t have any in mind, call us at (702) 619-6215 for a referral to great lending professionals to take the next steps with in Las Vegas.
- Contact an experienced agent. The majority of agents in Las Vegas think in terms of “primary buyers” and lack experience in getting properties repaired or finding tenants. Agents in property management companies often lack experience in purchasing properties in foreclosure. Contact us at (800) 736-8866 if you want a list of agents that have both purchasing, rehab and property management experience -or- use the contact form below..
- Define your strategy. Flipping is better suited for local investors who have the time and resources to get a property repaired. Purchasing a property that is in good condition and has enough equity to flip is a needle in a haystack. Investors who fly in looking for this needle always walk away empty handed. The best strategy at the moment for out of town investors is to take the following steps – purchase properties in average neighborhoods and make them available for rent or lease/option them.
- Prepare before making travel arrangements. Don’t hop off a plane and expect an experienced agent to be available. Experienced agents are booked weeks in advance and won’t block out 2 days of quality time for you at the last minute. Investigate your agent as one of the first steps prior to your arrival, pick one and then send your financial BEFORE making flight arrangements. Showing an agent that you are qualified will prove to them you are serious. Call us at (702) 619-6215 if you want to learn how leave Las Vegas with a property in hand (on your first trip). This is a good time to review standard offer contracts as you will lose opportunities every day you hesitate in making a decision.
- Start early and take notes. Temperatures get to 115 degrees in the middle of the summer. Many investors have nearly passed out walking in a urine soaked vacant property in the middle of the summer. Start early, end early and don’t party too hard. Take notes while looking at properties. There is a good chance that by the time you get a property accepted, you will have forgotten all about what it looks like. Taking quick pictures of the address and property inside will jog your memory later.
- Make at least 8 offers. Making one offer on your favorite property is a waste of your time. Myths about Las Vegas foreclosures are rampant. It will take you at least 8 offers to get one accepted weeks after you have traveled to Las Vegas. The average acceptance takes about a week and some offers won’t respond to you within a month. Many investors will walk away empty handed because they rejected their 4th offer and lost their last offer.
- Stand by for a fire drill. Generally, you will only have 24 hours to respond to a bank’s counter offer. If you go MIA after submitting your offers, you will have to start all over. Going on vacation after submitting offers is a very bad idea. When you accept a bank’s counter offer, you will need to wire funds and fax back dozens of disclaimers and addendums. If you don’t have an industrial fax or scanner, you will have the worst time of your life. Pay attention to every phone call and email from your agent as your due diligence timeline is short and you will get hammered if you miss your deadlines.
- Get your property repaired quickly with no bells and whistles. Lining up vendors prior to closing will save you lots of money. If you have picked an experienced agent, they will provide you with a list of preferred vendors or take care of this for you. Keep your rehab simple and quick. Here are some rehab tips that will help you along.
- Start marketing your property once it goes into escrow. You should be able to get a tenant right after you close escrow if you purchased a property in good condition. Again, if you get the right agent that has property management experience, this will be taken care of. If you take pro-active steps in getting a property management solution lined up before you select a property, you will make more money.
- Establish a money collection method. Direct deposits into a national bank is the best way to make sure you get paid on time. This enables you to monitor your deposits online and stay on top of your tenants. Bank of America, Wells Fargo, and Chase banks are located all over Las Vegas and easy to find for any tenant. If you use a “full service” management company, they will probably have this method available for you.
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