Investors Ready To Buy In Vegas?
With all the bad press in Las Vegas, I wonder if investors are ready to start buying here again?
I am willing to birddog if buyers are out there?
Do you think Vegas is a good market to buy again?
How well do you know the Vegas market. I have been looking at some single family houses (SFH) and the numbers are starting to cash-flow. In other words the rent will carry the mortgage payments. Once this happens the prices start to bottom out. Yes, I would be interested in looking at a few deals, run them by me,
In general I feel that there is a lot more down side.
Agreed, but you can get great deals in any market if you look hard enough.
In my humble opinion, this sounds too good to be true. Do some due diliegence to determine the validity of this deal, i.e. verify those numbers for yourself. If everything checks out, determine what you plan to do with the property and then just do it.
Nate
Then your "est after repair value" is wrong!
ARV or after repair value is so darn subjective that I laugh when someone tells me that they have a deal that I should look at. Before I get in the car and drive and waste my time AND theirs I check out www.realtor.com and find out what is "for sale" in the area. If numbers are out of whack, I forget it. If not, then I go look at the property.
A home may have sold in the area for 530k, but was it recent? a year ago? three years ago? If the house is listed in MLS for $376k, why has it not sold??
Has the market been hit in this area? What city is the property in? VERIFY market price. If it all checks out, that is a heck of a deal. I always say that you are not going to find a deal unless someone is hurting and in need of relief. You provide the relief that makes someone grateful to you for that relief.
Try this site:
http://www.rentometer.com/
Here in Lansing I find Rentometer seems a bit high- but perhaps I am just a bit too low?
Price yourself in the bottom third and you should be all right.
Chris
craigslist
local broker that specialized in leasing
property managers.
I like craigslist, as these are actual rentals available now. In Lansing it is great, but in many areas there is little data.
Chris
Good evening
Great question... Sure glad you have more than 1 or 2 posts, people would think I planted this...
I have only been able to come up with 100 marketing strategies to locate buyers and sellers.
The key isnt what to do, the key is doing it... You have a goldmine within your reach if you just knew how to pan for gold...
Good Luck
Michael
Michael,
I want to learn how to pan for gold! What are some of the 100 strategies that you use?
I believe he has deleted them also.
So, what do I do now? any suggestions?
I didnt delete anything...
and my I Buy Houses License program is working very well... It seems a better fit in a down market where it is harder to be going than in a market where all you have to do is show up.
As to the poster... and their need to know...
It is very difficult to tell you how to get your telephone to ring without knowing you, your strategies on investing and budget or lack of .
Lead generation is just one of the key components of a successful business you also need lead capture and lend fulfillment.
Once you structure all three components together you will have an on purpose business producing positive results.
A lot of people think that real estate investing is some get rich quick program and that is hardly true.
Yes you can make buckets of money however few understand how to duplicate their actions so buckets come in everyday.
Michael[ Edited by MichaelQuarles on Date 04/13/2008 ]
Being on a shoestring budget is fine as long as you are willing to put in some sweat marketing..
The first five things I would suggest you do are:
1) Write a list of everyone you know who live in the city you want to buy in. These are people you pay, people you can go have a beer with, mom and dad, everyone who knows you.
2) Buy a Polo Shirt that has "I Buy Houses" mine cost 10,000.
3) Learn your introduction speech... 5 Key points
a) Your Name
b) Your Telephone number
c) What you do
d) who you do it to
e) how you do to them.
Example.
My name is Michael Quarles, with I Buy Houses, my telephone number is 877-877-1010.
I am looking for 2 and 3 bedroom houses, single to four unit rental property and occasionally I buy vacant land.
I have found that I enjoy helping people in foreclosure, those that may need to sell a house due to divorce, those settling an estate or probate, people who have had a job transfer, and maybe you have an unwanted rental property or even have your next house picked out and need to sell a house fast.
The nice thing about my program is that I can close fast or the seller can stay in the house for as long as they want having the peace of mind knowing the house is sold.
Again my name is Michael Quarles and my number is...
4) Create and buy advertising business cards... Don’t get cute and don’t use the back.
5) learn your cold call script and door knocking script...
example: Hello my name is Michael Quarles, my family and I are looking for 2 and 3 bedrooms home in your neighborhood and I was wondering , who do you know who is thinking about selling their house?
No one terrific.. Thank you for taking the time to think about that, BTW when do you plan on moving?
Never really, If you were to move where would you go next?
Back to wherever, that sounds exciting.
When would that be?
less than 3 month go buy their house.
Which leads me to the obvious... if you don’t know how to buy it doesn’t matter what you say or how you prospect... I can make your telephone ring off the hook with opportunity but if you cant fulfill the leads they are useless...
If you want a simple answer I wouldn’t be your guy for help, however if you want to make buckets well I can help with that....
In my case, I do ALL the work and my partner supplies ALL the cash...and we go 50/50. Hey, I could just be lucky, but that is my particular situation...
[addsig]
In arrangements with our financial partners when they provide 100% financial - we get paid for any actual rehab we do plus a fee for the estras like working to sell the property, etc. The profits are split 50/50.
If there is more than one financial partner - meaning not a financial team but say several individuals - the split is adjusted based on the percentage they paid in.