Before You Invest In Las Vegas Real Estate
There are numerous books and web sites pit there that are strictly devoted to real estate investing, but most of them concentrate on one specific area of investing. It's can very hard to find a general description of real estate investing, one that can give you an idea on how to get started, and lists the different strategies there are for investing in Las Vegas real estate.
Real estate investing is not a get rich quick scheme. Real estate investing requires a bit of work, and there is a lot of money to be made in the Las Vegas real estate market, but you won't get rich overnight. As you gain experience and knowledge, the amount of work you will have to put in will reduce, but it will take a lot of persistence to get there.
If you're completely new to real estate investing then you have probably heard about buying properties to keep as rental properties. This type of investing has been around since there have been houses and people to rent them. It will always be a way of making money. This is usually part of the "buy real estate with no money down" plan that I'm sure you have heard about. Keep in mind, there are still many other ways to make money by investing in Las Vegas real estate.
Another method that is just as popular is the "fix and flip." This method is fairly simple: Buy a property, fix it up, and sell it for a profit. This is also commonly referred to as 'rehabbing'. It is an excellent way of making a decent amount of money in a short period of time. Most investors that use this method won't even look at a piece of property if they can't make at least $20,000. Those that use this method for investing Las Vegas real estate are generally experienced investors that have money available or they have partners to help provide any extra money needed.
If you're just starting out in investing, you probably won't have access to large amounts of money. One way to get your foot in the door in the fix and flip method, without needing any money, is too sell these properties to experienced investors who have access to the kind of money it takes. What this means is you go out and find properties that need to be fixed up, and take note of all the repairs the property needs. Then you put in low offer the owner, don't forget to take into account the fix up price and some built in profit. then, sell it to an investor for a small fee after you have it under contract. This can result in several thousand dollars for you, without you having to spend a dime. Selling properties in this manner can be a great way to start your career in investing in Las Vegas real estate.
Another technique that doesn't require any money down is called 'lease optioning'. This method is popular on the late night infomercials. To put it simply, this is just a rent to own strategy. It allows you to take control of a property without taking ownership of it. This strategy does not require you to spend any of your own money, but does allow you to make money in several different ways. Since it is a more complicated method, I suggest that you do a lot of research and reading before actually going out and doing it. If a long term investment does not bother you, it is definitely worth doing the research.
There are other strategies that involve foreclosures and getting the home owner to sign the deed over to you, but for now I'd suggest learning more about flipping and lease options as entry-level real estate investing strategies.
How do you find properties that would be good investment properties? It's simple, you go out and look for them. This involves reading the classified ads in the newspaper, and looking at the Multiple Listing Service (MLS) This is where a real estate agent will definitely come in handy. They can get you more information and details than the MLS website will give you, and they can often let you know of a great deal before the information becomes available to the general public.
They main key to investing in Las Vegas real estate is to be persistent. You won't always be able to make a deal work, but when you do it will most likely mean thousands of dollars in your pocket. Just remember the more deals you make the more money you will make. Don't get discouraged if you get turned down a lot, eventually it will pay off and when it does it can pay off big!
The author, Roy White, and his wife, Shirley, have been helping people buy and sell Las Vegas real estate for over 28 years. They are also investors themselves. If you have any questions or comments you can call Roy and Shirley toll free at 1-866-374-3444 or e-mail them at CENTURY21WHITE@aol.com
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The Roy and Shirley White Team
CENTURY 21 Aadvantage Gold
5041 N Rainbow Blvd
Las Vegas, NV 89130
Direct Line 702-610-4270
Toll Free 1-866-374-3444
Fax Line 702-309-4483
Each office is independently owned and operated
