Forum Replies Created
- Levitt_Two wrote:Hi eric, I am interested in investing in las vegas property myself. Ive been researching condos in the area under the 50k mark and have found a few. I was wondering if you have any info on neigbourhoods/rental return etc? Any advice and tips would be great Thanks, simon
I lived in Las Vegas for a few years, I would stay away from everything within a 2 mile radius of where Highway 95 and Highway 15 intersect. I'm not active in Las Vegas at the moment, I would recommend talking to a local realtor about specific areas. There are some really nice parts of town and parts of town I would think twice about driving through, they can really nasty.
husky0108 wrote:Can you recommend US websites to search for properties. Foreclosure and auction sites, etc…
http://www.realtor.com is the best place to locate properties currently for sale.
http://www.zillow.com is a good site with some for sale by owner listings and property history details.I have not found a reliable site for auctions or foreclosures, the best thing I can recommend is find someone in the area you want to invest that is capable of generating these types of leads. The local newspapers are the best resource for this, so sometimes their websites will list these. By law the lenders are required to give public notice, they usually do this via local newspapers. But I dont know of a one stop shop website.
The other thing to do is once you have a property that you want more information on, google search for the county assessor website and look for the property in their database if they offer an online data base search, or call the county assessors office to ask questions about the property.
-Find out if their are back taxes owed
-Find out if there is a lien on the property
-Find out if the building is up to code
-Find out what the property tax is per yearThen talk to your team about your findings and ask them questions about how they will affect you.
husky0108 wrote:Also, what are your thoughts on Atlanta Geargia? Worthwhile investing in? Or do you recommend other areas…
I dont know enough about Atlanta to make a recommendation on that market. Just FYI make sure you have insurance that covers flood, hurricane and tornado damage. That part of the country is known for severe weather.
IP Freely wrote:burtonridr wrote:Scott No Mates wrote:PS where do you board in Az?What do you mean? Like when I visit?
I have family that lives there, I stay with them when I visit.
I think he means 'are you a snowboarder who rides a burton board'?
Oh lol I see
I never snowboarded in AZ, but there is a ski resort in Flagstaff AZ(2.5hrs north of phoenix) and I think there is another one near Tucson AZ. I use to snowboard a lot when I was younger, now not so much. I use the Alias because its what I have used for so long and I have an easy time remembering it.
I saw the flooding on the news, I hope non of you or your family got caught up in the flooding. Anyone witness it first hand? Anyone with property in the area?
Scott No Mates wrote:PS where do you board in Az?What do you mean? Like when I visit?
I have family that lives there, I stay with them when I visit.
Pauline21 wrote:Hi Eric,It was great to see your post.
I am heading to Phoenix in a few weeks to purchase property – it sounds like you have spent some time in Phoenix. Do you have any good property management contacts in Phoenix? Can you suggest dangerous areas to avoid and decent (not expensive) areas to invest? Ie, south of centre bad. This could save some time on the ground and really help me out.
Many thanks
Pauline
Hi Pauline,
I sent you a PM with a recommendation for a property management company.
As far as dangerous areas in southern Phoenix, I dont have a lot of experience with that part of town. I have pretty much avoid that area because there are some dangerous areas. I mostly focus on the suburbs around Sun City and Glendale on the northwest side of the city.
On the topic of where to buy, I keep seeing people suggest Detroit Michigan… I would rate this metro area as having one of nearly the highest risks in the country, next to New Orleans.
Detroit – Grew as an industrial economic power house when GM and Ford were doing really well in the 1940-1980's. Then Toyota and Honda came into the picture and they have started sending local jobs to Mexico, Canada and China. The city does not have a lot going for it.
PM's Sent
itsandrew wrote:Hi Eric,Welcome to the forums. Great to see you have joined us on here.
Can you tell us a bit more about yourself. Where in the states are you from, what's your previous/current involvement in US property?
Andrew
I'm currently living in Spokane WA (this area was not hit by the recession, properties are not a good buy here), but I have lived all over the west side of the country in places like Seattle WA, Las Vegas NV, Phoenix AZ, Ogden UT, Boise ID.
I'm currently diversifying my portfolio and expanding into rental properties. As I said before, 4 years ago I couldnt find anything that would cashflow. 4 years ago I invested in a few businesses instead, But, now there are a lot of options to build up cashflow with REI. I'm primarily looking for duplexes and triplexes for less than $60k. My ultimate goal is to purchase 4 properties over the next 3 years that will collectively have a net cashflow of $1400.
Its funny because the market condition you describe in Australia is very similar to what we experienced over here in 2005-2007. I started looking for rental property and couldnt find any with positive cashflow. Now that prices have dropped they are everywhere.
Markets I'm interested in are Phoenix AZ and Las Vegas NV.
These markets exploded in 2005-2007 by insane amounts. They were among the fastest growing cities in the nation. Right now homes in those markets are worth 30% what they sold for just two or three years ago. These markets are in a hot dry climate, no need to worry as much about mold or rot. These markets have large corporations that help support the local economy, even though it took a hit, I believe these homes will recover. Not only that, I dont know if you are familiar with the baby boomer generation? But they are the single largest group of people all born around the same time frame, so major economic and investment shifts are felt here due to the collective aging and maturing of this group of individuals. Right now most are starting to retire and they love warmer climates. A lot of them will move down south to avoid being cold in the winter. Much of southern America could expect the same, places like Sun City in AZ where they dont have to pay taxes to help fund schools and everyone must be over 50 to live there. Las Vegas will recover because its a global hotspot for tourism, they get hit every recession but recover wonderfully.
Use online maps to find the areas of town with lower crime rates, some places in those two metro areas are really crappy.
