Hi, I'm only a beginner property investor. My massive portfolio (do date) exists of ..get ready for it… 2 (in Australia)
Lame, but I'm hooked!
I've read magazines and surfed this site regarding US properties. (too attractive not to investigate)
I'm reading 'buy', 'don't buy', 'trust', 'don't trust'. (myusaproperty, 888wealthcreations, toprentalreturnsusa)
I'm heading to Vegas in 2 weeks
. Is it worth my while spending time looking at investment properties there? (that way it cuts out the 'site unseen' prospect)any feedback would be greatly appreciated, given my time constraint.
Cheers
Gerry (yes, I'm a girl)You can't lose anything by looking
. Vegas is not the strongest market at the moment, high unemployment and so on, but I do know of Americans investing there successfully.The biggest thing is to look at each deal individually. Seeing as you will be in Vegas anyway, why not check it out.
Martha
The market in Vegas is crap. The property market has fallen by around 47% since 2006 it has high unemployment of around 16% and high vacancy. According to many reports look at Forbes for one list Vegas as the market least likely to recover from the GFC from a property point of view. Otherwise enjoy your trip but do not waste your money.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Have a look at the somersoft forum. There are some good threads on there plus a few buy a lady who lives there and is buying NOW. Interesting read if nothing else.
Thank you guys. Excellent info. Much appreciated! (you're right Catalyst, the somersoft forum has some very intresting info too)
I think I might just have a sticky beak whilst I'm over there and gather general info (I certainly don't want to invest in a place with a high unemployment rate
Cheers<moderator: delete advertising>
Geez Jeff, How much do you get for your troubles? Everywhere I read on this forum you are trying to get people to email you. How many properties do you own. I lived in the US for 6 years and I would say that it is at least a thousand markets in one. How are you so experienced to advise somebody to not invest in Vegas and invest in your area. Or is it your area pays you the highest commission. Gives us all a go here to make sure you get your commission.
Chris.W wrote:Geez Jeff, How much do you get for your troubles? Everywhere I read on this forum you are trying to get people to email you. How many properties do you own. I lived in the US for 6 years and I would say that it is at least a thousand markets in one. How are you so experienced to advise somebody to not invest in Vegas and invest in your area. Or is it your area pays you the highest commission. Gives us all a go here to make sure you get your commission.Hi Chris,
First of all I do not earn commission, I have been involved in the property game here in Australia for many years, investing in units, homes mainly in the eastern suburbs of Sydney. I to have lived in the USA where one of my closest friends has been involved in property for many years. I have invested in the USA. I do have some experience
You are correct there are many markets in the USA , however investing in certain markets will more likely be a risk when you take in vacancy rates…unemployment rates and other economic stats.
I work with experienced property investors in the USA who do not operate in the same way as many of the companies I see here on this forum operate…many on this forum are first time investors that are open to spruikers selling there product.
I have given out for free information that is not for everyone, if someone wants information then I am happy to give it but I think that it is better for that information to be given in private, that is why I give my email address.
You would be better to know someone before making assumptions on motive. From what I have seen you have only recently joined property forum, have a good look arround and you will see many companies selling there product. Perhaps you would like to email them as well.
Finally if someone does the due dilligence it would be crazy to invest in Las Vegas….I think that one would be doing someone a favour from making a bad financial descision…….whether they contact me or not.
Jeff
Hi Gerry,
Two properties in Aus is something to be proud of. It's two more than most people.
I don't know much about vegas except that it is doing it tough economically. Does that mean someone shouldn't have a look? My answer would be "definitely not". What can it hurt to have a look and learn a bit about a place if you are going to be there anyway. If nothing else it's a great educational opportunity that many potential investors in Australia don't have access to.
I wish you good luck with your trip and would love to hear back from you when you return.
Regards,
Andrew
itsandrew
Go as far as you can see and you will see further.
Thanks Jeff,
Just best to let people discuss here mate. Where are you investing then?
Chris
Chris.W wrote:Thanks Jeff,Just best to let people discuss here mate. Where are you investing then?
Chris
Chris,
This is the whole point, we discuss property issues, we can make suggestions on were we think are more sounder investments.
Have a look at Nigel Kibbel’s comments on Vegas he describes it s CRAP that’s strong language.
I don’t know Nigel I have read enough of his comments on the various forums he seems to know his market, which is Texas,
from my research it seems a better place to invest than Las Vegas.
I invest in NY state because I believe from personal experience that I am getting a good ROI 25% to be honest. I have property that is tenanted, well managed and work with some very savy investors.
Take a trip to Vegas and enjoy the casino’s the shows etc……to invest in Vegas is like playing roulette…..you have a very slim chance of winning
In the end that is my opinion one can take it or leave it.
Jeff
jeff2investUSA wrote:[.to invest in Vegas is like playing roulette…..you have a very slim chance of winning In the end that is my opinion one can take it or leave it. Jeffi wouldnt quite say that, the success rate of foreigners MAY be harder based on economic factors and the local property climate, it all depends on the quality of your team, area within that market etc etc, so many factors, I mean Detroit seems crazy to me but its not like NO-ONE in the whole city is renting a place, so theirs pockets in every city if you look hard enough…
depends how active/passive you are, risk tolerance etc … im sure some people think buying physical gold and silver is smart these days and is 'logical' and 'safe' (LOL), markets and sentiment can change on a whim.. comfort levels differ from person to person
It is strong language however unless you have a great partner that you can work with on the ground you are wasting your time. My concern with Vegas is 47% falls since 2006 16% unemployment. Many property experts in the United States believe that Vegas is the least likely market to recover.
Do your own research very carefully. Even with my clients we encourage them to come to Texas and see the market for themselves. Then they can see for themselves whether I am giving them the correct advise.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
i totally agree on your viewpoint Nigel, and personally think Texas is the best market going froward, but there is always more than one way to skin a cat
. Is it worth my while spending time looking at investment properties there? (that way it cuts out the 'site unseen' prospect)
. Vegas is not the strongest market at the moment, high unemployment and so on, but I do know of Americans investing there successfully.
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