Re: is vegas right for me? - Posted by John Corey
Posted by John Corey on April 24, 2006 at 10:21:17:
You do not indicate where you are from vs. the LV property. Distance can make a difference. Both good and bad issues related to distance.
You said you were a contractor. Does this mean you have a license and can work independently or that you work for a licensed contractor?
If you are in a low priced market why not use your skills and capital to do a few deals? You will get the best return by buying properties that need cosmetic work or properties that need something major but you sell after some cosmetic clean up. The idea is to get in, get the simple stuff done and get out. Large projects that take a long time tend to turn into money pits and keep you out of the market for too long.
My suggestions are very high level. There are many paths available. Until everyone knows more about you it would be hard to say what is the best path.
I have made a lot of money with new construction. One thing I have learned is it ties up real cash for periods of time (2+ years if you are able to buy that far in advance). It is not the best way to cycle through cash when you have limited funds. By this I mean that you need to keep the money turning over and not being tied up in a deal for a long period.
Buying new construction can be pure speculation if you have no intent to hold the property long term as a rental. Speculation is not for newbies.