Posted by JohnBoy on November 14, 2000 at 17:36:19:
GAMBLING!!! That seems to work well in Vegas! LOL
Actually, it shouldn’t matter where you go, it all works pretty much the same as anywhere else. As far as the best way to buy, it depends on the seller and how you can solve their problem. The solution to solving their problem pretty much dictates how you need to buy.
As far as selling goes, TERMS will always sell no matter how hot or cold the market is in any area.
Profits are (at least they should be) made when you buy the property. If you know what you can do with it if you get it, L/O, sell on contract, rent it, etc. Then you can create the profit you need to justify the risk involved for doing the deal. Knowing how you will sell the property, for how much, how much per month, etc. will determine how you need to structure the deal to make it a win/win/win for you, the seller and your tenant or buyer.
The bottom line is simple. Where ever their are people that are having a problem with a property they own that they NEED to sell and where people are having a problem being able to buy a property to own, you will find deals to be made regardless of the current market and how much new construction is going on. Now, does anyone know of a place in this country where none of these problems exist??? They exist everywhere in every market.
Posted by Rick A. on November 15, 2000 at 22:57:08:
I have been buying homes with VA loans on Contracts for Deed and selling them on Contract for Deed for the last 7 years. My partner and I have done 163 as of last week. The market in Vegas is unique for the following reasons.
Nellis AFB and a good retirement community means lots of VA loans!
It is a transit community. The average stay in a home is less than 3 years.
There is a lot of money here but many of the people who have it don’t want to go through the hassle of dealing with conventional lenders and would much rather buy on Contracts even if they have to pay a premium on price and a higher than market interest rate.
there are a lot of folks who have lots of money or make lots of money who can’t qualify if they wanted to due to bad credit or bankruptcy etc. they love contracts also.
Re: What Works in Las Vegas - Posted by Mark (SDCA)
Posted by Mark (SDCA) on November 15, 2000 at 11:37:27:
To answer your specific question. Buy and hold works great in Vegas due to the strong and increasing labor market (1 new hotel room = 5 new jobs and the people filling those 5 new jobs need somewhere to live). Appreciation has been and continues to be very good.
The re-sale market is actually slowing a little because of all that new construction. (People are buying new homes instead of re-sales.)
The apartment market is not good. Everything is either very old or very expensive.