Now IS the Time to Buy a Las Vegas Investment Property

If you own a home here in Las Vegas, you may be considering owning another home as an investment. While the idea is intriguing, you may be hesitant as you read the headlines and watch the evening news. However, if you're patient and persistent, now could be an excellent time to buy real estate as an investment! Interest rates continue to drop, and there are always possibilities of further drops in the future. Despite the moratorium on foreclosures, it is likely that the rate of foreclosures will continue to rise, which helps to lower median home prices. Here are a few general tips to guide you if you are considering purchasing an investment property:

Use creative financing. Once you have invested in real estate, you can only turn a profit if your financing is secure. Know your goals! Do you want to flip the property for a short-term profit? Or do you want to rent the house for a steady income stream? Your goal will determine the best type of mortgage to consider. If you plan to flip the house, your best bet is an adjustable rate mortgage with a temporary low interest rate. Conversely, if you are planning a long-term investment, a fixed rate mortgage allows you to plan your cash flow.  

If possible, do it yourself. There are simple things that you can do to add value to your investment property. Hire professionals only if absolutely necessary, for things like wiring and plumbing. Even for these things, don't just choose a contractor randomly; use Angie's List or another reputable free finder service. Also, be savvy if you're renting the property. Don't hire an agency when you can place classified ads and answer calls for yourself.  

Get the help you need. Don't fly solo when you decide to invest in real estate. A great real estate agent can easily find you a buyer three months sooner than you can on your own. This helps you avoid paying additional mortgage payments.

Be familiar with market trends. Investing in real estate is a competitive business. If this is your first venture, you will likely be surrounded by folks who have been investing longer than you have. Educate yourself – research home sales prices, as well as rental rates.  Trust your real estate agent to help you negotiate the best possible deals; they know lenders and loan volumes, and can help you avoid making errors due to lack of knowledge.

Now is a great time to invest in Las Vegas. I am Yonas Woldu, and I can help you find the perfect investment property in Las Vegas, anywhere in Clark County. For the personalized attention you want with selling or buying property in Las Vegas, Green Valley, or other areas of Clark County, contact me today. And be sure to visit my Vegas Real Property website. I am committed to working with you. I will do the legwork, finding the perfect investment property for you. As the real estate market continues to flex, you will find that I am dedicated to helping you in every way possible.