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LAS VEGAS could be the best city in America for Rental Houses

By LASVEGASWINNER   Follow   Sat, 17 Mar 2012, 4:28pm   3,720 views   38 comments
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There are 157 HUD Properties selling below $90,000 that can rent for $1000 a month, giving the investor 13% to 15% ROI if you get 10% down investor financing thru HUD.

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1. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   1   6:03pm Sat 17 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   I heard cannibal anarchy is going to begin from LV. :)

2. dodgerfanjohn Follow Befriend 19 threads 589 comments Los Angeles, CA

   2   6:46pm Sat 17 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   If all that inventory out there never gets sold off and converted to rentals also. Anyway, I heard rents there are pushing down to the $800-900/mo range in several areas for 3bd/1ba homes. Like this: http://lasvegas.craigslist.org/apa/2863853997.html or this: http://lasvegas.craigslist.org/apa/2906575870.html

3. xenogear3 Follow Befriend 10 threads 419 comments

   3   7:30pm Sat 17 Mar 2012   Share   Quote   Permalink   Like   Dislike   $950 for a 1400 sq ft house which can easily sell for 1 million in CA ! I will rent 10 of them and rent out !

4. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   4   8:57pm Sat 17 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   xenogear3 says I will rent 10 of them and rent out ! To whom?

5. iwog Follow Befriend (48) 273 threads 12,479 comments 47 male Lafayette, CA Premium

   5   10:50am Sun 18 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   LASVEGASWINNER says There are 157 HUD Properties selling below $90,000 that can rent for $1000 a month, giving the investor 13% to 15% ROI if you get 10% down investor financing thru HUD. For awhile, Antioch, Brentwood, and Pittsburg California were all beating 15% ROI but I'm not sure if that's still the case. In 2009 there was no competition, however today there's millions flowing into these homes.

6. drtor Follow Befriend (2) 4 threads 119 comments

   6   11:00am Sun 18 Mar 2012   Share   Quote   Permalink   Like   Dislike   LASVEGASWINNER says There are 157 HUD Properties selling below $90,000 that can rent for $1000 a month, giving the investor 13% to 15% ROI if you get 10% down investor financing thru HUD. Larry Roberts who runs OC housing (formerly Irvine housing) blog has started an investment fund focused on these kinds of deals in Las Vegas.

7. 2k12 Follow Befriend 2 threads 20 comments

   7   11:16am Sun 18 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Tons of rentals on the market not renting and many now offering rental specials because they have been sitting vacant for months..Too many dumb investor sheep doing the same thing.

8. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   8   11:19am Sun 18 Mar 2012   Share   Quote   Permalink   Like   Dislike   iwog says however today there's millions flowing into these homes. 2k12 says Too many dumb investor sheep doing the same thing. ???????

9. 2k12 Follow Befriend 2 threads 20 comments

   9   11:20am Sun 18 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   Go to hudhomestore and you will see this guy is a liar only 5 homes offered from HUD for investors in Clark County.All of them wrecks.Since he claims there is much more is he suggesting investors commit fraud and buy Hud homes listed for sale to owner occupants only.

10. elliemae Follow Befriend (25) 413 threads 6,977 comments Saint George, UT elliemae's website

    10   11:46am Sun 18 Mar 2012   Share   Quote   Permalink   Like (4)   Dislike (1)   Las Vegas winner is a realtor. Of course he wants you to buy, and he wants you to think that the economy is turning around in Vegas. It's not. LV Sun Newspaper says "There was a time when experts thought Nevada would be well on the road to recovery by 2012. But we're not. There is strong consensus, though, that we're turning the corner. Yes, we've heard that before, too, but this time there is greater confidence. The important numbers are trending well." http://www.lasvegassun.com/news/2012/jan/01/economy-2012-forecast/ I spend a chunk of time in Vegas - there are rentals in the $800-$1,000 range all over. But even in the best neighborhoods, the safety factor is an issue. The "bad" areas are everywhere, encroaching on the best of areas. There are so many people out of work, no longer qualifying for unemployment, that simply aren't counted any longer. Panhandlers everywhere; there's a teenage girl living behind a (huge, decorative) rock at an intersection in a "good" area. I've been by there at night, she's sleeping there. And then, there's the tunnels: http://www.amazon.com/Beneath-Neon-Tunnels-Travel-Holiday/dp/0929712390 During the boom, they threw up so many houses so quickly (and many are the color of vomit); they're poorly built, crammed on top of one another, and poorly maintained. It and it doesn't matter what the newspapers & realtors say, Vegas has a ways to go in its recovery. I work with people who are suffering due to the economy, who can't afford to put mom in a nursing home because they need her income. Who can't afford caregivers, who can't pay for their bills and are clearly stressed. Many of my social worker friends see the same thing... It's horrible, and buying a crappy house as a rental doesn't mean that the people you rent to can afford the payment. You can't compare houses in Vegas to those in California. It's like comparing oranges & parched cactus stems.

11. elliemae Follow Befriend (25) 413 threads 6,977 comments Saint George, UT elliemae's website

    11   11:54am Sun 18 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   LASVEGASWINNER says LAS VEGAS "could" be the best city in America for Rental Houses... ...but it isn't. Give it a year or two after it bottoms.

12. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

    12   1:01pm Sun 18 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   iwog says In 2009 there was no competition, however today there's millions flowing into these homes. Yes, that's why prices are down more than 10% in all these neighborhoods.

13. StoutFiles Follow Befriend (1) 24 threads 557 comments

    13   2:47pm Sun 18 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   So why does no ever talk about Vegas's upcoming water shortage?

14. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

    14   4:16pm Sun 18 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   StoutFiles says So why does no ever talk about Vegas's upcoming water shortage? Just like nobody talks about the Bay Area's upcoming earthquake.

15. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    15   4:18pm Sun 18 Mar 2012   Share   Quote   Permalink   Like   Dislike   StoutFiles says So why does no ever talk about Vegas's upcoming water shortage? He is not going to answer any questions. He is a realtor. He wants people to buy. He won't buy himself and rent it out cuz he knows the risk involved in buying.

16. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 169 threads 4,157 comments Premium

    16   5:40pm Sun 18 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   Hahahahahahahaha! Hahahahahahahahahahaha! Tens of thousands wandering the streets of that horrific shithole, no nope, not even bus fare to get out of town. Yeah, they're all ready to throw 1000 bucks a month at one of LVW's marks. More likely, they'll come in through the windows and eat them. LV would be lucky to be simply doomed. In a matter of months, it's going to be CANNIBAL ANARCHY central. Great value if you're into that kind of thing.

17. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 169 threads 4,157 comments Premium

    17   5:43pm Sun 18 Mar 2012   Share   Quote   Permalink   Like (3)   Dislike   Protected   Seriously, they'll be squatted and burn - some by opportunistic arson, others by meth lab accidents. Great place if you're into living in your own production of The Road.

18. waiting_for_the_fall Follow Befriend (1) 3 threads 104 comments Half Moon Bay, CA

    18   5:45pm Sun 18 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   The Rich Dad Poor Dad guy is the same way. He wants people to buy but doesn't have rentals himself. The way he makes money is from selling his books. Realtors are scammers. They say anything, do anything to get you to buy or they won't get a commission. Based on how the majority of posters on this blog feel about realtors, it's funny how LASVEGASWINNER keeps coming back and posting his drivel. Maybe the Rich Dad book he read told him to never give up. There's always a sucker out there who will believe your lies.

19. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,999 comments Pleasanton, CA Premium

    19   5:53pm Sun 18 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   90K is too much. Nevada is practically bankrupt.

20. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

    20   6:51pm Sun 18 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says 90K is too much. Nevada is practically bankrupt. And California isn't? California is worse than Greece.

21. elliemae Follow Befriend (25) 413 threads 6,977 comments Saint George, UT elliemae's website

    21   7:41pm Sun 18 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   The typical las vegas house from the past 15 or so years is narrow, with garage in front and the door on the side of the house (where you can't see the entrance from the front of the house, not exactly safe). Cracked white or pinkish (puke) stucco, tile roofs, 15 foot setback in front yard, 10 feet on the sides, 20 feet on the back. No privacy, very little parking available for guests. Poorly built, poorly designed. There's very little difference between the houses and a double wide trailer. And nowhere for kids to play.

22. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

    22   8:09pm Sun 18 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   elliemae says The typical las vegas house from the past 15 or so years is narrow, with garage in front and the door on the side of the house (where you can't see the entrance from the front of the house, not exactly safe). Cracked white or pinkish (puke) stucco, tile roofs, 15 foot setback in front yard, 10 feet on the sides, 20 feet on the back. No privacy, very little parking available for guests. Poorly built, poorly designed. There's very little difference between the houses and a double wide trailer. Sounds like a typical Bay Area house. Only the Bay Area version was built in 1940's and has termite infestation.

23. StoutFiles Follow Befriend (1) 24 threads 557 comments

    23   5:28am Mon 19 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   elliemae says Poorly built, poorly designed. That's the majority of homes everywhere. The only difference is some have great locations and others have poor locations. Anywhere in Vegas is a poor location.

24. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    24   6:04am Mon 19 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Isn't Vegas just a desert with casinos? Where are the (real) jobs? Or is gambling with houses as much a vital part of the "economy" as regular gambling?

25. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,999 comments Pleasanton, CA Premium

    25   8:40am Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   dunnross says RentingForHalfTheCost says 90K is too much. Nevada is practically bankrupt. And California isn't? California is worse than Greece. Yup, agreed. California is in a world of hurt. The only difference is that here you can get a job paying 90k or more. At least for now.

26. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

    26   9:17am Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says The only difference is that here you can get a job paying 90k or more. With a big percent of the population retiring, that's not going to be so much of a factor affecting house prices, any more. As far as the weather, there are many much cheaper places with much better weather than the Bay Area - any coastal area south of the border is a prime candidate.

27. Tarara Boomdea Follow Befriend (1) 8 comments Las Vegas, NV

    27   9:20am Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   http://www.housingwire.com/article/nevada-foreclosures-may-soon-reboot Nevada foreclosures may soon reboot By Jon Prior • March 16, 2012 • 6:47pm Mortgage servicers are slowly easing into the Nevada foreclosure process again. Notices of default, the first step in the foreclosure process, plunged in October after a new law passed requiring servicers to file a copy of the deed of trust, the mortgage note and each assignment of the note. Servicers filed roughly 5,000 default notices in September, then the new law went into effect, forcing new filings down to less than 40 statewide, said Verise Campbell, deputy director of the Nevada foreclosure mediation program, at a House subcommittee hearing Thursday. But new foreclosure filings did increase to 400 in February, according to the most recent data from Campbell. And servicers are planning to reboot the process soon, she said...more Quotes: "More than 60% of Nevada homeowners are underwater with some in as much as 200% negative equity, meaning they owe twice as much on the loan than the house is worth." "Negative equity is so bad in the state, Chide said, modifications without principal reduction were no longer enough to keep borrowers from walking away. When the clients are informed the lender will not provide a principal reduction, they opt for a short sale instead of a modification," he said."

28. joshuatrio Follow Befriend 41 threads 703 comments Monterey, CA

    28   9:27am Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Tarara Boomdea says "Negative equity is so bad in the state, Chide said, modifications without principal reduction were no longer enough to keep borrowers from walking away. LOL

29. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

    29   12:43pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   waiting_for_the_fall says The Rich Dad Poor Dad guy is the same way. He wants people to buy but doesn't have rentals himself. The way he makes money is from selling his books. Realtors are scammers. They say anything, do anything to get you to buy or they won't get a commission. Exactly, if these were such hot investment opportunities I doubt LasVegas"Winner" would be even mentioning them here. waiting_for_the_fall says Based on how the majority of posters on this blog feel about realtors, it's funny how LASVEGASWINNER keeps coming back and posting his drivel. Maybe the Rich Dad book he read told him to never give up. There's always a sucker out there who will believe your lies. Yeah, and his threads are more or less spam for his buyers agent business.

30. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    30   12:55pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Tarara Boomdea says "Negative equity is so bad in the state, Chide said, modifications without principal reduction were no longer enough to keep borrowers from walking away. Most of the seasoned bulls still don't understand the cascading effect of $1 negative equity over the period of 30 years.It is like - but,but I got my rent check and I am cash flow +ve. LOL.

31. elliemae Follow Befriend (25) 413 threads 6,977 comments Saint George, UT elliemae's website

    31   4:25pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Can we all agree that "Tarara Boomdea" is one of the most awesome screen names in Patnet history?

32. StoutFiles Follow Befriend (1) 24 threads 557 comments

    32   4:33pm Mon 19 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   leoj707 says Exactly, if these were such hot investment opportunities I doubt LasVegas"Winner" would be even mentioning them here. He must be pretty desperate to be posting on a site that doesn't fall for that drivel.

33. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    33   4:38pm Mon 19 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   StoutFiles says He must be pretty desperate to be posting on a site that doesn't fall for that drivel. Pretty much.

34. Mandy Lifeboats Follow Befriend (2) 13 threads 34 comments Las Vegas, NV

    34   5:04pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Thanks, Ellie! I alternate between Tarara, Mandy Lifeboats and Freda Slaves. If I'm in touch with my masculine side when posting I use Xavier Onassis.

35. elliemae Follow Befriend (25) 413 threads 6,977 comments Saint George, UT elliemae's website

    35   5:09pm Mon 19 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   Mandy Lifeboats says Thanks, Ellie! I alternate between Tarara, Mandy Lifeboats and Freda Slaves. Roses are Red Violets are Blue I have Multiple Personality Disorder And so do I...

36. Patrick Follow Befriend (54) 5,184 threads 6,156 comments 46 male Menlo Park, CA Premium

    36   5:33pm Mon 19 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   dunnross says Just like nobody talks about the Bay Area's upcoming earthquake. Or the carcinogenic water created by the tech companies: http://www.paloaltoonline.com/news/show_story.php?source=patrick.net&id=22807

37. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    37   7:56pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike (1)   Patrick says Or the carcinogenic water created by the tech companies: http://www.paloaltoonline.com/news/show_story.php?source=patrick.net&id=22807 That is the price you pay for being the center of Tech and called "Silicon Valley". What were you expecting ? If its not your cup of tea.. than there is little you can do here We seriously need to get our tech mfg back into our borders, and get people jobs/income, and regrow our economy.

38. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

    38   9:06pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   thomas.wong1986 says That is the price you pay for being the center of Tech and called "Silicon Valley". What were you expecting ? If its not your cup of tea.. than there is little you can do here Yes, but all these things should be built into the price of the house, right? I am sure you can get a cheap Chernobyl house, right now, why not one in the Silicon Valley?