patrick.net

Carducci22 - Which website doesn't work? The link is the only one I question. Guys, this happened in the 70's, 80's, 90's and it'll happen again. If you let yourself get caught up in your fabulous knowledge, you'll miss the real boat which is your life experience. Find something you really want and go full speed ahead. I'll bet it's not really a house. If it is, then buy one. Money's cheap, don't use a bank, use a mortgage co that uses their own money. Easier to qualify and a better deal.

Stay away from auctions unless you have cash. The flippers that buy at auctions are down to 10 pct return and have to do 2/mo to make that. LV had about 2400 rentals in Feb, now it's just under 7000. Nothing rents for asking price. There are over 11,000 properties in Contingent status which means they're awaiting a bank approval, most contracted between Oct '11 and May '12. LV is stuck in Contingent-hell. All these people just sitting and waiting. The MSM reports these as Sold but they're not, just stuck.

@JAWS, I am trying to buy in LA county. Open market is inflated so I am turning to auction. I can pay cash. What is your advise? Can you hook me up with someone helpful? Pls save me from RE agents.

Carducci22. Patrick gave you sound advice, to go to your county records ofc, the one I know is in Norwalk, way smaller than LA. Take baby steps. If it was me, with a family, just wanting a family home and hating realtors, well, it was me in 1997, I felt our local realtors were undereducated, illiterate, couldn't figure numbers on a napkin, only used half an ear, directed me into their interests, so I got my own CA RE license, lockbox key, MLS membership and did my own legwork, got rid of my loser properties, bought using my brain and have never looked back. After I identify a property on my own, I give the deal to a realtor and ask for a referral fee which comes off the top of the commission, is not subject to franchise fees, brokerage split or insurance... I wind up almost with what I'd get with the whole commission and the realtor does all the work.

You're asking for help but you would be better off taking control and learning. I so admire some of the young guys I see in the brokerages. Just looking for a way to create their own business vs. working in a traditional job. And,very successful. RE is a fabulous way to be your own boss without ever coming close to a client. Most of us just do our own thing.

If you insist on being led by the nose, Google your way into local auctions. The Aztectrustee website is a good one because you can go everyday, see heir list of properties online and get educated.

You seem like a genuinely nice person but you'll be taken for a ride if you don't do your own work.

Look at this
http://www.showrealhist.com/RHandRD.html

JAWS, what do you think of Vegas RE market? Does it have hope?
How about buy to let? Is the price going up or down?
Is the rental market strong? If it is yes, is it long term trend or just a flash?
What is your over all analysis?

carducci22 says

Open market is inflated

I'm glad someone else thinks so.

robertoaribas says

AND, today, there isn't any significant discount at the auctions...

Glad someone noticed that too.

Both, couldn't resist the Dr. Obvious agreements.

Carducci22. LV is a gaming town in the desert; it's always been a place with hope for those on the edge. There are 3x the available rentals now than there were at the start of the year. Rental mkt is weakening, competing prices. Too late. It peaked in Feb, now there are too many Johnny-come-lately's and many of them will lose, remember it's a gaming town.

My overall opinion is that it's too late to buy to rent. Too late to buy to flip. And, LV is not a nice place to call home. Lots of people do love it but they came from a fly-over state, not a nice one like Cali. If you can tolerate a desert town, go to Phx. Either place, you'll rent to strippers, pole dancers and go-go girls. They're the only ones making a lot of money. Don't rent to a plumber, the stripper can always get the plumber's money. This is a gaming town.

JAWS, I got the picture. I would rather stick to Cali.
Thanks a million! You are a truly smashing guy.