THE ADAMS TEAM
Rothwell Gornt Companies
Las Vegas Real Estate Agent Robert Adams Las Vegas Real Estate Blog
People are back to Investing in Las Vegas Real Estate. REO (Bank Owned Homes) in Las Vegas have been reduced in price so much that it has sparked the interest of the First Time Home Buyers and Las Vegas Real Estate Investors alike.They are taking advantage of insanely low interest rates and low prices on Bank Owned Homes. People also prefer to buy Las Vegas REO's/Bank Owned Homes over Las Vegas Short Sale Homes because once the bank owns the home and has it listed, they want to dump that inventory off of their books. This allows us to come in and purchase these homes within a 30 day escrow no problem. If you are a cash buyer we can often close in a matter of weeks. Many Real Estate Investors are buying up Las Vegas' REO's/Bank Owned Homes with cash offers to maintain a strong Las Vegas Real Estate Investment Portfolio with Las Vegas Rental Properties bringing in positive cash flow monthly. Home Prices are so low yet Las Vegas Rental rates (although they have been reduced) are still much higher than mortgage payments on these properties. And if you pay cash then you have that much more positive cash flow monthly.
For example: If you were to buy a 2 bedroom Las Vegas Condo as an Investment for $40k including closing costs, putting down 10%, your mortgage of $36k would give you a payment of about $216 a month at a 6% interest rate. You can rent this same unit out for about $700-$800 a month. This leaves you with positive cash flow of $584 a month (you will still have to pay taxes and HOA but these will vary depending on the specific property). If you paid cash for this unit your positive cash flow would be about $800 a month (you will still have to pay taxes and HOA but these will vary depending on the specific property).
When banks are paying about a 0.5% interest for your savings account you can understand why Investors are jumping all over these Las Vegas REO/Bank Owned Home opportunities. We have experience in dealing with the banks as sellers and we know how to get the deal closed. If you are interested in seeing what Las Vegas REO's/Bank Owned Homes are available in your price range simply submit your info in the contact form below and we will be happy to assist you with the purchase of your next Las Vegas REO/Bank Owned Property.
For more info on purchasing REO's/Bank Owned Homes visit:
Buying Las Vegas Short Sales
Las Vegas Short Salesare another way to find some amazingly low Home Prices. A lot of the time we advise our clients to stick with Buying REO's/Bank Owned Homes because of the short escrow periods and the fact that you don't have to negotiate with the banks for a short payoff amount. However, if you have patients and persistence you can find some amazingly low deals on Las Vegas Short Sales. You need to be prepared for a few things when dealing with Las Vegas Short Sales. First, instead of the usual 30 day escrow you are looking at closer to 4-6 months in escrow. Secondly, you need to understand that there is no guarantee that the deal will actually close. Even if you wait 4 months for the lender to approve the deal, the lender may opt to not approve the deal/sales price and then we would be back to square one looking for another home. This is why I say you must be willing to be patient and persistent when trying to purchase Las Vegas Short Sales. You really are at the mercy of the bank in regards to response times, but we can make sure everything is done and well prepared on our end to expedite the deal as much as possible. We have experience is purchasing and listing Las Vegas Short Sales and we know how to deal with the lenders in order to get the best possible outcome for our clients. Submit the contact form below and please include what type of Las Vegas Short Sale Home you are interested in purchasing.
For more info on purchasing short sales please visit: http://lvrealestatehelp.weebly.com/buying-real-estate.html