THE ADAMS TEAM
Rothwell Gornt Companies
Las Vegas Real Estate Agent Robert Adams Las Vegas Real Estate Blog
You need to get with a lender asap and let them collect all your financial documents and process it. From there they can tell you what your financing options are. A lot of lenders do not like to do the loans on the lower priced properties. I have lenders that will do it for us as a courtesy for the other business we bring them. If you are interested in speaking to them shoot me an email and I will reply with their contact info.
Secondly, I would not waste my time nor my agents time going out house hunting until your financing is in order. Reason being even if you do find the perfect home and deal you will not be able to submit an offer until you have a preapproval letter accompanying it. No competent listing agent will take a property off the market for an unqualified buyer. Sometimes agents will take you out to see homes if you are not preapproved as a courtesy to educate you on the market etc but you will not be ready buy if you do see something you like. Here are some tips I recommend BEFORE coming to Vegas to house hunt:
-Speak with a lender and get your financing in order. Get your preapproval letter in hand.
-Get with your agent and create an "investment strategy". This should include but, not limited to, a formula that includes a required:
1. purchase price
2. rental rates
4. figure out your minimum CAP rate needed
5. create an exit strategy, (if your buying to hold make sure there are no rental restrictions, if you are flipping make sure there are no deed restrictions)
-Once you have these 2 items in place you will be ready to begin to look for properties that fit your model.
It has been my experience that you will stick to your formula more often if you go house hunting with a plan already in place. Otherwise, people tend to create a plan after you find a home you like and people try to make the formula fit the home in order to do the deal vs making the home fit the formula.
Be patient and don't get emotional. If the deal doesn't fit your formula move on. Vegas is headed towards a buyer's market so more deals will begin to present themselves. You can read more about the market moving towards a buyer's market HERE.
If you would like our team to help you create an investment strategy and show you how to successfully execute it please visit our Buyer's page HERE. Good luck with your investments!
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