So I've started my search for properties. I decided to give the Penny Saver a try and searched for properties using key words such as "motivated". I've opened up my options to Las Vegas, as well as Los Angeles where I live simply because a lot of properties in my area are in the neighborhood of $300,000 and up.
One property is listed as a foreclosure for $108,000. It's located in North Las Vegas. Its 4 bdrms, 2 ba. and was built in 1997.
From what I can ascertain from Yahoo R.E. Home Values the same size home sold for $220,000 in 2008.
The home sale history says it was last sold on 2/20/2009. The sold price was $145,297 and the assessed tax value is $83,814.
Assuming this home is in good condition and needs no work done to it, how could this place be in foreclosure if it last sold on 2/20????
Applying what I learned in the book, I would offer anywhere from 10-30% off that price. If that offer is accepted then I would lock in the deal for say 14 days (which takes it off the market and where it can't be sold). Then I would find a buyer that I can offer this house to -- say I bought it for $90,000, I could offer it to the buyer for $100,000 which could yield me approx. $8,000 which is my profit after paying closing costs.
This is a nice looking house from the pictures, though pictures don't tell the whole story until you inspect the property. The fact that I live in CA does pose a bit of a problem for me as far as traveling to Las Vegas to do see the property in person. How does one handle this kind of situation where you can't personally visit and inspect a property?
Anyone's input into this appreciated.
ETA: I talked to the agent who said that the 2/20 date is when the bank took back this property. He also said that the house needs some new paint inside and new carpet. It doesn't sound like this property is in need of a lot of work.
What would you do with this?
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
HI I'M A NEW
BUT I I WANT TO KNOW WHERE IS THE METING
THKS
vegas property
It doesn't matter how much it used to be assessed or valued at, what matters is how much a buyer is willing to pay or if market rent could cover expenses. You also have to think worst case senario. If you're having trouble flipping it, you would've had to purchased it for an amount that would allow you to rent it out and be able to cover PITI plus cash flow.
Properties in Las Vegas
I am Dom and I just finished reading Dean's two books. I lived in the Green Valley area very near the Strip and McCarran Airpot. Without driving around I have a lists of short sales and foreclosures in my area. Good location, the owners just can't afford to pay due to the downward economy. If interested email me and let's partner together.
Meetings?
Hi, My name is Michel and me and another DG member (both in the academy) are looking for a good REI club. I see that there are suppose to be 55 members in this club - I would like more information on whether or not you have meetings/when they take place/if there is networking time/and any other information. Thanks for your time.
Taking the first step!
Hello everyone! My name is Rian,LV and I'm slowly but surely stepping into the REI world. Loving everything I've been taking in so far, along with finishing Dean's book "Profit From Real Estate RIGHT NOW" & currently reading how to "Be A Real Estate Millionaire". As of now, I'm motivated to take the first step and possibly start up something very soon and hopefully create some relationships and partnerships. I plan on coming on here a great deal. So hopefully this is going to be a great path for inspiration & education for me, the way it seems to be for everyone else. I hope to hear from everyone soon. Thanks for your time.
Email me directly
Hi,
Welcome to the DG family. You can email me directly at
bluesummerventures at gmail dot com. We can discuss opportunities.
3 bed 2 bath Town home coming soon. Great cash flow.
Rick
Bulk Foreclosures
Bulk Wholesale REO Properties
Multi-state $4.50 mil - BPO %8.1 mil (336 properties)
Nevada $10 mil
Las Vegas $2 mil (18 properties) $80k Profit each
house
Califonria $22.5 mil BPO $32 mil 74 homes (NO/so
cal)
Call 949-635-0812 for more info.
Rick
Luxury Loft Deal in Las Vegas
Real estate investor market in Las Vegas. I am currently working on a deal for a Luxury Loft at 35% below fair market value. The owner is a builder and looking for a cash buyer and asking for 270k on the single family home fully remodeled @ 3,100 sq. ft. 3 bedroom/2 bath. The property comp sold in the area is estimated at 390k. The motivated owner is open to new cash offers. Let me know if anyone is interested.(702) 328-8763
New to Vegas.... And R/E
Greetings All,
My name is Justin. I have recently finished Deans book(s) and more recently moved to Vegas. I live in the Green Valley area and am looking for any advice on getting started in the L.V. Real Estate market place. Any thoughts or suggestions would be greatly appreciated.
Thanks In advance.
Cheers,
Justin
Any Property managers in Vegas?
Hi,
Can you refer any property managers in Vegas?
We want to compare to others.
Rick