OfflineI'm barely halfway through Dean's first book, so bear with my ignorance. So far it's been educational thinking about these 'cycles'. I like to keep an eye out for props, just to be informed...at least now I'm starting realize how uninformed I was.
My question is that I read an article the other day about huge inventories in Orlando and Vegas. I looked up Vegas and saw a TON of available props. It almost seems like the city is half empty! My simple thoughts are the Vegas will rebound at some point, it's one of those towns that always does. Why not get a condo or two, or home to rent out for cheap in the meantime until the market comes back up. that market clearly has hit its bottom, but I know there are other factors that I need to look at as well, as discussed in the book. It just looks like a LOT of opportunity. Is that correct thinking? I live in Los Angeles and the market out here is scary to me for one reason or another, which is really why I'm reading the books.
Any helpful opinions is really all I'm looking for, to learn from you pros.
you have the right idea. But you have to pick your properties wisely in Vegas (or Orlando where I do some investing). Not every property works. But be aware that the projections are for Vegas not to be able to return to 2006 prices until 2034. Orlando is 2032. So if you are thinking it will be a quick score, you may be it for a rude awakening. But there are always opportunities in every market in every city. You just have to have a plan to work and be able to work your plan. And by the way, Los Angeles and other CA cities scare me too.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Hi, it's Tina in Las Vegas. I was just at The Edge in Scottsdale this past weekend and I am just starting to join the forums, so this comment might be a little late--
Please be aware that I am commenting soley as a resident of Vegas and quite familiar with the neighborhoods, but I'm sure Bill's stats are correct--- a full recovery by 2034..... but consider that 2006/2007 highs were false; our market should have never reached as high as it did. That being said we have tons and tons of inventory because we were (and it continues) hugely overbuilt, we had tons of out of state investors and we converted way too many apartments into condos, and we (like all areas) sold to non-qualified buyers, plus we have have lost a fair amount of residents. BUT, we also have awesome deals and as long as the Hospitality trade prevails we have a huge amount of renters.
So, I'm thinking Vegas is good bet. We may not fully recover, but we can only go up from here! I was scared of do-able exit strategies until I went to The Edge, but I'm convinced Dean's blueprints will work just fine here.
Open offer to the DG family-- If I can give anyone my [novice] opinions on neighborhoods or do a drive by on an address for anyone, just PM me and I'd be happy to help.
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176