Las Vegas is beginning to recover, and many insiders believe that this may be the best place to invest in real estate in the country. This is especially true with residential real estate. There are many ways that you can participate, and get your share of the future appreciation of property in this world famous city. The following are three ways you can achieve this.
Flip houses
There are still distressed properties that are being unloaded on the marketplace. Much of this is inventory that has been accumulated by banks and other lenders when they were forced to foreclose on buyers. Lending institutions are not always looking for top dollar, but instead, looking to move their inventory quickly, so they can focus on profitable mortgages. This means that you can sometimes buy these properties at slightly below market value, then add value to the property with repairs that are often needed. After this, the property can be sold to someone looking to live in the home for the long term.
Buy a property as a rental unit
There are many residential properties that can be purchased and leased. One downside to this type of investment is often that you may be an absentee landlord, but many people own property in Las Vegas without living there. It is simply a matter of using one of the many outstanding property management companies to look after the unit and the tenant’s needs.
Buy a vacation unit
It is easy to buy into a gated community of condominiums. Monthly membership dues cover the expenses of almost everything outside of your unit, and you can even have a cleaning service come by every few weeks if desired. When you invest in a property in this manner, you will have a place to stay every time you visit Las Vegas. On those special event weekends when no one can find a hotel room, you will have a home away from home.
The key to finding the right investment for your needs is using the right real estate agency. The best agencies will have knowledge of the entire Las Vegas valley and not just a certain portion of it. Once you have expressed the way you would like to invest your money, a real estate agent can be specific about what is available. One example of this type of agency in Las Vegas is Realty ONE Group, founded by entrepreneur Kuba Jewgieniew.
