How to find the best deal Part 1.
Las Vegas foreclosures have steadily increased over the past 2 years. More than 58,000 Las Vegas properties received a foreclosure filing during on the first half of 2009, that’s a 22 percent increase from the prior previous six months and over 50% percent increase from the 2 quarters of of 2009.
If your serious abount Investing, it’s difficult to find the very best deals from the thousands of foreclosure listing on the market. You would have to consider what your objectives are, short term as well as long term goals associated with that property.
I usually found that in this type of downturn, it’s much easier to find properties that would yield over 15% annually as a rental property in the price range below $100,000. Investors have seen a good return on their investment and have even turn around and performed flips on such homes even thought the market has has a rought time financing non cash buyers.
Since over 70% of the properties in Las Vegas has been built in the past 15 years, most homes are fairly new and will need minimum work outside to bring them up to almost new standards.
There's plenty of 4 homes that are priced at 50% of the insurance value for this type of home in the Las Vegas market. I will talk about this aspect of the investment on part II. These properties can easily rent out around $1200 a month. If you purchase such a property in the 80K-90K range, for a cash deal, that’s over 17% return on your money. I have found properties in the 20-30 % ROI range, its a matter of looking around for such properties.
I recommend using a tool that provides a list of the best 100 Las Vegas foreclosure deals such as the one presented at www.investinlasvegashomes.com
, provide you with a very valuable information. They provide a list of hand picked top 100 foreclosures for the Las Vegas market.
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