Ok question here.

I'm seeing on zillow places with about $500 per month mortage payments. And the rent estimate is $1100 per month.

How accurate is that?

Seems like an easy $600 per month per property if you get good tennants in there.

EDIT: With taxes and management fees it would still be an easy $400/$500 per month per property by the look of it.

I got mine for 60,000 cash, insane now.

I prefer stay at hotel and playing poker every day ;) I think this will be cheap :P If u are good "player"

I don't know the LV rental market but if there is that much of a difference between rent and mortgage on a given property, there are most likely a lot of extra perks in the middle. Such as landscaping, utilities, and other extras.

I think you are also undervaluing some of your numbers.

Let's say we are talking about a $100,000 property and the mortgage is $500 a month. Your property taxes are probably somewhere around 1-2% (again, not completely sure about Vegas,) so that is another $100-200 a month. Then you have management fees of 10%, give or take, for another $100 a month. We are now up to $700-800. If it's in a HOA, add a couple more hundred. Throw in insurance, utilities, maintenance...

Money goes quick.

Good points Sly. I didn't factor everything in.

Maybe a way of looking it at might be, they could pay for you to buy the house. No profit off the home itself. But the rent would pay off the mortage.

Then IF the market rebounds. You will have a nice piece of real estate sitting there you haven't been paying for. That you can now sell for a profit.

There are serious implications of Mead going dry. I saw a special about a month ago addressing this issue. When it does, it will affect millions. I remember when this lake was full to the top and no white line even existed and it has not taken that long to get where it is today.......sad, but true.

Here is a link to some information about the water shortage and future predictions regarding lake mead.


http://www.newsweek.com/2008/02/13/running-dry.html

With that being said, I would not buy any real estate in Las Vegas.

Oh another thing to keep in mind. The mortgage that one can get for their own home is different than the mortgage one can get for their rental property.

Try being a Canadian and finding a lender for investment properties. It's damn near impossible, unless you put 100% down :winkwink:

I would love to find a lender so I can buy up some more houses and not have to plunk down the full amount.

Kinda creepy???? Guess your prescreen doesn't work so well if you feel the need to invade when ever you want.

A friend owns 2 houses in Henderson, they have gone down to 1/2 price :2 cents:

Sent an e-mail.