03Jan

What I have bought in Las Vegas

7 comments so far

Buying property in usaAs I already have written in the Buying property in USA blog, there are many buyers in Las Vegas and huge bidding wars on all the cheap properties. I spent most of the 3-week stay in Las Vegas, driving around new properties on the market, visiting them with my Real Estate agent and placing offers. In total I placed more than 25 offers and up until the last day none had been accepted. One third of them were declined during the time I was there and the rest was still pending. Since there is so many buyers, the sellers know that they don’t have to hurry so much to sell the property. They’d rather wait a few weeks, before making a decision. It was driving me crazy, that I spent so much time there and hadn’t got any offer accepted. Towards the end of my stay, I had been placing higher and higher offers (usually between $10,000 to $15,000 above the listing price). {Click the READ MORE button to continue reading about buying property in USA}

The last day when I was already leaving, my Real Estate agent called me with news that we finally got lucky and one of the offers was accepted. It wasn’t the condo I liked the most, but it was at least something. My Real Estate agent stopped at the airport and I signed some more papers and told her to go ahead with it.

Once you get an offer accepted, you get 24 hours to decide if you still want it and then you have another day or two for your due diligence. These few extra days were really important for me in the end. Believe it or not, within the 3 days after I left USA, I got another 2 offers accepted. So just a few days before I had been depressed that I didn’t have anything and now I had to decide on one of three condos. In the end I decided on the most expensive condo from these three, but also the one I liked the most and which was in the most desirable location – on East Sahara Avenue. The other two condos where in North Las Vegas, which isn’t really the best neighborhood – with high criminality etc.

So these are pictures of my condo in Las Vegas (2 bedrooms, 2 bathrooms condo in gated community, built in 2002).

In next post I will talk about finding a property management company and my first bad experiences and things you have to be careful about when choosing your own property management company.

Sunday, January 3rd, 2010 at 6:53 pm and is filed under #1 - Condo in Las Vegas, buying property in usa. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

7 Responses to “What I have bought in Las Vegas”

  1. Posted by aaron 10th January, 2010 at 7:36 am

    Thanks for the valuable information. I am looking forward to your next article.
    Regards,
    Aaron

  2. Posted by admin 19th January, 2010 at 4:12 pm

    I am glad you like the blog Aaron. I have already posted new article about property management companies. Soon I will start posting information about different calculations of Real Estate investments.

  3. Posted by Geoff 2nd February, 2010 at 5:24 am

    Great article about the dodgy management company and some great advice of how to check them out. I like the idea of ringing as a prospective tenant and see how they respond.
    Thanks,
    Geoff

  4. Posted by grace 5th May, 2010 at 7:17 pm

    I like your blog so much, it is very informative. It would be great if you can give me some specific idea what the yearly operation expenses will be for a 2 bedroom apartment in Las vegas:)

    thanks

  5. Posted by Courtney 21st June, 2010 at 12:59 pm

    all these information & shared experiences are valuable.I will take note.

  6. Posted by admin 6th October, 2010 at 4:17 pm

    Grace,

    I will be posting soon my excel sheets where I keep track of expenses and incomes for my properties and in November, I am going to post my numbers – operating expenses included, since that will be a full year of operation data.

  7. Posted by Paul Wayland 1st November, 2010 at 11:23 pm

    Yes great post your are definitely up for some good karma , as it seems this right now is a hot topic in OZ
    Thankyou very much for your great advise