Las Vegas has long been a Mecca for gamblers but now has become the go-to place for real estate investors looking to cash in on the massive down-turn the city has experienced over the last several years. Not only are home prices way down, but interest rates are near all-time lows while rents are climbing. Las Vegas has the highest foreclosure rate in the nation — and many of those former homeowners now rent.
Many investors have opened up satellite offices in Las Vegas to keep up with the constant inflow of foreclosures. They have the luxury to pick & choose the homes with the most amount of upside potential and do so without the need for financing. At this point, they either fix up the homes and flip or they simply rent it out, earning a very competitive return on their investment.
Studies show that investors in Las Vegas who rent out the properties they buy will have a 4.7% higher return than the 5.3% national average…. that’s almost double!!
With every downturn lies an opportunity – smart investors with cash to spend are taking advantage of this opportunity while they still can.