Las Vegas Auction

Got this ad in my mailbox. Could well be junk. Do your own diligence. Details here.

A property management company that owns 100+ rental homes and condos in Henderson, Nevada, is selling them ALL in a special online auction. This is your opportunity to acquire turn-key rentals with cash flow. Renters and leases are in place. Perfect for both experienced and first-time investors.

  • Aggressively priced
  • Financeable
  • Responsible tenants in place
  • Discounted property management available
  • Option to increase rents or terminate at lease end and sell

Once in a lifetime opportunity to add rentals to your portfolio or buy your first real-estate investment!

Unless you live in Las Vegas, I recommend to stay away from SFR rentals in Las Vegas.
(Multifamily is probably worse, but I have never owned any.)

I bought 2 SFR in L.V. in 2003 & 2004. Should have sold in 2005 for a profit, but I had bought them for cash-flow.

The houses were OK built, newer construction, not many issues. The one that was built in 1996 had PEX tube plumbing, that should’ve been a negative. GOOD.

The property management companies - I went through 3 or 4 in the 13 years, not good. BAD. Presumably I had been exposed to the better ones. An associated who used to live in LV had real horror stories, criminal behavior.

The tenants - the WORST. One of my houses, bought in 2003, sold in 2014, which means I owned it a little over 11 years, had 12 tenants in 11 years. House was in best school district, not fault of property. As an example, one lease was broken with a note “We need to leave the state of NV because of my husband’s gambling addiction”.

Las Vegas is a destination for people who are looking for a second chance in life. They think they left their problems wherever they came from but the reality is, they bring their bad habits/ poor choices with them. They are still the same person.

I bought that high-turnover house for 160k, and could’ve sold in 2005 for 330k.
I could’ve bought the exact same model on the same street in 2011 for 95k (MLS) or 60k (trustee sale). I did not because I already realized that I wanted to get out of there due to the environment.

I sold in 2014 and 2016.

Besides being a 2nd-chance city, Las Vegas is also a very transient city. People move there, stay for less than 5 years, and leave. It is not good for neighborhoods. I’ve heard the same about Phoenix.

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just realized that this is in Henderson… a suburb of Las Vegas.

I was going to say that Las Vegas probably does not even have 100+ responsible tenants, but with Henderson… that’s a different environment.

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Henderson is the only suburb worth investing.