Here is an example of Green Valley Ranch Investment property. The house would rent for $1,995 and similar homes could be purchased for around $425,000. This particular house is a an upgraded 4 bedroom home with granite counters in kitchen, stainless steel appliances, custom tan interior paint with all appliances included. Rice Real Estate can help you pick the best investment homes in the area. In addition, we offer affordable and reliable property management services.
Ready to buy a Green Valley Ranch investment property?
Investing in real estate has many great advantages that other types of investments just don’t provide. As the Las Vegas housing market continues to be active, real estate investors reap the benefits of increased equity and positive cash flow.
As a Las Vegas property manager we’re regularly involved with real estate investors. This has allowed us to see the many mistakes investors make when searching for an investment property in Las Vegas.
To help you avoid common mistakes when investing here are some considerations to keep in mind:
Examine the Metrics
Before you invest, you need to assess the property’s ability to generate income. Explore all the factors that can either encourage or inhibit your opportunities for wealth. Some variables to consider are demographics, rates of vacancy, historical growth trends, how fast the population grows, what types of jobs renters hold, and the type of renters in the area.
If many of your renters work for the same employer, or in the same field and downsizing is happening, it could ultimately impact your tenant’s ability to make their monthly commitment to you.
Once you know the facts, it’s easier to determine if the Las Vegas property is the type you are looking for. Ask yourself what type of demographic you would ideally like to rent to – young professionals, families, or retirees – then purchase rental properties that these types of tenants would choose.
Decide on the Rent
Ultimately, when you buy a Green Valley Ranch investment property, you want to earn an income from it. So, put some thought into it before you decide on a rental price. Perform a realistic assessment on it to see if you can profit from it. You can do this by calculating the amount of money you need from your investment and see if this property can generate that amount.
Make sure you familiarize yourself with the neighborhood. Look at comparable properties in your area. Examine what they are renting for and what the occupancy rates are.
Thoroughly Inspect the Property
It is critical that you thoroughly inspect the property that you are considering. This is something that many first-time investors fail to do, which can result in costly and seemingly never-ending repairs.
To ensure that your home is inspected thoroughly, hire a home inspector. A competent home inspector can evaluate the property and find any potential red flags. Some of the things to make sure you get a report on are the roof, plumbing, drainage, insulation, electrical systems, and smoke and fire sensors.
While it is possible to do this yourself, it probably isn’t a good idea. A professional opinion ensures that the property is safe, up to code, and inhabitable. It may cost a little upfront, but it will save you big in the long run.
Examine Your Cash Flow Carefully
When you decide to buy a Green Valley Ranch investment property, you need to carefully examine any issues or costs that could impact your cash flow. Some factors to consider are ongoing maintenance and repairs, renovation costs and management expenses. Examine these costs and make sure that the income you make from rent can cover these and still leave room for profit.