Flipping Houses in Las Vegas

Is Flipping Houses in Las Vegas Still Profitable?

Flipping houses in Las Vegas. A few years ago everyone wanted to get in on the business of flipping houses in Las Vegas. When the market was at a low investors were sweeping up properties, fixing them up and selling them for a huge profit. Flipping homes was and is a dream, even glamorized on multiple TV shows. The last couple of years things have drastically changed. With the inventory levels being low prices have gone up, competition is fierce and cheap properties are hard to come by. There are still foreclosures in our area, yet some of them are overpriced and do not make financial sense as far as an investment. With the lack of properties that fit the bill to purchase and flip, you will be facing huge competition.

If a house is under market value and looks good on paper, do you think you are the only one that sees it’s potential? For example, a house came on the market priced at $142.000, the comps went from $220,000 to over $400,000. The property needed a kitchen, roof, ac system, water heater, electrical work as well as many cosmetic upgrades. My client put in an offer for $150,000 although I advised her it would sell for more. 20 offers later the bank accepted an offer and sold the property for over $183,000, $41,000 over list price. Not every home will have this much interest and sell for that much over list price but it does happen.

If you want to achieve an acceptance in this market you must be aggressive and lower your expectations. If you would like your margin to be a specific number you may want to shave it down to a more realistic number.

 

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Flipping houses sounds fun, profitable and exciting but expect issues. What happens when a wall comes down and you find leaking pipes that have caused water damage? Your profit goes down with each unexpected expense. You will need a solid contractor with experience in total home rehabilitation that you can trust. A creative spirit and a good eye for design to make your properties stand out from the competition. You will need an experienced and straight forward Realtor to give you sound advice and realistic numbers. You need patience and most of all you need cash.

With the right mind set, agent and pocket book it’s still possible to profit from flipping houses. We can assist you find homes, offer advice with pricing and help you find and hire the right team of contractors. Below we have compiled  list of single family homes priced $100,000 to $150,000 with at least 2 bedrooms and 1000+ square feet.. Please note this is just a list of homes and they may or may not work for an investment. If you see a home of interest let us know and we would be happy to run the numbers for you. We look forward to working with you.

Best Regards,

The Sales Team

702-845-5348

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