From The Desk of Linda Strasberg

 An Interesting Chart From The US National Center For Health Statistics:

         Age          Average Years of Life Left          Converted Into Hours

          25                             56.3                                       493,526
          35                             37.6                                       329,601
          45                             33.0                                       289,278
          55                             24.4                                       213,890
          60                             16.9                                       148,145

If you are planning to retire someday, your net worth will yield you your income. For every $1,000,000 yielding 4% you will receive $40,000 per year or $3,333 monthly income after taxes. 

Your independence day will come when you've accumulated enough to yield the monthly income that you need to pay for your living expenses.

The challenge may be to balance your work with your purpose in life to achieve your independence day.  Maximize the hours in your life and make them work for you!  And, be happy and love along the way!

~~

Why Invest in Real Estate In Las Vegas, Nevada Today?  You've all heard that properties now on the market are being offered at a fraction of what it will cost to build them new. Las Vegas, Nevada is the foreclosure epicenter of the United States. The renters are here. All the foreclosures need to find a place to live.  The "Cap rate,"  or return on investment after all expenses, is between 8% and 10% -- twice the rate on 10-year Treasuries. A lot of people can't be buyers because their credit got hurt. 

 The 7 Key Steps To An Amazing Foreclosure Home Purchase in Las Vegas, Nevada

You can save BIG money by buying a Las Vegas foreclosure home and utilizing these 7 key steps.  The best part is, if you utilize these 7 steps, they’re simple and you’ll save lots and lots of time and money.

You have to be aware of a couple pitfalls in buying a Las Vegas foreclosure. Good deals go fast, so be ready to act if you like the home.  If you do find that one home that you absolutely know you love; you can see yourself in and know it’s the right one, don’t sit back and wait too long.  Las Vegas Foreclosures tend to sell fast, so don’t sit on your hands if you know for sure that this is the one!  You can save 20-30% off of the current market value if you’re ready and prepared to take action.

Key Step 1 – Look for overpriced properties.  Now that statement probably confused you.  You’re probably saying, “Why would I want an overpriced home?”  But let me explain.  Banks and sellers overprice homes.  This means that they stay on the market for months and months.  The bank gets fed up with having this property over their heads and on their books and it’s not selling because it’s overpriced.  You make an offer and the bank is tired of sitting on the house for 8, 9, 10 months.  They will end up taking your offer fast.  Here’s a perfect example.  There was recently a $1.1 million home on the foreclosure market.  The house was on the market for 10 months and the bank was really tired of holding onto this money pit.  The home sold for only $360,000!  The home was on the market for 10 months for $900,000.  It was obviously an overpriced home for the market, the bank overpriced it hoping that getting a $1.1 million home for $900,000 would look enticing and nobody took the bait.  When the bank got the offer they jumped on it!  Take a look, have your realtor go out there and look for some overpriced properties to check on; especially ones which are overpriced and have been on the market for a while.

Key Step 2 – Can you make repairs?  The bottom line is if you can buy a home for $150k and the home is valued at $200k; you invest $10k in repairs then you’ve made a savings of $40k.  That is 20%-30% in savings.  It will take some work on your part though.  You have to realize how long it’s going to take you to make the repairs to save the money.  Here’s a perfect example.  There’s a home in Las Vegas on the market that would cost $900k to build it and it’s listed for $300k.  The house needs $50k repairs on this house.  So in the end it’s well worth it to get a $900k home for $350k!

Key Step 3 – Do other buyers want the neighborhood?  The bottom line is that a good neighborhood generally means long term appreciation.  Does it have good school zones?  Is it close to shopping?  You do not want lots of foreclosures in that area because that means your home value will go down.  Are there builders still building in the area?  If so this will also decrease the value of your home.  But the key here is that there is always one area of town where people want to live; however this area will have a lower appreciation because more people will buy and retire to this area of town.  This makes the area a more stable area, so it has a lower appreciation.  This means you have to be careful and find a happy medium between the two extremes.  Find all this out and ask yourself if you’re going to be happy and willing to live there for the next 5-10 or even 15 years of your life.

Key Step 4 – Financing.  You really need to be pre-approved for your loan or be ready to pay cash.  Bank homes require a firm pre-approval or cash payment to buy their homes.  Banks will sell a home for less money to someone if they know the buyer is “A+” which means that they are either paying cash or have a firm pre-approval.  What they care about is getting money quick, as opposed to getting more money slower.  So you absolutely must be firmly pre-approved for a loan or have cash to buy from the bank immediately.  The bank simply wants to get rid of these homes and get them off their books.

Key Step 5 – Make an offer at the end of the month.  The banks have deadlines and goals to reach.  They need to sell a certain amount of homes each month and there are bank employees out there that get paid bonuses for reaching these goals by the end of the month.  So many buyers want to close by the end of the month so they make an offer at the beginning of the month.  Be willing to close any time of the month.  This can mean a savings of 10%-15% on a home!

Here’s a key piece of knowledge to carry with you also.  November and December are one of the best months to buy ANY type of home; bank owned home or non-bank owned home.  People set goals of wanting to have this done by the end of the year and they’ll often take lower offers.

Key Step 6 – Read between the lines.  Las Vegas REO listing agents are overworked, plain and simple.  Because of this they don’t put full details on the listing information.  They have less pictures and less info that they offer.  It could truly be that “Diamond in the Rough” that could be just what you’re looking for and you can get a great deal on it.

Key Step 7 – If some of these bank homes are going like hotcakes, then consider going with a normal seller home.  Most sellers and Las Vegas realtors understand that they have to compete with bank homes today, so they are willing to take lower offers.  In other areas 70% of all homes sold are done with normal sellers and not bank owned homes.  So don’t get caught up in this tunnel vision of wanting to buy nothing but a foreclosure home because you’re going to get the best deal.  Non-bank owned sellers will consider offers also.  They understand that they may have to take a little lower price, as long as it’s realistic, based upon the fact that there are many bank homes out there that are willing to sell for lower prices.  Make sure that your agent shows you a good market analysis to prove your offer. 

The process of understanding everything that goes into the purchase of a foreclosure property can be overwhelming. It may help to remember that a property is truly comprised of only 5 major systems. The rest is just cosmetic. The 5 major systems include:

Foundation, Structural, Heating Ventilation and Air Conditioning, Electrical and Plumbing

And here is a good point to remember - banks loan money to purchase real estate.

Real Estate investing is a non-emotional event; always do the math.

There are 5 types of Real Estate Investors:

1.)  The First Time Investor 2.)  The Move Up Investor 3.)  The Portfolio Investor  4.) The Performance Investor and 5.)  The Rehab And Resell Investor.

The reason we’re providing this information at no cost to you is that we want to get this information out into the marketplace.  If we can get this information out there, everybody wins.  More Las Vegas homes sell, more buyers come into the market, and when buyers and sellers are knowledgeable about the business it’s a win/win situation for everyone.  It’s all about YOU getting a good deal.  Selling homes is our passion.  If you need an experienced Las Vegas Distressed Property Specialist or Certified Short Sale Specialist and you would like help in buying a Las Vegas foreclosure or pre-foreclosure, give me a call. I hope you enjoyed this free information.  You'll now get a great deal when buying a Las Vegas foreclosure because you are now going into it with a little more knowledge and information.

s 702-677-8796

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Linda Strasberg, All Rights Reserved

Vegas Real Estate, Distressed Property Specialist, BPO, REO and SFR Certified, Las Vegas Real Estate, REO's Foreclosures, Pre-Foreclosures in Anthem Country Club, MacDonald Highlands, Aliante, Seven Hills, Foothills, Hillsboro, Green Valley Ranch, The Ridges, Legacy, Southern Highlands, Tournament Hills, Spanish Trail, Lake Las Vegas, Red Rock Country Club, 55+ Retirement Communities in Sun City, Sun Colony, Siena, Summerlin and Aliante located in Las Vegas and Henderson, Nevada, Las Vegas Real Estate, REO's Bank Owned, Great Homes, Townhomes, Condos, Multi-Unit Investment Rental Properties  

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