I'm back!!! After a long, long year in the Far East I am BACK!!! Having moved to Las Vegas in 2005 during the big building boom it is SCARY how cheap these properties are. I was one of the fortunate few, who after moving from Orange County, didn't get sucked into the hype of Vegas. I remember looking at a few apartments turned condos and thinking that you used to buy nicer places in Costa Mesa, NEXT TO THE BEACH, for less money.
That's when I knew that the market was going to pop and I just sat back and waited. Tempted during the slide to pick up 1 or 2 properties I was fortunate that they had major defects that let me out of my contract. Anyways, rock bottom hit and I picked up a sweet heart deal at an REO auction. Appraised at 100K, purchased at auction for 84K, (instant profit), and then we plopped 25% down to get the rest financed.
Long story short, since it was a beautiful, 3 story, 3 bedroom house so it rented to the Las Vegas Section 8 family.The GOVERNMENT is paying my mortgage!!! Whoo hoo!!!
Anyways, this blog is dedicated to all those people in the world who want to make money off the real estate game, because if you managed to avoid getting burned on the decline, have a job, and still have a good credit rating... you're going to get rich (at least make money) on the Las Vegas real estate market!
No comments:
Post a Comment