It is now nearing the end of August. September is right around the corner. My search for a third investment property in Las Vegas has quickly taken its toll on me. The market has picked up from from the 2009 – 2011 lows and sits 25-30% higher than back then. I keep telling myself that at least it is nothing like in 2004 – 2006. The search is only a couple months in, but this “Master Deal Finder” is quickly finding out that the sheer number of local investors have saturated the market enough there to produce slimming margins at best. All this coupled together, has led me into a slump. That is, until last night.
What happened? Say what you will about your belief in faith or a divine power (PS, this is not a religious blog), but I saw the light and ran quickly and blindingly towards it. The realization was made that not all realtors do their job correctly. To error is human and not inputting every single fact and figure about a property is fairly common for sake of moving on to the next! With this knowledge firmly in my mind, I started doing what I will dub “reverse MLS’ing” the system. In other words, instead of searching for key words, I would take certain measurable aspects of what I was looking for and work my way down. Like if I knew I wanted a large enough lot to build upon, but had to worry about installing solar panels, I would be sure to look for “No HOA” and started with 1 acre of land. I would then work my way down to 0.50 acres, then 0.25 acres, etc. until I got a handful of hits. I would review each one on an individual basis until I found certain features that only the pictures would reveal.
And there it was, the house of my dreams! It had an RV gate when none was mentioned, land that has never been developed, and no HOA on a build date that is about as new as it can get stating the aforementioned. 1999. An offer was submitted earlier today and I will keep everyone abreast of the details in the hopes that an acceptance offer is received as early as tomorrow.
This is my future. What is yours? Respond in the comments below!
Update on 08/28/14:
The typical two day response on a buyer’s contract must hold no weight with this seller as I have yet to hear back. I will remain steadfast and patient in the hopes that I receive an answer of any kind soon
Update on 09/95/14:
Offer accepted after Counter 2! I can’t help, but try to get a great deal. Unfortunately the seller wouldn’t budge from their asking price. They paid a third more eleven years ago than we got it for today so it’s not all that bad. Plus rentals in the area for an equivalent size home goes for $1400 which is 22% cash-on-cash earnings every month.