Team Plantone Offering Chase Foreclosures to Investor Buyers

On Friday, November 18th, Chase delivered to Team Plantone a list of 35 foreclosure properties in Las Vegas, NV that need to be liquidated immediately. Originally these properties were to be listed and sold only to owner occupants, but due to the current credit crunch and the difficulty many primary buyers are having obtaining financing for their purchases, Chase has decided to open up the list to investor buyers as well. The catch is that potential investors must move very quickly. All offers must be in place for this package by Wednesday, November 23rd.

There is no bidding on these properties. The price is the price. Interested investors simply look over the list and if a property they want is still available...it is theirs. It is that simple. This type of REO / foreclosure liquidation is extremely advantageous to the investor buyer because the investor is able to avoid the bidding wars and resulting price increases that plague cash buyers looking to purchase REOs through traditional listings in the extremely popular Las Vegas real estate market.

There are some great spreads in this lists for buy and hold investors. There is also a 2% commission available to any licensed buyers’ agents. Chase is only accepting cash offers.

If you are interested in viewing a list of the available properties, please contact Glenn Plantone immediately.

Glenn Closes 15 Property Bulk SFR Deal

Glenn Plantone of Nevada New Builds LLC in Las Vegas recently completed a bulk sale of 15 new construction homes to a private, out of state investor. The transaction, which closed on November 1st, 2001, represents one of the largest single transactions of single family homes in the Las Vegas valley this year. The transaction was an all cash deal that closed in 7 days.

The bulk package consisted exclusively of new construction foreclosures located in the Providence neighborhood of northwest Las Vegas. Most homes were 4 bedroom and averaged around 2300 square feet. The entire purchase closed for under $2M. The buyer plans on holding the homes long term and generating cash flow through renting, lease optioning and (possibly) offering owner carry programs.

This most recent deal is typical of the types of packages that Plantone and his team construct for their clients. Team Plantone specializes in acquiring distressed properties through short sales, builder closeouts, REO packages, and Trustees’ sales. The team then renovates the properties, clears any liens on the property, and adds great extras like ceiling fans, landscaping, upgraded fixtures and appliances. Plantone and his team then place long term tenants in the properties to create a turn-key investment. Because the properties have been acquired so far below market value, they can be resold to Plantone’s investor clients with CAP rates of 10% or more after all expenses.

Plantone and his team of seven professionals tailor their services to investors looking to purchase income property in Las Vegas. Team Plantone represents buyers that purchase more homes in Las Vegas than any other group. This includes teams that employ as many as 30 people or more. “We focus on our clients needs first,” Glenn said, “I have been a real estate investor for over 10 years, so I understand what investors are looking for...strong cash flow, good appreciation potential and security. We’ve been seeing a lot of money lately moving from the stock market into real estate. Buyers realize that we are seeing historically low prices and interest rates and that now is the time to buy.”

Many of Team Plantone’s clients are from Canada and China as the rest of the world rushes to capitalize on this buying opportunity. Like many other analysts, Glenn agrees that it may take Las Vegas another 5-7 years to recover from the current housing crisis and that investors will probably not realize significant appreciation until that happens. He still feels, however, that now is an excellent time to buy. “Cash flow is the key factor to examine when determining whether or not an investment is solid. We are currently seeing cash flow rates that haven’t existed in Las Vegas in five decades.”

If you would like more information on the Las Vegas real estate market or bulk investment packages, please contact Glenn directly.

Finally...Loans for Canadian Investors Looking to Purchase U.S. Real Estate

Over the last three years I have sold dozens of properties to foreign nationals looking to invest in Las Vegas real estate. Las Vegas has led the nation in foreclosures for the last three years running and has seen properties lose 50-80% of their value. Rents, on the other hand, have declined only a fraction of that percentage and, as a result, Las Vegas investment properties are cash flowing at a rate we haven’t seen in decades. Many foreign nationals, especially Canadians, who are familiar with Las Vegas as a vacation destination, are now looking to Las Vegas as an investment destination as well.

The only downside, for some Canadians, to investing in Las Vegas foreclosures has been the inability to use financing to leverage their investment. All of my Canadian buyers have had to pay cash for their investments because reliable financing for foreign nationals was simply not available through U.S. financial institutions. Until now.

I am excited to announce that Team Plantone has recently established a relationship with an established lending institution here in Las Vegas that has developed a loan product for Canadians looking to purchase 2nd homes in the U.S. and a separate loan product for foreign nationals looking to purchase investment property.

The second home purchase program especially for Canadians will fund 65% loan to value on single family residences with a minimum loan amount of $75,000. A Candadian credit report with a minimum score of 680 is required along with income and asset documentation. Competitive fixed rates are available on 30 year terms.

The foregin national investment property product will fund up to 60% loan to value on residential properties with 1-4 units. There is no minimum loan amount and no proof of income or credit score required. Loans are amortized over 40 years and 3 and 5 year terms are available with rates starting at 8%. Even more encouraging is that the financial institution is able to order their own appraisal.

If you are a foreign investor interested in learning more about these programs or about investing in Las Vegas real estate, please contact Glenn Plantone for more information.