Glenn Plantone of VIP Realty recently brokered another bulk transaction of foreclosed properties here in Las Vegas. This time, the bulk package was held by a Midwestern bank looking to move their Las Vegas inventory quickly. The package was comprised of nine REO properties and was sold to a local Las Vegas investor. This is the second such bulk deal that Plantone and his team have successfully brokered in the last few months. Late last year, Team Plantone completed a transaction of 15 homes for a Hawaiian investor looking to acquire buy and hold properties with great returns in Las Vegas.
The current bulk package consisted of four former model homes in the northwest part of Las Vegas and five other one-of-kind casita homes in North Las Vegas. The homes were built in 2007 (North Las Vegas) and 2004 (Northwest). Glenn Plantone represents buyers from all over the world that are looking to the Las Vegas real estate market for cash flow and future appreciation potential. Team Plantone has developed a reputation as a one stop shop for out of state investors looking for a full service real estate team that makes buying Las Vegas investment property easy. By catering to this need, Glenn has become one of the busiest buyers’ agents in Las Vegas.
The Las Vegas real estate market has become a hot bed for cash purchases in the last two years, as investors from all over the world flock to Sin City looking for 8-12% returns on their money. During the last three years, more than 50% of all single family home sales in Las Vegas have been all cash purchases. Many of these buyers are foreign nationals, with Chinese and Canadian investors leading the pack.
Plantone’s team represents buyers (and occasionally sellers) who are looking to purchase short sales, foreclosures, bulk packages, trustees’ sale properties, auction properties and distressed homes. Once the homes have been purchased at low wholesale prices Team Plantone manages the complete renovation of these properties and gets them ready for investors by placing long term tenants in the homes. These turn-key investment properties are generating average CAP rates of between 8-12%. A typical example from recent sales would be a 3 bedroom, 2 bath home built in 2005 that rents for $1000 per month and sold to an investor for $84,995. Most of these cash buyers are purchasing newer homes (2003-2007) for prices in the range of $80,000 to $150,000.
The full service team at VIP Realty is led by Plantone and specializes in accommodating the investor from the purchase to the rehab and from rental to management. Glenn Plantone truly understands what investors are looking for because, in addition to being a full time Broker and Agent, Glenn is also a full time investor. He currently owns over 30 investment properties himself.
Great text and nice blog.
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