The big news story in the Las Vegas real estate market continues to be the lack of REO inventory. Record low inventory has prompted multi-year highs in new home starts and steadily rising home prices. As a full time real estate investor, this has proven problematic for me and my clients. Finding affordable foreclosure properties to renovate or cash flow has been getting more and more difficult.
Recently (and by recently I mean this morning), I've found a solution. I have been in discussions with a major national bank and it turns out that the rumors of a "shadow inventory" of foreclosure properties in Las Vegas is true. The banks are sitting on foreclosures, but they do not intend to release them onto the public market (the MLS.) Instead, the banks are selling these REOs (post-foreclosure, bank owned properties) in bulk packages of $5MIL - $25MIL.
We have recently secured such a package containing REO properties located only in Las Vegas, NV. We are contributing $3.75MIL to purchase these properties and we are looking for an investor to come in with the remaining $1.25MIL to take it down. We will be purchasing these properties for 25-30% off current appraised values. This is a fabulous opportunity to pick up extremely hard to find Las Vegas investment properties at bargain prices.
More information on this Las Vegas bulk REO package will be provided to any serious, interested investor with proof of funds.
Great post!
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