Nevada Real Estate Market for Rental Property
Nevada’s real estate market can be as dramatic as the action of the Las Vegas stip. When it goes big in one direction, it really goes BIG.
So what does the Nevada landscape look like in the new US housing rebound? In what ways is NV property going big now, and what new rental property mortgages are equipping investors to capitalize on the market?
There’s a lot more to NV and the Silver State’s real estate market than the famous strip of casinos in Las Vegas.
Even though most associate NV with desert, the state actually gets its name for its snowy mountains. And while mining is still almost as big as the entertainment industry, it is gold, not silver that is most prominent. Ranching is also a major industry. However, the state is also one of the most popular for business thanks to no personal or corporate income taxes. The resulting lack of data collection means the state is unable to provide any such reporting to the IRS, even if requested.
Nevada is actually one of the least populous states, and least dense, with just over 2.7M residents. Largest cities include; Las Vegas, Henderson, North Las Vegas, and Reno.
Nevada Real Estate
Whether it is magnificent casinos, foreclosures, or building homes, when Nevada moves, it goes all in, in a big way.
According to data from RealtyTrac almost 10M homes were still underwater in America in 2014. Many of them are in Nevada. The data compiler reports 246kNevada homesremained “seriously underwater” in the second quarter of 2014. Around 35% of homes in the state owed at least 25% on their homes than their values. Just 87k homes in the state had equity “equal or greater than the remaining loan amount.” This was only surpasses by Lakeland, FL with almost 40% of homes still underwater.
The Las Vegas Review Journal reports Nevada remained one of the top states for foreclosure in the nation for the first half of 2014. From January to June 2014 one in every 138 homes in Nevada were in the default process. Florida topped the list at 1 in every 74. New foreclosures surged in June 2014, up 66% from the previous month. Foreclosure starts were up 56% year over year from June 2013.
Las Vegas also leads the nation in distressed home sales, at 36.6% of all transactions in May 2014. This is more than double the national average of just 14.3%.
However, Nevada home prices have been rebounding, up 14% year over year to a median of $165k.
Still, tracking firm Auction Control Systems projects default notices will double for the fourth quarter of 2014 as banks get more aggressive about foreclosing.
However, despite new foreclosure activity, and high crime in some areas, home builders are bullish on a Vegas revival. New home builders are brushing the dust off of old projects, with some 45,000 new homes in the pipeline.
No Limits Investment Property Mortgages
In the state Nevada, there are also now new ‘No Limits’ rental property mortgagesfor investors ready to bet big on a Nevada real estate rebound.
Reality TV show "Flipping Vegas" has highlighted the great profits to be found in fixing up and reselling Nevada real estate. However, for others this is the perfect time for building up a sizable portfolio of single family rental homes.
Rental Home Financing’s No Limits mortgage loans enable income investors to just that with blanket loans for bulk buying, and refinancing.
State of Nevada Real Estate Resources:
Landlord & Real Estate Law in Nevada
Nevada revised code for real property
Nevada State Bar Association
Nevada Citizen's Guide to Property Tax
Nevada Real Estate & Professional Licensing
Nevada Investment Real Estate for Sale by the Government
Nevada multi family housing may be available for purchase from Nevada government offices.
1.NV Dept. Transportation
2.National Security Technologies (NSTec) government surplus property
USDA-RD and USDA-FSA.
Government owned Multi Family Housing may be for sale by the USDA-RD and USDA-FSA.
To see if there are any RD/FSA rental properties for sale in Nevada, CLICK HERE.
Contact us today to help finance your Nevada investment property portfolio.
More than just a leading U.S. Blanket Mortgage Lender, Rental Home Financing is your partner for long term wealth building and cash flow generation. We’re invested in your long term success.
Contact us today and experience a refreshing new approach to financing investments…
Call today for more information: 888-375-7977 or CLICK HERE.