Cash is King in Las Vegas Foreclosures

Over the last 5 years I have sold a lot of real estate in many different markets nationwide. In 2003 droves of investors came into the Las Vegas market and purchased single family homes and condos. In 2004 the scene repeated itself in the Phoenix market. In 2005 markets like Albuquerque and Austin had a large amount of investors snatch up new construction homes. In 2006 the Carolinas became hot and east coast investors invested very heavily in many markets in Florida.

All the while I was out buying and selling in many of these markets myself I was sitting on the sidelines in the Las Vegas market because home prices were too high and just did not make good investor cash flow sense. That all began to change in the summer of 2008 as prices began falling faster that normal and the point of cash flow was once again reached. This point of cash flow I speak of is a simple equation in which the amount of money an investor can get from renting a home exceeds his/her costs of ownership. These costs of ownership would include the mortgage, taxes, insurance, repairs, and property management. With a 20% down payment positive cash flow can now be achieved in this market for the first time in several years. Las Vegas has lead the nation in foreclosures for well over a year now and the amount of foreclosures coming on the market are near triple the amount from just a year ago. Nearly 1 home in out of every 70 is in some stage of foreclosure here in the Las Vegas market. The median home price in Las Vegas has come down

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