Hunting FAQs

10% of my investors discover while scouting that they don't want to invest here. After they see the bullets flying, dog crap on the carpets and broken windows, they discover Vegas isn't their cup of tea. No worries. We're done. If you don't like what you see while we are scouting, we will not go hunting. Enjoy a nice dinner on the Strip. Thank you for visiting Las Vegas!

You need to be able to see what "C" condition means. You need to see how an "F" neighborhood compares to an "A" neighborhood. By showing you a full range of conditions, neighborhoods and prices, we can get down to serious business when we go hunting. My preferences may not be yours. I don't take it personally. My objective is to feed you what you want. If you only want "A" neighborhoods in "C" or better condition, then that is all we will be hunting for. Most investors say they want $50k properties until they see them.

You will need to make 10 offers to get a property. There is a 10% chance you won't get a property on your first hunting trip. There is a 10% chance you will have to go hunting again in a couple of weeks.

Missing keys, properties actually sold but not updated, tweakers lurking, boarded up access... the list goes on. We won't be dwelling on properties we can't visit. Next.

The speed at which a property moves is a function of value. Of the 300 properties surveyed on my site, 125 of the "A" & "B" quality properties get purchased every week. Since we are only hunting "A" & "B" quality we will be bumping into other hunters all day long. The "E" & "F" properties at the bottom of the pile will remain on the site for weeks and slowly raise to the top as the bank lowers the price. We won't even look at "E" & "F" properties.

As you browse through the properties on my website, you will discover properties that have a dollar amount in the repair column mean that they have been visited. Properties that have been visited will have additional photos as well. The purpose of scouting of course is to confirm what we are hunting for. Some of the properties that we visit may have been visited before.

You will never ever never ever find a property in an "A" neighborhood, with an "A" equity rating, an "A" income rating in "A" condition under $50/square foot. Never. If you really believe in Santa Clause and the Tooth Fairy, Vegas will be taking you for the ride of your life.

You will discover the folly of hunting all day and shooting at one property. The reason why most investors walk away empty handed the first time is because they only bid on one property.

The last time any agent I know (and I know many) got a property at less than list price was in November 2008. If a property is in "E" or "F" condition, there is a pretty good chance you can get the property below list. However, it is rare that an investor has the stomach for one. Unless you are a local handyman, getting a property in "E" or "F" condition is extremely dangerous.

Properties that have valued at "B" or better at less than $60k last about 20 days. Properties valued at "D" or worse over $200k last about 5 months. Generally, anything that is rated "A" on an overall score on my website will be gone within 8 days.

Title companies are slammed. You can forget about closing something on a Friday at the end of the month. The lobbies in a title company look a MASH unit. Insane. One out of 10 deals takes 10 weeks to close because the bank lost the deed! You could be one of those lucky ones. Your only recourse is to walk away from the deal. Patience Grasshopper.

I always like to save the best for last to make sure you are awake. 20% of the deals go to hell in a hand basket because the property doesn't appraise for the loan amount. Properties between $75k - $120k are getting appraised lower than the purchase amount because primary buyers are outbidding list price and previous comps have been much lower. There are some really pissed off primary buyers running around at the moment. This is another reason why I don't like to work with mortgage brokers I don't know. My mortgage broker will keep us from getting into this scenario to begin with.