Flipping Homes in Las Vegas in 2014

>>JEFF: Today's video is going to be about fixing and flipping homes for profit in the Las Vegas market in 2014. This is Jeff Barta with The Snyder Group team driven real estate at Keller Williams Realty in Las Vegas. [Music] We're going to talk a little bit about how to locate a property, how to consider repairs that are needed. And how to hire the right team of professionals to help you get the deal done. The first project I'd like to talk about is a home on Toy Soldier. It is a short sale. There's some water damage that needs to be repaired and some mold issues. So because of that there's a little bit higher risk. You have to take all of that into consideration before you write the offer. I always think of a property that you're going to make your money going in as long as you buy it right, you're going to definitely leave some room for profit. So with this project we went as far as to go get a bit from a mold remediation companies in advance in writing the offer. We know there's some cosmetic stuff that comes along with flipping every house. But this is a special case. This one had water damage and we had to take that all into consideration. We believe that there's going to be $30 to $40 thousand dollars worth of profit. And it is a short sale. So we had to take that bid and all the bids from the repair companies in advance, you send that in with your offer. And as long as we can get approval from the banks to accept the short sale, then we're going to move forward. In a short sale, sometimes a bank will come back with a higher offer, a counter offer to our bid but if it's too high, it doesn't make sense you can just walk away and get our earnest money back. Alright, so here are some of the damage that we saw in Toy Soldier that we encountered before writing our bid. We thought it was very important to have this looked at by a professional mold remediation company, and again relationships are very, very important when considering profit and trying to flip a home. So here are some of the pictures on Toy Soldier. You see water damage to the dry wall. You see some water damage to the cabinets. This is water damage in the ceiling of the kitchen. Some more damage to the cabinets. And some more water damage from above, in the kitchen. This is a picture of the mold that's down below in the lower floor. The next project I'd like to talk about is on Rushworth Ave. That one there's a little bit less profit involved because there's a whole lot less work that needs to be done. It is also a short sale. And this one fell out of ESCROW the previous buyer decided to walk away once they got approval. So we know that the bank will accept an offer at this price. We just went in at full price, made the offer and we know there's about $40,000 of profit involved. And that one with only about $5,000 worth of cosmetic repairs. So after all is said and done, there's probably $18,000 to $20,000 worth of profit once you consider the closing cost on the buying side and you consider the closing cost on the selling side. So were pretty excited about this one and we figure it will take less than 10 days to fix it. Put it back to the market. As long as you price it right, it will sell quickly and close in 30 days. So that's an exciting one, it's a little bit less profit with that one but, you know, a quick way to make some money. Okay, so if you're interested in investing in Las Vegas real estate. Please give me a call. I think it's very, very important to have someone who's actually gone through the process. Someone who knows how to identify the properties and someone who knows how to consider how much profit is involved. If that's something you're looking for, please give me a call. My number's (702) 235-6930. And I look forward to helping you reach your real estate goals in 2014 here in Las Vegas. Okay, so if you like this video please be sure to like it. You can share it with your friends or others who you feel could use this video or would like to contact us about investing in real estate. And you can also subscribe to our YouTube Channel. Again, this is Jeff Barta with The Snyder Group, team driven real estate here in Las Vegas at Keller Williams Realty.