Tag Archives: owner carry

Cirque Du Soleil house with Owner Financing

18 May

You can own the Las Vegas home of Guy LaLiberte, originator and owner of Cirque Du Soleil.  This amazing property located in a small guard gated community called “The Fountains” is everything you’d expect a Cirque Du Soleil house to be.  All the custom woodwork was built by the production crew from Mystere.

Custom paint, open floor plan, spectacular outdoor dining area in a very private back yard, you can make this home you’re very own with just $300,000 down.  Almost 8,000 square feet, 5 bedrooms, 5 1/2 baths, a huge family room, and much of the furnishings can be included for a full price offer of $1,599,999.  Want to know more, you need to call or email me about this spectacular home.

Advertisements

My Day Job – Kind Of

18 May

While I’m working at making my living online, and hopefully giving you ideas to do the same, I have a day job.  Not a traditional day job that I commute and go to an office to do.  I am a licensed real estate agent.  You can google me and find me easily.

During the eight years I’ve been licensed here in Las Vegas, I’ve witnessed the growing bubble, the bursting bubble and the continually deflating market.  Las Vegas has been ground zero for real estate disasters.  Housing prices went absolutely insane between 2004 and 2007.  Then, pop! Image

Prices started to fall like a penny dropped off a skyscraper.  Everyone kept wondering how long could prices possibly continue to fall…..how long, well we’re still wondering if we’ve hit the bottom.  In fact, if you were waiting for the bottom, you may have missed it.

The bigger issue is now that we have no houses to sell.  The government decided to help home sellers and in Nevada they passed a law stating that banks had to prove they had the right to foreclose on a house before they could file the paperwork to do so.  Well, banks have notes that were sold several times and they have no idea where that paperwork really is or if it was ever generated, giving them the legal right to take a property back.

This has caused our market, like many others, to come to a screeching halt. In a city boasting just under 2 million residents, there are only 3900 houses to choose from priced from $15,000 to $18 million, and about 25% of those are priced at a $500,000 or less.  Las Vegas has just announced that the unemployment rate is under 12%, lower than its been since 2009.  So lower unemployment means people want to buy houses but there are very houses for them to choose from.

I tell you this because if you’re looking for a house in this market, and it feels right to you, you better put an offer on it today because 20 more people think its right for them too.  Houses are back to receiving multiple offers and prices are starting to creep up (at least for houses priced under $200,000).

So if you’re looking for a house, and you see one that mostly makes your heart pitter patter, whether its a traditional sale or you need terms like lease option or owner carry, don’t wait.  With so few houses to choose from, everyone is looking for the same thing you are.  Don’t let it get away.

Lease Options – Good & Bad

16 May

Image

It doesn’t matter if you’re a buyer or a seller.  Lease options are both good & bad.

The Good As A Lease Option Buyer – 

  • You can earn your down payment and closing costs by giving the seller/landlord a larger deposit
  • You can get credit each month from the rent you pay that you can also use towards your down or closing costs
  • You can try out the house before you buy it
  • If you decide you don’t like the house or the neighborhood, you don’t have to buy the house
  • The landlord/seller can’t sell to anyone else until you decide you don’t want to buy the house

The Bad As a Lease Option Buyer –

  • You don’t get your deposit back if you don’t buy the house
  • You don’t get your monthly rent credits back either
  • You don’t get the tax write-offs like you do when you buy
  • You can be evicted if you don’t pay because you are still a tenant

The Good As A Landlord/Seller –

  • You get a larger deposit from your tenant buyer
  • You may get a little more rent each month that you only have to credit the the tenant buyer for if they complete the sale
  • You get a tenant who will take much better care of the property because they hope to own it
  • It’s easier to get rid of a bad tenant that it is an owner financed buyer because you can evict them instead of foreclose on them
  • You can sell the house at a retail price instead of competing with the bank owned or short sale properties in the neighborhood

The Bad As A Lease Option Landlord/Seller –

  • The buyer is still just a tenant and you are still a landlord
  • Depending on your arrangement with the tenant, you may still be responsible for the maintenance and upkeep of the house
  • You don’t get all your money at once

Lease optioning a house can be very beneficial for both sides of the deal.  Make sure to do your homework, get it in writing about who takes care of what (utilities, upkeep, repairs, etc.).  Know the risks on both sides.  

Now go lease option a house.

1 Bedroom Condo at Boca Raton on the south end of the Las Vegas Strip

7 Feb

  

 

T

Boca Raton is an amazing guard gated community located just 4 miles south of the Mandalay Bay on the south end of the Las Vegas Strip.  Close to the Designer Outlet Mall, South Point Casino, shopping, restaurants and more, enjoy the luxurious grounds, amazing amenities like this refreshing pool, cabanas for a respite from the sun, a professional fitness center, club house with meeting rooms and entertainment space, a concierge and 24-hour security.  Underground parking is available as well as additional outdoor parking space for visitors.

This is a beautiful one bedroom condo with a great view has everything you need including granite countertops and stainless steel appliances, a luxurious bath with tile floors and a combo washer/dryer unit.  Elevator takes you from underground parking through an interior air conditioned hallway to your door.

Seller has just lowered the price to $89,000, offering owner financing with $10,000 down and 10% interest only for 5 years.  If you have cash or your own financing, ask for a significant discount.  This motivated seller is creative and willing to work with you.

Owner Carry Only – info@ownercarryonly.com  702-531-4798

Monterey Condo at Las Vegas County Club with Owner Financing

7 Feb

This is a fully furnished condo at the Monterey, a condo community inside the guard gated Las Vegas Country Club.  Spectacular location within walking distance of the Strip, sumptuous dining, outstanding entertainment, easy to get around Monorail and of course across from the award winning golf course at the Las Vegas Country Club.

If you’re looking for terms, this condo has them.  Only $10,000 down and owner will carry the balance for 5 years at 10% interest only.  If you don’t need terms, because you’re paying cash or have your own financing, contact us for a significant discount.  The seller is open to creative terms.

This particular unit has an amazing strip view from the balcony, a custom bar area that could also be used as desk space, comes with or without furnishings, and has tons of upgrades.  Rather be downstairs, we have some one bedrooms downstairs as well.  And there is even a two bedroom condo available in this community.

Don’t let this one get away.

Owner Carry Only – info@ownercarryonly.com or 702-531-4798

Las Vegas Country Club Stunner – $725,000

2 Jan

Centrally located, just a few minutes from the Strip, located at the Las Vegas County Club, charming home built on a double lot.  Pool & Spa. Backyard has a private gate that opens to the golf course.  Great views of the Strip, Golf Course & Mountains.  Spacious rooms and verandas.  Owner will consider private financing, lease with an option to buy.  Golf cart included. Easy to show. Bring all offers.  3,907 sq ft, 4 bedrooms, 4 1/2 baths, master bedroom is downstairs.

What’s Up for 2012?

2 Jan

Las Vegas is an interesting market.  We are still facing challenges from the housing bubble and probably will for another 3-5 years.     

Out of the 23,918 properties on the market as of today (per our MLS and including single family homes, condos, townhouses and manufactured homes), 360 are open to selling with terms.  That is less than 2% of the sellers out there that will consider selling with owner financing or as a lease option.  The  remaining 98% percent are made up of bank owned and short sales, and private sellers who either don’t understand owner financing, aren’t open to it, or their agents don’t understand how to present it as a viable option for their sellers.

Currently 7% of the houses on the market here are not being sold as a distress sale.  That means they are not a short sale or foreclosure property, but a seller with actual equity either because they didn’t over finance their house or they are an investor trying to make money flipping a house they bought after rehabbing it.  And out of this 7%, only 7% will consider creative financing terms.

As investors who bought houses in the last year or two, who were trying to flip them for a quick profit discover that this is still not a great market in which to flip a house, we hope will become open to seller financing in order to sell their investment property.  The reason they may consider it is because they get someone to live there who will take care of the property because they want to make it their own, give them a good return on their money, and turn all of the maintenance and repairs over to the new occupant who wants to be a homeowner.

What that does mean to you is the pool of these types of properties is very small and if you see something that will work for you, you need to act on it quickly.  You may not get everything you want like a brand new kitchen, or a pool, or you may have to drive a bit further than you hoped.  But if homeownership is your goal, and traditional means aren’t available to you because of credit or being self employed, this is a great way to purchase a home.

As licensed agents here in Las Vegas, we strive to make this deal as painless as possible.  So do your homework, be prepared to show proof you have a deposit, be able to explain why you can’t get traditional financing, and don’t be afraid to work towards fixing the issues so you’ll be able to refinance in 2-5 years.  Expect to see new properties added to our blog several times a week.  And if you don’t see what you’re looking for, don’t hesitate to ask.  Properties get added regularly.

Our goal in 2012 is to help as many of you become homeowners as possible.

Happy New Years from us at Owner Carry Only.  702-531-4798  info@ownercarryonly.com