Why Investing in Las Vegas Is Lucrative
With a global reputation as a world-class destination for entertainment, it is obvious to anyone why Las Vegas is a great market in which to invest. Even so, there are many reasons, even beyond reputation, why Las Vegas is and will continue to be the perfect market for investors, both now and in the future.Today, we are speaking with Celeste Robertson, Portfolio Manager for Las Vegas with Mynd Property Management. Celeste is here to give us the main reasons why, in her mind, Las Vegas continues to be such a lucrative market for investors.
Steve Rozenberg: Hey, everyone. This is Steve Rozenberg with Mynd Property Management and I'm joined here with my good friend, Celeste Robertson, from Las Vegas. She's a Portfolio Manager in Las Vegas. Celeste, thanks so much for joining me today.
Celeste Robertson: Hi, thank you.
Steve Rozenberg: So, what I want to talk about today is investing in Las Vegas. So, you've been in Las Vegas for a while. You deal with a lot of investors. Why is Las Vegas, in your opinion, why is it a good place to invest and buy real estate, right now?
Celeste Robertson: You have a lot of people migrating here. As you know, Las Vegas is a transient town. There's a lot of people here and that's not going to stop.
Steve Rozenberg: Do you see a lot of people—now, there's a lot of people coming and going. But a lot of people, do they place their money there? I mean, I remember back in 2007, for those of us that remember, it took a big hit, right? And then, some people got out but a lot of people jumped in at that time and bought a lot of real estate, knowing that it was going to go up. And, I’m almost positive that it is at or above where it was in those days. Is that correct?
Celeste Robertson: Right. It’s there and it's still climbing and there is always going to be things here that are going to keep the people coming to Las Vegas.
Why Are People Moving to Las Vegas?
Steve Rozenberg: What are some drivers of the City of Las Vegas? Obviously tourism, we know that, but what are some other drivers that maybe some people don't know or don't realize about Las Vegas that bring a lot of people in?Celeste Robertson: We're getting a lot of people from other states where our cost of living is lower. The rents are lower. You can get so much more here for the same buck than you can in other states.
Steve Rozenberg: And there's no state income tax. That obviously helps as well. And then, are there any other industries that are starting to kind of flourish? I know you'd mentioned and we had talked before that Amazon is there. So, there's obviously other industries starting to kick up. There's the military there.So, it's not just casinos. And I think that's the important thing. It's not just casinos that are bringing people there. There are other economic drivers for the City of Las Vegas.
Celeste Robertson: Our latest one that's going to be coming is we're getting the Raiders here.
Steve Rozenberg: Getting the Raiders. Yes, exactly.
Celeste Robertson: You know that they're going to have a big following and you've got a lot of diehard fans that are going to come out here that have already actually been reaching out, getting ready to move out here.
Steve Rozenberg: Really? I can even imagine the Airbnb side would, If I own properties, probably be kicking up. Because I'm sure a lot of people from Oakland and LA and all the West Coast will probably be coming in for the weekend or just having rentals there during the season, and I could definitely see that. And I understand you guys are getting a baseball team, too, is that correct?
Celeste Robertson: Yes, yes, you're correct.
Steve Rozenberg: But you guys will have everything. Hockey. I mean, again I think that these are all indicators that it is a strong economy there and it's not relying upon one type of industry and it's just starting to flourish more and more and more.
Locals are Investing, Too
Steve Rozenberg: And are you seeing investors—and to me this is the key right here—are you seeing current investors buy more properties are they just buying one and done.
Celeste Robertson: Yeah, no, I actually have several of my investors that actually constantly have me on the lookout to keep continuing to buy. I have most of my investors with three to ten properties each that they own. So, and they're continuing to buy.
Steve Rozenberg: That to me is the indicator right there. If you're seeing local investors buy, or not local, local or non-local, if you're just seeing people reinvest their money back into where it is, it's obviously, for whatever their numbers and their goals are, it's obviously hitting that strategy and it's working. So to me, that's a great indicator. We know Las Vegas is solid to begin with, butthe fact that it's growing and it's going to just keep pushing up is all the indicators. And all the stuff that they're doing, by adding these other venues and other stabilizers, to me, is a key to show you that it's definitely worth going into.
Celeste Robertson: Right. And they're continuing to add those, and I'm sure more and more to come.
Steve Rozenberg: So, Celeste, if somebody wants to get ahold of you and talk about management of their properties or learn more about Las Vegas, how would they do that?
Celeste Robertson: That would be contacting us through 833-MYND.
Steve Rozenberg: And if you just want to go to a website, you can do that. MYND.CO. So it’s M-Y-N-D.co. Also, we have a podcast show, the Myndful Investor podcast show. It's on iTunes, Spotify, Google Play. It's on YouTube, as well.Or you can just join our Facebook group. The MasterMynd Real Estate Investment Club is on Facebook. It's a great group. A lot of investors on there talking about things just like this.So again, there's multiple ways you can get ahold of us. You can learn about us. You can do all those things. More importantly, you can just do something. So this is Steve and Celeste. Thank you for watching. We'll talk to you guys later. Bye-bye.
Celeste Robertson: Bye.While most people recognize the Las Vegas Strip and are well-aware of the city’s world-class nightlife, there are many less-obvious reasons why every investor should consider Las Vegas.
Las Vegas has experienced a growing population in recent years, propelled, in part, by companies like Amazon having built offices in the entertainment capital. Likewise, the city’s acquisition of the Raiders NFL franchise, as well as a baseball team, show that Las Vegas’ economy is only growing.
Furthermore, rising rents in states like California and no state income tax means that Las Vegas can likely expect their population to continue to rise in the coming years. With such great prospects, buying property in Las Vegas is a potentially lucrative investment, both now and into the future.
Tips and Tricks to Get Your Renters to Renew Their Lease
Find out how you can ensure your renters renew their lease at your rental property and ensure steady cash flow with these tips. Learn more!
Real Estate Investing in Houston, TX
Why invest in Houston? Population growth, high education levels, and great hospitals make it a great opportunity.