Investing · Seminar · July 2024
How to invest in Las Vegas real estate: the framework and the actual numbers
In July 2024 Jim Fong and the lender he works with spent two hours in front of a room of investors and agents, and put real figures on the screen for every deal they mentioned. Seven properties they own between them, one flip start to finish, three client purchases traced forward, and one deal that had opened escrow that week. This is the whole session, condensed.
Green Valley flip, 2023–24
$50,000
Net, after running 25% over a $40,000 rehab budget
Silverado Ranch, year one
−$327
Modelled monthly cash flow. Break-even around year four
One 2011 down payment
$27,000
25% down on $108,000. Became a paid-off $380,000 rental
2009 rental, rent then and now
$1,000 → $2,000
Mortgage gone, rent roughly doubled over 15 years
Editor's note: this is a 2024 seminar, published as a record
Everything below was said on 28 July 2024. The strategies hold up. Several of the inputs do not. Mortgage rates, prices, FHA limits and short-term-rental rules have all moved since, and one central assumption in the seminar has since been tested by two years of local data. We have kept the session as it was delivered and graded the assumptions in a section near the end rather than quietly rewriting them. Nothing here is tax, legal or lending advice, and lending programme details in particular are as of mid-2024.
Two portfolios, built two different ways
Jim bought his first Las Vegas house in March 2004. Twenty years later the portfolio was around $7 million in value producing roughly $30,000 a month in gross income, with mortgages still outstanding against part of it. That works out to about 5.1% gross yield on value, before property taxes, insurance, HOA dues, maintenance, vacancy and management. Gross rent is not net income, and the gap between the two is where most first-time investors get their forecast wrong.
He was explicit that the twenty years are the point: no 50 doors in 18 months, no shortcut worth selling.
Wes came into lending in May 2002 instead of going to law school. He owns seven single-family homes plus a roughly 1,400-acre ranch in central Nevada under hay production, cut three to four times a year with the crop presold to a dairy. Gross income across the portfolio was around $225,000 a year. Jim owns more of his properties outright; Wes runs more leverage. Two different answers to the same question, which is most of the argument for sitting through a session like this rather than copying one person.
The framework: SMARTER
Jim's acronym covers the full life of a deal, and the useful part is that five of the eight steps happen after you own the property, which is where most beginner material stops.
- Strategy. Appreciation or cash flow? How long are you holding? Single-family, multifamily, short-term, midterm? Where is the down payment coming from? Jim ran these scenarios in his head for years before he had the money, asking himself what he would buy with $150,000, then $250,000.
- Market. Not "Las Vegas". The specific submarket, and what its rents, taxes and HOA dues actually are.
- Acquisition. Know your financing lane before you shop, not after you find something.
- Rehab. Who is doing the work, and have you priced it before you close?
- Rent. Who screens tenants, handles calls and turns the property over.
- Tracking. Compare actual rent, repairs and vacancy against what you projected. Compare properties against each other like a stock portfolio.
- Exit. Decide the number at which you would sell before you need one.
- Repeat. Review the deal you just did, then decide whether to run the same play or change it.
Timing came up under strategy. Winter tends to be a better time to buy because buyer competition is lower, and a worse time to put a vacant rental on the market. Summer runs the other way. Activity has historically clustered around the academic calendar, which concentrates moves into June, July and August before the market slows.
Las Vegas is not one market
Nevada has no individual state income tax, is generally considered landlord-friendly relative to many states, and has tourism, continued development and a major airport behind it. None of that tells you anything about a specific purchase.
Summerlin has historically had strong demand and appreciation and costs the most to get into. The Southwest has been among the fastest-growing areas with a lot of newer construction, which also means higher tax assessments and HOA dues on many of the newer communities. North Las Vegas has a lower acquisition cost, but rents do not fall proportionally with purchase price, which changes the ratio in both directions depending on what you are optimising for.
Wes added the geography argument: federal land and mountains constrain where the valley can expand, which pushes growth south toward the state line. Brightline West broke ground on 22 April 2024 on a 218-mile high-speed line built largely in the I-15 median, with stops planned at Las Vegas, Victor Valley, Hesperia and Rancho Cucamonga, where riders can connect into the Southern California Metrolink network. The argument is that improved transit changes how people weigh distance against housing cost.
Don't just say "Vegas is a good market". You still have to understand the specific area you're buying in.
For the area-level detail behind this, see the Summerlin, Southwest, Enterprise and Henderson guides.
Property type, and what lending does to it
Single-family homes are Jim's preference: longer tenancies, straightforward resale, historically decent appreciation, and the highest acquisition cost of the three. Townhomes and condos come in cheaper, and HOA dues can take back the difference.
Small multifamily in Las Vegas is mostly older and centrally located. Jim's objection is maintenance rather than anything else: on a building put up in the 1950s, the numbers can work on a spreadsheet and then be eaten by the cost of keeping the property operating.
Condos carry a financing problem that most unit owners never see until they try to sell or refinance. With a condo the lender is underwriting the project as well as the borrower: HOA documents, budget, insurance and financial condition all have to clear programme requirements. Wes described a refinance that stalled because the master insurance policy carried an extremely high deductible, which took getting the HOA board involved and changing the policy. An individual owner has no visibility into that until it blocks them.
How the first few properties actually get financed
The route most people take is not the one they expect. They buy a primary residence, live in it, then buy the next primary and keep the first as a rental. That means the rental was acquired on owner-occupied terms rather than investment terms, which is a materially better starting point. Repeat it over a decade or two and you have several rentals, none of which were bought as investment properties.
The condition attached to that, stated repeatedly in the seminar: your occupancy intent has to be genuine when you sign. Converting later because of a job relocation, a family change or military orders is a normal outcome. Representing a property as your primary residence when the plan from day one was to rent it out is not.
| Route | What it is for | The catch |
|---|---|---|
| Owner-occupied ladder | Buy a primary, keep it when you move up | Occupancy intent has to be real at signing |
| FHA on 2–4 units | House hacking with a low down payment | You must occupy one unit; county loan limits apply |
| Conventional / agency | Borrowers who document income normally | Larger down payment on investment property |
| Non-QM and DSCR | Self-employed borrowers; property-led qualifying | Investment only; terms vary widely by lender |
| Second home | A genuine vacation property | Specific occupancy and rental restrictions |
| Loan assumption | Taking over a low FHA or VA rate | You still have to fund the equity gap |
| Hard money, private, renovation | Flips and value-add | Higher cost; lender wants a credible exit |
The FHA house hack
FHA is owner-occupied financing, and it will go up to four units. Occupy one, rent the rest, and a first-time buyer becomes a homeowner and a landlord in the same transaction with a relatively low down payment. The limits that applied in Clark County in 2024 were $498,257 for one unit, $637,950 for two, $771,125 for three and $958,350 for four. These are reset annually and have risen since, so treat them as a 2024 snapshot rather than a planning figure.
Why assumptions are harder than they sound
$200,000
Remaining balance you assume at the seller's low rate
$400,000
Purchase price. The $200,000 gap is yours to fund
The low rate is real. The equity gap between the assumed balance and the price is also real, and it is usually the reason assumptions collapse in practice.
DSCR, and what lenders will actually count
A DSCR loan qualifies primarily on the property's rental income against its proposed housing expense rather than on your personal income, which makes it useful for self-employed borrowers. Market rent on a one-unit investment property may be supported by an appraiser using Fannie Mae Form 1007. You may also hear people cite 75% of gross rent in qualifying calculations, which is a separate agency underwriting concept and should not be assumed to apply to every DSCR programme.
Short-term-rental income is the harder case. A lender may require documented operating history rather than a projected nightly revenue figure. Jim's warning was blunt: do not take the highest booking-platform estimate you can find and build the deal around it. Find out what the lender will actually recognise first.
Seven properties, with the numbers
These are the properties Jim and Wes own or have sold, as presented.
| Property | Bought | Price in | Where it got to by 2024 |
|---|---|---|---|
| Huntington, off Fort Apache | Sept 2009 | ~$145,000 | Paid off, worth mid-$400,000s, rent ~$2,000 (started ~$1,000) |
| North Las Vegas, near the VA hospital | ~2011 | ~$108,000, 25% down ($27,000) | Sold ~$405,000, 1031'd into Southern Highlands |
| Southern Highlands, one storey | End of 2023 | ~$380,000 cash (1031 replacement) | Rents ~$2,000 against ~$1,800 on the property it replaced |
| Green Valley flip, ~1,300 sq ft | 29 Dec 2023 | $325,000 + ~$50,000 rehab | Sold ~$450,000, netted ~$50,000 |
| Idaho, bought as a vacation home | Pandemic era | 10% down, interest-only | Pivoted to long-term rental, ~$1,200/mo positive |
| Wes: near St. Rose Parkway, ~2,000 sq ft | ~2018 | ~$235,000 | Rent $1,350 → $2,250; started −$150/mo, refinanced later |
| Wes: behind the Huntridge Theater | ~Mar 2022 | Not stated | Furnished long-term at ~$3,500/mo after the STR was shut down |
The Huntington house is the one Jim keeps coming back to. He bought it in September 2009, prices kept falling afterwards, and he spent a while thinking he should have waited for $110,000 or $120,000. The payment was around $1,000 and it rented for around $1,000, so it made nothing every month. Fifteen years later it is unencumbered, worth roughly three times what he paid, and the rent has doubled.
How a property starts isn't necessarily how it ends.
The North Las Vegas to Southern Highlands move is the clearest argument in the session for tracking a portfolio rather than just holding it. A $27,000 down payment in 2011 became a property that tenants paid off, which was then sold at around $405,000 and rolled through a 1031 exchange into a one-storey Southern Highlands home bought for cash. The old property turned over roughly every 12 months, with renovation costs each time; the replacement rents for more with less turnover. That is a portfolio decision, not a market call.
The Green Valley flip has its own page with the full renovation breakdown: a Henderson flip, start to finish. Jim's own retrospective on it is in seven flipping lessons, and the process in order is in how to flip a house. The two things he said he would do differently: submit the architectural review application sooner, because review alone took about two months before approval, and think through HVAC venting and electrical before converting a loft into a bedroom rather than during.
Three client purchases, traced forward
Jim makes anniversary calls to past buyers, pulls comps and shows them what happened after they bought. Three of those, as presented in July 2024:
| Where | Bought | Paid | Comparable sales at the time of the seminar |
|---|---|---|---|
| Washington & Durango, ~1,500 sq ft | July 2023 | ~$400,000 | ~$450,000 on comps roughly ten months later |
| Aliante, one storey | March 2020 | ~$279,000 | Low $400,000s, about $120,000 over four years |
| Two storey, 3 bed plus loft | 2019 | ~$286,000 | Low-to-mid $400,000s; later converted to a rental |
Wes was candid about the spread. Across the clients he had called back, some were up $10,000 or $15,000 while others were up $50,000 or $60,000, which is the honest version of the same point. These are comp-based estimates of market value, not money anyone has realised. Nothing is realised until the property sells, and selling costs of roughly 4.4% to 6.9% come out of the number first.
The one that ran the other way round
Bill already owned a larger Summerlin house with a low locked-in payment. Rather than sell it, he bought a second, slightly smaller primary residence with a low down payment, moved his family in, and kept the first house as a rental. The old mortgage was about $1,400. It rents for about $2,700. That spread offsets the cost of the new house, and he put his net housing cost at under about $1,800 a month.
He closed the new house in February 2024 at about $435,000. A model match sold in June at about $550,000. Jim was careful about that figure on the day and it is worth repeating: that was an unusually strong comparable over four months, not a repeatable outcome, and nobody should plan on it. The transferable part is the structure. Bill's own framing was that he did not need the deal to look outstanding on day one, only manageable, with the real question being what it looked like in five or ten years.
The deal in escrow that week
The most useful case in the seminar was the unfinished one. A Silverado Ranch house listed around $379,000, bought by a seasoned investor. Jim advised offering around $385,000, the client authorised up to $390,000, and the offer was accepted at the lower number. The seller had owned it since about 2011, having paid roughly $117,000, which under Nevada's property-tax abatement rules left a relatively low tax history attached to the property and helped the operating numbers.
Projected rent was around $2,000 a month. Here is what that produced in the ten-year model:
−$327
Modelled monthly cash flow, year one
Year 4
Approximate break-even, on the model's assumptions
The HOA ran about $185 a month, which pushed break-even meaningfully further out on its own. Initial cash in was roughly the 20% down payment, about $77,000 on a $385,000 purchase, plus costs. The model assumed 5% annual appreciation and rent growth on top, and over ten years produced a substantially different picture than month one. Wes stated the obvious constraint plainly: lower appreciation, lower rent growth or higher expenses all reduce the result, and the assumptions are doing a great deal of the work.
Don't analyse a ten-year asset using only the first month's cash flow.
Appreciation as part of the return, and the caveats it needs
Jim's worked example: a $500,000 home with $100,000 down, appreciating 5% a year for two years, reaches about $551,000. That is roughly $51,000 of additional equity against $100,000 of initial cash, before principal paydown, transaction costs, taxes or any negative cash flow carried along the way.
Four things have to be attached to that number every time it is used:
- Gross yield is not net return. Taxes, insurance, HOA, maintenance, vacancy and management all come out first.
- Equity from appreciation is unrealised. It is a comp-based estimate until a sale closes.
- Selling costs of roughly 4.4% to 6.9% come off the top when you do sell.
- The appreciation rate is an assumption, not a property of real estate. See the section below.
Wes's framing of early negative cash flow was to weigh a $200 or $300 monthly shortfall against other spending, on the grounds that rents rise, balances fall and the shortfall can disappear. That reasoning only works if you can carry it through a vacancy and a major repair at the same time, and it is not an argument for buying a bad deal.
The same trade-off against a fixed-income alternative is worked through in CDs vs real estate investing, and the rent side is in the Las Vegas rental market.
Short-term rentals: two strategies that failed
Both speakers had a short-term rental go wrong, which is more instructive than a success would have been.
Jim bought a house in Idaho during the pandemic as a genuine vacation home, 10% down on an interest-only structure to keep the payment low, with the thought of renting it out when he was not using it. Demand was strong at first. Then post-pandemic demand in that market fell, short-term supply rose and the city started adding licensing rules. He had used the house only a handful of times, so he converted it to a long-term rental, where the financing structure left it about $1,200 a month positive.
Wes and a partner bought a house behind the Huntridge Theater around March 2022 specifically for short-term rental demand. It worked financially until they were reported. The property had never been properly licensed, the licensing process was never completed, and a cease-and-desist ended the operation. The house was already fully furnished, so they rented it furnished on a long-term basis instead, at around $3,500 a month against an unfurnished market rent in the low $2,000s. Two teachers moved in and renewed. The failed strategy produced a simpler business with no cleaning crew, no weekly turnover and no weekend guests.
The licensing point is the one to carry away. Rules differ between the City of Las Vegas, unincorporated Clark County, Henderson and North Las Vegas. In some jurisdictions you may need control of the property before you can complete an application, and eligibility can also depend on spacing from other licensed properties and on zoning. Jim had a client who researched the area, bought, then applied, and by the time he applied another nearby property had moved ahead of him and affected his eligibility. If the deal only works with a licence, that risk sits in front of you at closing, not after.
There is a related exposure for ordinary landlords. A past client leased her house on a standard twelve-month term and the tenant listed it on a booking platform. The city pursued the owner for an unlicensed short-term rental. A long-term lease does not by itself prevent this; lease language and knowing what happens at your property do.
When ordinary rent does not cover the payment
Monthly rent is the simplest revenue model for a property, not the only one. The seminar ran through several alternatives, each of which brings its own zoning, licensing, insurance, HOA and liability questions.
- Furnished and midterm rentals. Target stays of several months rather than several nights: relocations before buying, temporary workers, construction projects. Jim's caution is that overall demand for furnished is lower than for unfurnished, so the tenant pool is smaller even though the rent is higher. The travelling-nurse version of this was heavily oversold, and by 2024 some of those stipend budgets had come down.
- Assisted-living and group homes. Revenue per resident can be far above market rent. You are then operating or leasing to a regulated business rather than being a landlord, and the ideal property is different too: often a large single storey with wide access and a floor plan that supports more bedrooms.
- Event and hourly space. One agent rents a house for bridal showers and similar events; platforms such as Peerspace list spaces for shoots and meetings.
- Storage, garage and pool rentals. Smaller revenue, same category of licensing and insurance questions.
- Buying where a child is at university. If you are already funding four years of student housing, a two- or three-bedroom with roommates converts that spending into an asset and teaches the student to manage a property. Financing structures exist where a student occupies as a primary residence with a non-occupant co-borrower, with the rules differing between FHA, conventional and other programmes.
- Buying for a parent. Agency family-opportunity concepts can sometimes let a borrower purchase a home for a parent who cannot qualify alone, treated differently from a standard investment property when the applicable rules are met. The lender has to look at the actual scenario; there is no one-line rule.
Identify who your renter is before you furnish an entire house for a strategy that may not exist in that neighbourhood.
Using equity you already have
An attendee asked whether to pull equity out of a paid-off property to buy more. Wes's answer was that at his stage he prefers leverage when the numbers work: a $300,000 free-and-clear asset can stay a trophy or become the down payments on two or three more. He attached the limit in the same breath. There is a point at which you are overleveraged and the risk stops making sense, and age, income stability, reserves and where you are in the cycle all change the answer. Somebody near retirement should not reach the same conclusion as somebody accumulating.
The tools:
- HELOC or home-equity loan. Access equity without selling, subject to qualifying.
- Bridge loan. Solves a timing problem by using equity in an existing property to acquire the next one before the first sells. Some products cross-collateralise both. Rates and fees are higher and the lender wants a credible exit, so a bridge built around a sale is the wrong product if you do not intend to sell.
- 1031 exchange. Sell qualifying investment property, use a qualified intermediary, acquire qualifying replacement property, defer the gain.
- Reverse 1031 exchange. For when you find the replacement first. The replacement is parked through an exchange accommodation titleholder while you complete the sale. More complex and more expensive, with facilitation costs quoted in the high thousands, and it needs a qualified intermediary, CPA and attorney coordinating before the transaction, not after.
On partnerships, there is no standard agreement, and Jim was straightforward that the last flip was funded by his father on a handshake because it was his father. For anyone outside immediate family, the questions that need written answers before money moves: what happens if one person wants to sell and the other does not, what happens if the property needs more capital, what happens if somebody dies or stops contributing, who decides, and how profit splits.
The primary residence is a strategy too
Jim's first house cost about $157,000 and sold for about $260,000. Under the federal home-sale gain exclusion, an individual meeting the ownership and use tests can generally exclude up to $250,000 of gain, and qualifying married couples filing jointly up to $500,000. Repeatedly buying a primary home, improving it, living in it long enough to meet the rules and moving up is a legitimate wealth-building path that requires no rentals at all.
He also moved out of one home, rented it for a period, then sold it while still meeting the ownership and use timing. That works, and it creates additional tax issues including depreciation recapture. The two-out-of-five-years shorthand is useful and is not the whole of the tax code. Talk to a CPA before relying on it.
How the 2024 assumptions have aged
Two years of data now sit on top of this seminar. Grading the calls it actually made:
- The 5% annual appreciation assumption: did not hold locally. Valley median prices ran close to flat from roughly $478,000 in September 2024 to roughly $480,000 in August 2026. A Silverado Ranch model assuming 5% a year from mid-2024 would be materially ahead of what the market delivered over its first two years. The break-even year in that model moves out accordingly. This does not invalidate the structure of the argument, which is that a ten-year asset should not be judged on month one. It does show what happens when the assumption doing most of the work turns out to be optimistic.
- "We're not going to crash": held. Both speakers said they expected no crash, and Wes admitted he had expected more damage from rates in the sevens than actually materialised. Prices did not crash. They went flat, with sales volume rather than price absorbing the pressure.
- "Waiting for rates to fall is not automatically cheaper": held. The argument was that a lower rate could arrive alongside higher prices or more competition. Buyers who waited from mid-2024 did not get a materially better entry point.
- The Zillow and Pulsenomics five-year panel: the slide shown put the panel median at roughly 25% cumulative national appreciation from the end of 2023 through the end of 2028. We have not independently confirmed that specific median, and in any case it was a national figure. Las Vegas has run well below that pace over the first two and a half years of the window.
- Brightline West: the groundbreaking was real and the route is as described. The opening target has moved. Officials spoke in April 2024 about being ready for the 2028 Los Angeles Olympics; the estimate had shifted to December 2028 by early 2025 and to late 2029 by early 2026. The infrastructure story is intact, the timetable is roughly a year and a half slower.
- FHA limits: the 2024 Clark County figures quoted above have been reset twice since. Check the current county limit rather than these.
For where the market actually went, see the monthly market reports.
Disclosures
Jim Fong owns Masterful Property Management, referenced in this article in the context of hiring a property manager. He hired one at around two properties in his own portfolio and described that as the point at which owning more became easier.
The lending discussion in this seminar comes from a lender Jim works with and appears on video with regularly. Loan programme details, limits and requirements described here are as of July 2024 and vary by lender, programme and borrower. Nothing in this article is tax, legal, investment or lending advice. The 1031, home-sale exclusion and depreciation-recapture points in particular need a CPA looking at your actual situation.
Property values quoted from comparable sales are estimates, not realised proceeds. Rental yields quoted as gross are before taxes, insurance, HOA dues, maintenance, vacancy and management. Selling costs in Las Vegas typically run about 4.4% to 6.9% of the sale price.
Questions from the room
Do you have to own your own home before buying a rental in Las Vegas?
No. You can rent where you live and buy an investment property separately. The trade-off is financing: investment-property loans generally require a larger down payment than owner-occupied financing. The route most first-time investors take is to buy a primary residence, live in it, then keep it as a rental when they move to the next primary, which means the property was originally acquired on owner-occupied terms. That only works if your occupancy intent was genuine at the time you signed.
What is a DSCR loan and how is it different from a conventional mortgage?
DSCR stands for Debt Service Coverage Ratio. Instead of qualifying you mainly on your personal income and tax returns, the lender looks at the subject property's rental income against its proposed housing expense. It is an investment-property product, not something you can use on a home you intend to occupy. Requirements, minimum ratios and reserves vary by lender and programme, so one lender's numbers are not universal. Market rent may be supported by an appraiser using Fannie Mae Form 1007 on a one-unit investment property.
Can you buy a duplex or fourplex in Las Vegas with an FHA loan?
Yes, if you genuinely occupy one of the units as your primary residence. The other units can be rented. In 2024 the FHA limits that applied in Clark County were $498,257 for one unit, $637,950 for two, $771,125 for three and $958,350 for four. Those limits are reset annually and have risen since, so check the current Clark County figure before you plan around a number. The property still has to meet FHA and underwriting requirements.
Is negative cash flow ever acceptable on a Las Vegas rental?
It can be, but only as a deliberate decision you can afford to carry. The Silverado Ranch deal discussed in this seminar modelled at about −$327 a month in year one and did not reach break-even until roughly year four, and that was under an assumed 5% annual appreciation rate that did not hold over the following two years. Negative cash flow means you are funding the property out of income every month while you wait for rent growth. If your reserves cannot cover a vacancy and a major repair on top of that, the deal is too tight.
Are short-term rentals legal in Las Vegas?
It depends on the jurisdiction, and the rules differ between the City of Las Vegas, unincorporated Clark County, Henderson and North Las Vegas. Licensing can turn on zoning, spacing from other licensed short-term rentals and other restrictions, and in some cases you need control of the property before you can complete the application. Both operators in this seminar had a short-term rental strategy fail: one on a cease-and-desist after operating unlicensed, one on demand and new licensing rules in another state. Seeing a property listed on a booking platform is not evidence that it is licensed.
What is a reverse 1031 exchange and when is it worth the cost?
A standard 1031 exchange defers gain when you sell an investment property and acquire a qualifying replacement through a qualified intermediary. A reverse exchange handles the opposite order: you have found the replacement before your existing property has sold, so the replacement is parked through an exchange accommodation titleholder while you complete the sale. It is more complicated and more expensive than a forward exchange, with facilitation costs quoted in this seminar in the high thousands. Whether it is worth it depends on how much gain you are deferring and how hard the replacement property would be to replace. This needs a qualified intermediary, a CPA and an attorney.
How much of a rental's return comes from appreciation rather than rent?
Potentially most of it, which is exactly why the figure has to be treated carefully. The seminar's worked example was a $500,000 home with $100,000 down appreciating 5% a year for two years, reaching about $551,000 and adding roughly $51,000 in equity. That equity is unrealised until you sell, selling costs of roughly 4.4% to 6.9% come out of it, and the appreciation rate is an assumption rather than a guarantee. Valley median prices ran close to flat between September 2024 and August 2026, so a 5% annual assumption would not have held over that window.
Work the numbers on a real property
Wes's closing suggestion costs nothing: pick an investment property today, have the payment calculated at current rates, write down your projected rent and expenses, then track that exact property for six months. See what it sells for, watch the rents around it, and find out whether your assumptions were right before any of your money is involved.
If you would rather run those numbers on a specific Las Vegas property with someone who owns them, book a time.
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Jim Fong · NV license BS.0068736 · The Jim Fong Group at Real Broker · 702-997-2050