Amanda Malekhedayat is an investor-friendly realtor working in Las Vegas, Nevada. She’s lived in Vegas for over 10 years and, as such, has an intricate understanding of the real estate market, and the opportunities available to new investors.
Amanda took some time to answer a few questions about her background and work in Las Vegas real estate, as well as her free monthly investment seminars.
Hi Amanda, when did you discover your interest in real estate?
Real estate has been a part of my upbringing for as long as I can remember. I have several relatives who invest in real estate, whether it be by building and selling spec homes, buying distressed properties to renovate and rent, or owning turnkey traditional rentals. We also have several realtors in the family, so working in the field of real estate seemed natural to me.
When searching for my first property (before I was a broker myself), I quickly noticed that there were actually several subjects involved – finance, construction, and aesthetic design. In my quest to find someone who specialized in long-term strategic planning to guide me further, I was hard pressed to find someone who truly fit the bill. My agent at the time knew enough to take me through one singular transaction, but the coaching ended there. However, my interest was piqued.
I wanted to become the kind of help I was seeking. I knew this was where my talents were needed.
It is my belief that everyone should have the step-by-step guidance necessary to invest in real estate for the long run. We were meant to have our money work for us, not the other way around!
How well do you know the local market in Las Vegas?
After living in the Vegas Valley for over 10 years and selling in every region of the map, I know it like the back of my hand. I am a current member of the National Association of Realtors, Las Vegas Association of Realtors, and voting member of the Las Vegas Realtors Trends Committee. I monitor daily local business news and major upcoming commercial deals, as these are market indicators for the city’s economy. In addition to actively participating in the market when working for clients, these channels keep me updated on the most relevant market data.
What type of assistance do you offer?
I hold a monthly seminar where I teach people how to invest in rental properties, going over several different angles and options that they can choose from as investors.
In regards to listing property, I offer to pay up to $1,000 in pre-market repairs, painting, and preparation of the home. This is a big help to many who do not want to deal with repairs before they sell, and takes out a lot of the stress.
When working with home buyers who want to put no money down and pay no closing costs, I find discounted new construction homes that builders are offering the most incentives on. I can target these properties and negotiate for maximum contributions towards the buyer’s bottom line. This is most helpful for lowering the barriers for first time buyers entering the market.
I also work with fix-and-flip investors, doing all legwork for them including finding the property, running calculations, making offers and managing transactions, getting contractor bids, supervising the project to completion, staging and selling the home on the open market. One can reference www.lasvegasflips.com for a portfolio of recent work.
Is Las Vegas really affordable? What are the major changes in real estate you have noticed recently?
When comparing Las Vegas to coastal cities like Los Angeles, New York and Chicago, it is drastically more affordable. However, you are still getting the amenities and conveniences of city infrastructure – the international airport is right in town, access to many brand name stores, eateries, and entertainment and more are always being added. So although Vegas property prices are trending up, a median home price of less than $400,000 for new construction is still a great deal.
Notably, Las Vegas has recently experienced an influx of high net worth individuals from coastal cities who work from home. Nevada’s tax-favorable laws make relocating here worthwhile for those who are tired of the inflated property and income taxes of those other states. They can find a luxury home for under $1M (or over, if they choose!) and still come out ahead.
By investing in Las Vegas, as with most real estate purchases, one would gain the most appreciation when buying in an up and coming area, and ride the wave of development and popularity upward for best results.
Does the local market have expected value growth?
Definitely. There are dozens of construction projects underway right now in Las Vegas. First and foremost, the new toast of the town: the new NFL Raiders Stadium. It’s been our major highlight and since its official announcement, the zip codes surrounding it have appreciated significantly. As it is now nearing completion, market appreciation is expected to continue following its debut.
In business news, the major purchase of Caesars Entertainment by Eldorado Resorts has increased the stock value of Caesars (keeping the corporation name) by magnitudes. This is to be taken as a vote of confidence in the near future of the local market, as the new entity formed is now the largest casino company in America.
Amazon has a new fulfillment center in North Las Vegas and HR headquarters in Town Square. Warehousing and fulfillment services have become popular here, as rent is affordable and zero state income tax makes doing business worthwhile. This proves positive for the local market, as e-commerce becomes only more mainstream.
New construction builders have not slowed down, and the persistence of new-build neighborhoods equates to several up-and-coming parts of town for buyers to gain appreciation with.
Are you an investor yourself?
Absolutely, I am partnering with my brother now on our latest project: a multi-unit Airbnb property on the west side of Las Vegas, just a few miles north of the stadium. It is the activity of investing for myself which has provided me the foundation and inspiration to serve others. As I develop new and improved methods in my own ventures, I then pass on that edge to my clients as we work on their portfolios.
What tips you would give to a person who wants to invest in real estate in Las Vegas for the first time?
It makes the most sense to work with a professional who specializes in investments in your target market. This will cut your learning curve to near none, as your real estate agent (me, of course!) will be doing the heavy lifting. Your agent should be able to select the best properties out of the options available, run calculations, creatively present to you various scenarios from which you choose ultimately based on your preferred path as the investor. Using a specialized professional is the most efficient way to create passive income, as you are likely not looking for another job! Most likely your ideal situation is one where you build trust with a chosen real estate professional, who does the legwork on your real estate investments for the long-term.