Las Vegas Fix & Flip Loans from Lantzman Lending: A Flip Transformation in Vegas
Recently funded in Las Vegas, NV
The borrower did an excellent job on this renovation, check out the before and after transformation in the photos. This property was purchase in April 2024 for a $315,000 and they had the property on the market in 90 days. The property sold in September 2024 for $442,000 after being listed for 60 days. The investor kept it simple and followed some tried and true flipping practices:
- Avoid Over Customization – While it’s tempting to add unique features, stick with neutral designs that appeal to the majority of buyers. Choose finishes, colors, and materials that allow buyers to visualize their own style, making the home easier to sell quickly.
- Focus on Kitchens & Bathrooms – These areas provide the highest return on investment. Upgrading countertops, appliances, cabinetry, and fixtures in kitchens and bathrooms can dramatically increase the home’s market value. Keep designs simple and timeless for broad appeal.
- Prioritize Curb Appeal – First impressions are critical. Invest in the exterior by updating the landscaping, painting, adding new front doors, or replacing old siding. You will often see investors leave the backyard as a “blank slate” due to the belief that the putting money into customizing the backyard will often not return greater returns (particularly on entry level homes).
- Open Up Spaces: Modern buyers love open floor plans. If possible, remove non-structural walls to create a more open living space between kitchens, dining rooms, and living areas. This makes the home feel larger and more inviting, appealing to today’s buyers.
- Use High-Quality but Affordable Materials: Balance cost and durability by using mid-range, quality materials that look good and last but don’t strain the budget. For example, opt for solid but cost-effective countertops, like quartz or granite, rather than expensive luxury stone.
Lantzman Lending is a private lending fund specializing in business purpose loans across the Western US and Texas. We offer loans for Fix & Flips, Commercial and Residential Bridge Loans, Renovation & Construction loans, Cash Out Refinances, Business Purpose loans on owner occupied properties, and more…. We offer custom creative loan solutions for our clients and we have been in business for over 25 years.
Las Vegas Real Estate Market for October 2024
In August 2024, the median price of homes in Las Vegas saw a 3.3% increase compared to the same period last year, reaching $434,000. Typically, properties in the city sold after 39 days on the market, slightly longer than the 33-day average recorded in the same period of 2023. During this month, 818 homes were sold, marking a decline from 886 sales in August 2023 (data courtesy of Redfin). Las Vegas home prices had shown consistent growth since February 2023, with the median price rising from $390,000 to $450,000 over the span of 18 months. However, a notable drop of around 4% occurred recently, bringing the median price back down to $434,000. In the greater Las Vegas/Henderson area homes for sale are up about 60% since early 2024, combined rates that are just off recent record highs and coming into winter, there may be some more price corrections in the near future.
On a positive note for home prices, the Federal Reserve made an unexpected decision to lower its target interest rate by 0.5%, when most analysts had predicted a more modest reduction of 0.25%. Although mortgage rates initially dropped following this announcement, strong employment reports have since caused them to rise again. Further rate cuts are expected over the next 15 months through 2024 and into 2025, potentially totaling over 1%. A reduction in rates could fuel greater housing demand and lead to increased home prices.
