I received an interesting comment from Judy, a reader, regarding good investment areas in the Las Vegas area. I'll respond more fully later, but I found it fascinating that so many "experts" are telling Judy where to invest and where not to invest. Some savvy investors are now looking to those less-desireable, less competitive areas that she's being told to avoid!

We all know Summerlin and Green Valley are great places to invest. The competition for good deals is also very steep. There are places in this area where you can buy a similar home for tens of thousands of dollars less, yet the rent is close to what you will get on an investment home in Summerlin. Don't get me wrong--I LOVE Summerlin ... location, location, location. But don't overlook areas where the prices are so low that you can more easily find positive cash flow. Price, price, price.

I'm now up to 6 on the number of above-full price offers that clients have had rejected in the past 6 weeks. I showed houses near Shadow Creek Golf Course this past weekend to a client referred by a former client, Gui Z. Gui finally closed on his home in this area in early April. He purchased his home in move-in condition for $249,900. When he made the offer in early January, no one was buying. Even though prices are not going up, it is difficult to find a similar house in this area listed for less than $265,000 now--there are more buyers competing for these homes.

REOs in Summerlin and Green Valley--in fact nearly everywhere--are getting multiple offers. Perhaps it's time to think outside the box, and look to some of those areas that aren't getting as many offers. There are some real gems out there, and the competition is not as stiff.

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