Investors
How do I flip a house in Las Vegas?
By Steve Lockhart
The short answer
The flip formula is simple to write and brutal to execute: the purchase price plus repair costs plus holding costs plus selling costs has to sit well below the price the finished home will sell for, and the gap has to be big enough to pay you for the risk and the work.
Full answer
The flip formula is simple to write and brutal to execute: the purchase price plus repair costs plus holding costs plus selling costs has to sit well below the price the finished home will sell for, and the gap has to be big enough to pay you for the risk and the work. In Las Vegas, that means understanding the local market well enough to know what a renovated house on that street actually sells for, not what you hope it sells for.
Then comes the discipline of full costs. Purchase price is only the start. Your model needs the rehab, financed at hard-money rates often, holding costs like interest, taxes, insurance, utilities, and HOA dues while you work, and the selling side, agent commissions, closing costs, concessions, and any buyer repairs from inspection. A flip that only works if everything goes perfectly is a gamble dressed up as a plan, and building in a 10 percent contingency is not pessimism, it is realism.
Execution matters as much as the math. Use an inspector before you commit to a repair budget, get contractor bids, not guesses, and manage the timeline, because every extra month of holding burns cash. On the buy side, work with an agent who understands investor pricing and knows what renovated homes in each community sell for. On the sell side, price the finished product to the market on day one: in Las Vegas, a well-priced renovated home moves, and an overpriced one sits and eats your profit in holding costs.
A note from Steve: nothing on this page is investment, legal, or tax advice. Markets move, and every property is different. Run your own numbers on the specific deal, and talk to your CPA and attorney before you commit.
Go a little deeper
Frequently asked
Questions investors often follow up on
How much money do I need to flip a house?
Enough for the down payment or cash purchase, the full renovation, holding costs for the projected timeline, selling costs, and a contingency on top. Lenders and hard money providers usually want you to have meaningful skin in the deal, so plan on a healthy cash position, not a thin one.
How long does a flip take in Las Vegas?
A light cosmetic flip can run a few months, and a gut renovation often takes longer, and the clock includes buying, renovating, and selling, with holding costs accruing the whole time. The timeline in your pro forma should come from real contractor bids, not optimism.
Do I need to be a contractor to flip?
No, but you need to manage contractors or have a trusted partner who does. Understanding construction well enough to read bids and spot problems is a real advantage, and hiring quality trades is the difference between a profitable flip and a money pit.
The Lockhart Method
The Lockhart Method
Your Home | My Strategy | Proven Results
My strategy: before you buy, we build the complete flip model with current local sales data, conservative rehab numbers, and every holding and selling cost, plus a contingency. If the finished value still clears the total with a real margin, we buy; if not, we move to the next property.
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