The first thing you need to do is make it a goal to get at least one investment property or income property that will generate positive cash flow. This can be a single family home or a multi-unit property. My preference has been with duplex, triplex and four plexes. Start putting aside funds that will cover a down payment and start analyzing property.
At first the most difficult part is finding the right property for you but eventually it will be the easiest. If you learn to evaluate property by adding all of your expenses including debt service and compare it to what you will make in rent each month you can determine if a property is worth a second look. It is usually never a good idea to buy a property that will not make money each month. If you do you always run the risk of getting caught in a down market and not be able to sell as well as having to use money from some where else to cover the difference between your rental income and expenses.
It is a great time to start in the income property business because of the drastic drop in real estate values. The positive for income property investors is that rents have not come down nearly as much as real estate. In Las Vegas property values dropped up to 60% in some areas where rents have gone down an estimated 10% or less. For example, a 4 plex that was selling for $330,000 in 2004 with monthly rent of $2600 can now be purchased for under $200,000 and the rents are still nearly as high. It is an amazing statistic because you can increase you cash flow tremendously if you bought now as opposed to paying $330,000 back in 2004.
I think Las Vegas has been drastically over priced in regards to real estate for years but now the after the recession the prices are more palatable but I still could make the case that real estate is over valued. For some reason buyers in Las Vegas are willing to pay a premium on marginal property. Maybe in part because people always thing Vegas will bounce back or avoid the worst of the recessions but this recession negated that theory as home values disintegrated.
Currently single family home values in Las Vegas are starting to rebound in price do to the lower inventory values, short sale process and the changes in law that have made banks much less aggressive in taking back real estate. However, the income property is not seeing quite as strong of demand.
There are plenty of of good reasons to start buying investment and income property in Las Vegas as it probably a good time to start buying in most cities in the USA.