Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

Vegas is a gamble. Real estate doesn’t have to be. #multifamily #realestateinvestment #realestate

6 Jun 2025 · 0 min

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Christian Osgood says Las Vegas real estate is overheated because institutional buyers overpay and leverage deals heavily. He recommends smaller towns with 30,000 to 150,000 people instead, where individual investors face less competition and find better value-add opportunities.

What's the average cost per door? It's going to wildly depend on what market you're in. Let's say Vegas.
Las Vegas. See, I haven't looked at over here in a while. Vegas is an interesting, interesting market. This is one of those towns where people will overpay for real estate on the financials because it's cool to own a property in Vegas. They're betting on the market long term. You have a city that is very, very business friendly. If you look specifically in Vegas at multifamily, all the buildings are highly levered for the most part. They trade often and they trade to big groups. So you're playing against a lot of institutional people in Vegas. It is hard. It's not that it's impossible, but Vegas is one of the harder markets to find a really good deal because other people will just overpay who have money. So you can do it, but it's hard to become the guy of a big area. Like, you'd have to take a ton of money to take out a sizable chunk of Vegas.
So I'm looking for little towns and population of what?
I like to see population over 30,000 and up to maybe 150,000. Now, you can still buy in a decently sized town, and a good deal is a good deal. I mean, if there's an amazing deal next to me in Dallas, I'm not going to say no. But I found you stack the deck in your favor if you're looking in areas where not everyone is trying to plunge money into. Yeah, and big cities, people will overpay to be in big cities. That's end of the day, that's what happens.