Moving to Las Vegas or somewhere in Arizona?

Question

My husband and I are looking to move to a place closer to our kids who live in Los Angeles. We do not want to move to California because life is too expensive over there. We presently live in Florida and own 7 doors over here. We were thinking of moving to Vegas since Nevada does not have income tax or Lake Havasu City in Arizona which has very low income tax. The real estate tax in both states are a lot lower than Florida. We would be selling little by little all of our investments here and buy close to where we move to. All we own is free and clear. I was wondering about the real estate market in those areas. Can anyone give me some insight on that market? I really appreciate!!!

Account Closed · Answer

Not all of California is expensive. If you're willing to live an hour or two outside of the city the prices are about the same as Nevada and Arizona.

Christopher Brainard · Answer

@Orita IssartelThe Las Vegas market is currently very hot and super competitive. in my opinion, it is also overpriced from a buy and hold perspective and very difficult to find doors that cash flow without significant down payments, which results in a sub-par cash on cash ROI.-Christopher

Orita Issartel · Answer

Thanks everyone for the replies. Account Closed my work is to manage our investments and since I'm a realtor I occasionally work with one of my clients. So I would like to have our investments closer to where we live. We talked about the summer months and we would probably either buy something on the Georgia or Carolinas mountains or just rent something for those months. The cost of keeping a second home in Florida is high. Real estate taxes are the highest in the country. I'd like to live close enough to my kids and grandkids to be able to just get in the car and drive there for the weekend. Not an easy wish!'@Christopher Brainard a couple of our dearest friends live in Vegas. One of them is a realtor and they do investments together. I know the market is crazy now but we won't be selling everything in Florida really fast. We're selling a duplex that we just renovated and is in a good area. I think we will take our time with buying more real estate. @Dylan Vargas That's probably the one area that would bother me the most: the greenery! I'm an outdoor enthusiast and spend a lot time biking and hiking the trails of central Florida. Lots to think about!! We're planing a trip to the area very soon. We want to check Lake Havasu City. I like the fact that it boarders the Colorado river and a lake, but it looks very dry. Thanks everyone!!

Orita Issartel · Answer

Account Closed If you want to talk on the phone pm me and I'll send you my number. I've lived in Miami for a looooong time and have been in real estate for quite a while too. It will be a pleasure to talk about the city and real estate here with you.

Orita Issartel · Answer

Account Closed I was writing since I manage our properties I'd rather live close to them. I've never heard of good property managers in Miami. Lol

Orita Issartel · Answer

Account Closed It's not so much the cost of buying a new property that keeps me off California but the cost of living (income tax, social security tax, etc. ) which we don't have in Florida. We will keep most of our properties in Florida for now. We're just starting to speculate for a move. My husband has an event company in Miami that works really good. He's not ready to retire yet. But sinc

Account Closed · Answer

@Orita Issartel ooh that's good to know. I've been keeping an eye on the Miami market since we have long term plans to move there. I wasn't aware that the property management game is thin in south FL. -_- You're absolutely right, CA loves to tax the poo out of their residents. There have been quite a few people moving from CA to NV since it's a lower cost of living but I'm not sure about the specifics. Best of luck in choosing your next move! I might be messaging you to ask more about the Miami market ^_^

Account Closed · Answer

Hi @Orita Issartel,I think it's great you're moving to be closer to your kids. Depending where in Florida you're coming from, prices in LA aren't that far off from Miami Proper or other larger cities in Florida. Las Vegas is a good option because the city is obtaining some new opportunities like the NFL team. Would you consider keeping your Florida investments? It seems like you have a nice setup with the doors in Florida.

Dylan Vargas · Answer

@Orita Issartel Well, be prepared for the drastic change in scenery. The deserts are for 'the eyes of the beholder" only. You may love it but will not be as green as Florida. Not even close except maybe in a subdivision or certain area of town. I would pencil out costs of living in California vs the other areas. Real estate is expensive as are other things in California but if you have the money for the house then California wins hands down. I would run serious costs of living and taxes on income. Visit both areas for sure. This is a drastic change in landscape is my point and many people can't handle that. Make sure you can. Many areas in Arizona to choose from. Also Albuquerque may be a good choice for costs for housing and cooler than Arizona unless in Arizona mountains.

Andrew Johnson · Answer

Orita Issartel Do you have to work when you settle in the new location? If not, I'd keep a primary residence in Florida and get a 2nd home somewhere in Arizona. I'd keep the Florida home (and properties) for the peak of the summer. I don't think you want to be in Las Vegas or Arizona for those 3 months. And if you do own 7 doors free-and-clear the costs to sell those 7 doors would pay for a lot of plane flights. Not to mention, you'd better hope the kids don't decide that California is too expense and decide to move to Texas... 😬