Newbie investor asking for guidance after Covid crushed all goals

[Jeremy Davis]

Hey everyone, 

Hope you are all happy and healthy! This is my first post, somewhat of an introduction, but mainly asking for a little light to be shined in my direction on what I should do next. 

I have been saving for years, my credit is fantastic, and I just got married the end of last year. My wife and I set out a plan, a 90-day goal, 6-month, and 5-year goal. We live in Los Angeles, and our plan was to move to Las Vegas, rent for the first few months to learn the land, to earn my real estate license, and then buy our first property to rehab and start the process. The reason Vegas was the most appealing location, I work in fine dining. I'm a Sommelier in Beverly Hills, and we figured that with cost of living, and "job security", that Las Vegas would provide a solid income until our real estate equity was large enough to stand on its own. My savings can provide downpayment for two to three properties in LV, so while I wanted to start with one, the eventual goal was to circulate a few, or perhaps create rentals.

Well, now in walks Covid-19. I may be a newbie, but I can't imagine a city based on tourism will do well when the city itself can no longer cater to tourists. I remember what happened in the last recession, and while I feel real estate won't be impacted as hard nationally, I can only assume Vegas will be a different story, and bit hit much harder.

So ya, that's my story. I am humbled by the level of knowledge in these forums, and hope I can one day provide for my family WITHOUT having to pour a bottle of wine tableside.

Thank you for your time, Jeremy

[Aaron K.]

I think your plan will still be solid in the long term, LV is much cheaper than LA from a cost of living standpoint, plus I'd wager your commute will be much better.  If you have a job now hold onto it, but if you get laid off it might not hurt to start looking in Vegas.  Your plans might not be as screwed up by covid as it may seem at first glance.