All Forum Posts by: Bill B.

The las Vegas markets as pulled back more than 4% once since it was founded. The chance of it being lower in a year is probably less than 50/50. But anything could happen. 

It always seems like every poster who says investing for appreciation is gambling is willing to bet on depreciation. And some how that’s not gambling. 

I would  assume interest rates will be the same or higher in a year so that will make waiting more expensive. You will have paid rent for a year (at least another $14k). If I was moving here and was sure I was staying at least 7-10 years no way I would rent unless I wasn’t sure what part of the valley I wanted to live in. 

Seattle Phoenix and Las Vegas continue to swap most property value appreciation, job growth, population growth, and rent appreciation. Falling form top 3 in the country to negative seems like a big have been predicting Vegas prices falling for almost 10 years now, they might be right some day, you never know. But if you waited those 10 years you’re screwed. 

If you think Vegas is expensive I think your only real alternative is the Midwest. 

I consider Vegas a relatively cheap market when you consider most houses are less than 20 years old, have property taxes around $1600 and insurance under $600. Add no weather related problems and stucco siding. But I do agree you’re looking at $250-$270k for a nice place in a good neighborhood. 

Maybe you could buy a property as your primary and move out and repeat a year later? 10% down you could pull it off Twice. Or put 20% down to avoid pmi and lower payments and find a roommate?

If you haven’t been there I’m totally against investing without seeing the property. I knew the city and the area this property was in. Plus anything on that lake has a minimum value. 

Imagine a $10k property in Detroit. It can literally be worth nothing. I’m sure there are d class landlord here and you could ask them but imagine how bad it has to be when no one buys a $20k house to live in. 

If there’s nothing in your area you could move in to for a year and then turn in to a rental while you move to a new home. And nothing you could buy and get some roommates or rent rooms with Airbnb. Then the less exciting option is probably waiting until you have $20k+ as a down payment on a $100k or preferably $200k property. 

Add the $200 Hoa to the $600 payment and you’re at the same $800 except now you can’t move and you have to pay for all the repairs. There are many places you can rent for the same or less than the purchase price, at least with a decent downpayment.  There’s probably a market for it but I’m not a condo landlord.

I can’t see paying almost as much in rent as a 3 bed 2 bath house with a garage and laundry. 

I bought a $460k townhome on lake Minnetonka in MN from MLS pictures and I live in Vegas. After it was under contract I had a realtor walk it and an inspector

I did that 3 years ago. I haven’t been inside it yet. I want to retire there someday so I took a 7 year $2700/mo lease. 

Takes less than 10 paid for houses. Took 5 years to buy, less than 10 more years to pay off using just the properties income. I did 13. Done and done. 

Certainly not the fastest or biggest but it was all I wanted. 

Yup. My houses are cheap $250-$300k So taxes are only about $100-$125/mo. Hoa fees are another $50-75. Insurance is another $40-$50. So figure $200-$250/mo in expenses even after you pay them off. But that still gives you over $1,000/mo per property cash flow after expenses. 

Mine was only 1700 miles Vegas to MN but it was without seeing it in person, listing pictures only,  if that’s worth anything. 

How much more is the property worth with all these repairs? Are you willing to pay that higher price?

If I was the seller and saw a deduction for pressure washing the deck, I would cancel your contract and take any other deal. 

Remember, the second you say, hey here’s my new offer, this much less, you’ve opened the door for the seller to say nah, that’s ok I have another offer. They don’t even have to accept you original offer any more. I can’t count the number of backup offers I got accepted by telling the seller I’ll take your property as I see it for this price if your first buyer backs out. 

If speculating on appreciation is horrible idea, then speculating on the next crash (depreciation) is a horrible idea. 

Probably we’ll have another “crash” before 2050, probably. 2100 at the latest, mark my words.