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Old 01-09-2009, 10:36 AM
 
26 posts, read 71,832 times
Reputation: 39

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I live in los angeles and i go to vegas at least once a month.

i was thinking of buying a 1 bed 1 bath condo for 50k or less and just stay there when i visit vegas. its an extra expense but real estate is pretty cheap these days. i want to jump on it.

what area would you recommend for a condo? i was thinking the old vegas, somewhere in the freemont street area.

OR

i could just buy a condo and rent it out. sounds like a good investment to me because it pays for itself. thoughts?
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Old 01-09-2009, 10:57 AM
 
Location: NorCal and Vegas!
269 posts, read 863,256 times
Reputation: 122
I think it's a great idea because that's exactly what I am doing right now. Should close on it before the end of the month. I got a one bedroom at 52K in the Spring Valley SW area. I'm not sure about the Fremont street area, I looked mainly NW, West and SW. We are going to use ours, and you're right, you could rent it out if need be. If you plan on selling right away forget it, you'll lose money. If you keep it for a few years you'll do fine on the investment portion.
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Old 01-09-2009, 11:33 AM
 
26 posts, read 71,832 times
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im looking for something primarily driving distance from the strip. how close is spring valley to the strip? i found something on realtor.com

http://www.realtor.com/search/listingdetail.aspx?fhcnt=4&loc=89147&usrloc=89147& ml=8&mnp=40000&mxp=50000&typ=3&sid=a03cbaa6a8454ed 7864bf9c6178c6296&lid=1102352171&lsn=1&srcnt=3 (broken link)
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Old 01-09-2009, 11:43 AM
 
Location: NorCal and Vegas!
269 posts, read 863,256 times
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That one is in Spring Valley....right near where I am buying. That one is a short sale and has a contingent offer on it. Plus it's an apartment conversion.
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Old 01-09-2009, 12:09 PM
 
26 posts, read 71,832 times
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on top of the mortgage how much extra do you suppose i will be paying? there are association fees and tax, anything else on top of the mortgage?
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Old 01-09-2009, 12:23 PM
 
1,009 posts, read 3,546,986 times
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There are a lot of variables that need to be considered.

$50k in high-yield corporate fund (junk bonds) @ 7% would yield around $290 a month before taxes. Of course your fund "principal" net asset value is constantly changing with up and down mark-to-market fluctuations.

$50k cash condo purchase additional expenses:
transfer tax
annual property taxes & insurance
unit maintenance costs
condo association fees
utility costs

Potential tax deductions (especially if financed) and eventual property appreciation may or may not offset these expenses, but the real estate asset will definitely "own you". Some have the right temperament, and others do not.
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Old 01-09-2009, 12:24 PM
 
Location: NorCal and Vegas!
269 posts, read 863,256 times
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HOA can be anywhere from $75 a month to $225 a month and can cover or not cover a wide range of things. Some cover water, sewer, trash, some don't. Some even cover cable TV, most don't.

So figure you have your mortgage plus HOA, then a gas bill, water and sewer bill, trash bill. The electric bill might be your highest expense. Don't forget cable TV and phone service if you so desire. Taxes due 4 times a year.
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Old 01-09-2009, 12:27 PM
 
26 posts, read 71,832 times
Reputation: 39
thanks guys.

geez, maybe i should just go for a single family home.
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Old 01-09-2009, 02:50 PM
 
Location: Here and there, you decide.
11,578 posts, read 22,684,439 times
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how are you going to rent it for less than 30 days? i think clark county prohibits this as would most hoas
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Old 01-09-2009, 03:31 PM
 
Location: NorCal and Vegas!
269 posts, read 863,256 times
Reputation: 122
Quote:
Originally Posted by airics View Post
how are you going to rent it for less than 30 days? i think clark county prohibits this as would most hoas
I've re-read this whole tread and can't figure out what you are asking about. No where does anyone mention a less than 30 day rental.
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