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Old 01-22-2010, 12:23 PM
 
44 posts, read 124,960 times
Reputation: 30

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I looked through the interesting poll/thread on the future of Las Vegas property. I disin't vote because the only thing I know about Vegas is that it's a nice place to see a few shows and visit Red Rock. We drive over maybe once a year, but we don't understand anything about neighborhoods or rents.

But I will ask for some input from y'all. I have a little money (a bit under 100 K) to invest in real estate. I'm not looking to flip properties or make huge short-term killings. This is more like retirement investment. What I'd like is to find a property I could rent out and hang on to for long-term appreciation.

There is no way I can do anything useful in property investment here in Coastal Southern California. Even after the slump, things are still far too expensive.

What I don't want is to buy something in an area where the crime rate will eventually destroy all the equity I have; and I assume that's a neighborhood thing.

Do you think Las Vegas is a good option for me? Any advice (including "Stay Away!") is appreciated.
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Old 01-22-2010, 02:20 PM
 
Location: Here and there, you decide.
10,773 posts, read 21,294,148 times
Reputation: 3325
Quote:
Originally Posted by UrsusMinor View Post
I looked through the interesting poll/thread on the future of Las Vegas property. I disin't vote because the only thing I know about Vegas is that it's a nice place to see a few shows and visit Red Rock. We drive over maybe once a year, but we don't understand anything about neighborhoods or rents.

But I will ask for some input from y'all. I have a little money (a bit under 100 K) to invest in real estate. I'm not looking to flip properties or make huge short-term killings. This is more like retirement investment. What I'd like is to find a property I could rent out and hang on to for long-term appreciation.

There is no way I can do anything useful in property investment here in Coastal Southern California. Even after the slump, things are still far too expensive.

What I don't want is to buy something in an area where the crime rate will eventually destroy all the equity I have; and I assume that's a neighborhood thing.

Do you think Las Vegas is a good option for me? Any advice (including "Stay Away!") is appreciated.

make sure you crunch the numbers and see the return on investment (roa) and watch the pov... if you need some insight.. dm me
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Old 01-22-2010, 05:06 PM
 
Location: UK
296 posts, read 691,162 times
Reputation: 316
My advice is to forget Las Vegas - especially if you are looking for a retirement property. There are many lovely areas in the US where one can buy a home at reasonable prices. Have you seen the Ozarks? How about Northern Arizona? Oregon is supposed to be lovely (I haven't been there as yet). Utah has some stunning scenery.

Vegas is a tourist town and as the USA economy continues its decline - Vegas will suffer even more than it already is.
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Old 01-22-2010, 05:37 PM
 
Location: Silicon Valley
3,595 posts, read 7,424,811 times
Reputation: 2806
Plain Jane giving advice about buying property in Las Vegas is like me giving advice on buying property in Birmingham (the one in the UK). You wouldn't want to listen to my advice, and you should pay no attention to hers either.
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Old 01-22-2010, 05:49 PM
 
Location: Here and there, you decide.
10,773 posts, read 21,294,148 times
Reputation: 3325
Actually, i have the London Bridge for sale if anyone is interested. Medi is right..
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Old 01-22-2010, 10:26 PM
 
177 posts, read 297,638 times
Reputation: 55
Quote:
Originally Posted by Plain Jane 3953 View Post
My advice is to forget Las Vegas - especially if you are looking for a retirement property. There are many lovely areas in the US where one can buy a home at reasonable prices. Have you seen the Ozarks? How about Northern Arizona? Oregon is supposed to be lovely (I haven't been there as yet). Utah has some stunning scenery.

Vegas is a tourist town and as the USA economy continues its decline - Vegas will suffer even more than it already is.
Come on, if fewer people are going to buy properties here, the price will go down further, and further upside down for many homeowners, employment rate will go even higher............and eventually you will be laid off cos the whole place will go into depression.

Not only Las Vegas, but for the whole country also.
If everyone thinks the same way as you, this country will never recover. Never.

So stop gloom and doom.
please always hope for a better future. Lack of confidence is the last thing we need in a down economy.
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Old 01-22-2010, 11:17 PM
 
2,038 posts, read 3,490,210 times
Reputation: 3143
Quote:
Originally Posted by UrsusMinor View Post
I looked through the interesting poll/thread on the future of Las Vegas property. I disin't vote because the only thing I know about Vegas is that it's a nice place to see a few shows and visit Red Rock. We drive over maybe once a year, but we don't understand anything about neighborhoods or rents.

Do you think Las Vegas is a good option for me? Any advice (including "Stay Away!") is appreciated.
The first rule regarding investing is never invest in something you don't understand. As an absentee landlord, you have two options:

1. Hire a property management company, which is going to cut into your cash flow 10-15% monthly.

2. Manage the property from california yourself. Do you want to make more trips to Vegas?

You have cash to play with, which is good. I'm usually not much of a debbie downer when it comes to investing with cash and real estate, but I'm cautious right now because of the enormous amount of improved lots and standing inventory we have to absorb. Couple this with a mass exodus of 100,000 people predicted over the next 5 years and you can see the indicators are not looking too peachy.

My advice would be to take a conservative approach to your earning potential. Some analysts are predicting a 10% drop in real estate prices in 2010 alone. While no one can honestly predict the market, I would take a conservative approach with a five year timeline that has the property with flat appreciation and no more than a 75% occupancy rate and pay for the thing outright. Its not without substantial risk and the price to earnings ratio isnt where I would put my money.

I would be concerned about a potential opportunity cost in the future.
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Old 01-23-2010, 03:18 AM
 
Location: UK
296 posts, read 691,162 times
Reputation: 316
With all due respect to the other posters, I too am looking for a retirement property in the USA. I was raised near LA and have lived in and visited a number of states, including Nevada, so I know the culture and the beauty, as well as the ugliness, of the country. I gave the OP my opinion, which he asked for, and provided alternatives areas in the USA that he might want to consider.

So, mresort, based on your logic, if the OP buys in Vegas and not for example, in the Ozarks, what is that going to do to the property prices in the Ozarks? Completely crash, I suppose.
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Old 01-23-2010, 09:11 AM
 
Location: Kingman AZ
15,371 posts, read 32,251,890 times
Reputation: 8934
You'll have to excuse Jane.....she has a permanant case of "I Hate Vegas".....somdeay she should try visiting here.
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Old 01-24-2010, 08:34 PM
 
154 posts, read 339,980 times
Reputation: 99
Smile Mass Exodus...really?

Zendrive stated: "Couple this with a mass exodus of 100,000 people predicted over the next 5 years and you can see the indicators are not looking too peachy".

Zen, do you have a source that I can refer to for this number? I can't find one that matches the quoted number.

There may be people leaving, but what I'm experiencing in the real estate market as someone trying to purchase is that houses are hitting the MLS and within days, and sometimes hours, the desirable properties are gone (we're in the 250k - 350k range not in the investor cash range).

So there may be people leaving, but there appear to be many people eager to either move to Vegas or, at a minumum, buy vacation/second homes there. Either one is good for the economy and I am confident that over the long-term that buying a home in Las Vegas is a smart thing to do.
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