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Old 01-28-2016, 05:32 AM
 
3 posts, read 6,309 times
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I am a young senior moving to LV from boring , sleepy New Mexico. Question : Have @ $22,000 savings and have a monthly $2,200 check guaranteed for life. Can I get a 2 BR condo or nice place in a nice apartment? Don't drive...Buses MUST BE CLOSE by.....Where and how do I start ?
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Old 01-28-2016, 07:31 AM
 
Location: Lone Mountain for good
472 posts, read 376,029 times
Reputation: 802
I just bought a mint 2 bdr 2 bath condo for 112k with 10% down for my sons to rent from me. Cost about 16K with closing, and runs $775 month for Mtg/Taxes/ins/HOA.

Can you live on that type of budget?

Renting the same condo in that complex runs $950 monthly.

However, it's not near public transportation.
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Old 01-28-2016, 09:09 AM
 
625 posts, read 793,719 times
Reputation: 350
I moved out here with 7k. Youre good.
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Old 01-28-2016, 09:49 AM
EA
 
Location: Las Vegas
6,791 posts, read 7,081,359 times
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22k and 2200 you're golden if you're single.
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Old 01-28-2016, 03:00 PM
 
Location: Henderson
1,110 posts, read 1,897,692 times
Reputation: 1039
Quote:
Originally Posted by nmjim18 View Post
I am a young senior moving to LV from boring , sleepy New Mexico. Question : Have @ $22,000 savings and have a monthly $2,200 check guaranteed for life. Can I get a 2 BR condo or nice place in a nice apartment? Don't drive...Buses MUST BE CLOSE by.....Where and how do I start ?
Wow, that seems very underfunded for retirement. You would have to be a master at frugality.
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Old 01-28-2016, 03:04 PM
EA
 
Location: Las Vegas
6,791 posts, read 7,081,359 times
Reputation: 7578
My monthly bills for a family of 4 are 2600. If I was single I could easily live off 2200 and live well. Hell, if I move out of this house and got a trailer I could make it on 2200 right now.
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Old 01-28-2016, 04:25 PM
 
4,862 posts, read 7,932,976 times
Reputation: 5763
If you wanted to you could also work part-time and add to the 22K. There a people here living on a lot less. Just doing the basic math $2200 a month comes out to $13hr an hour doing a 40hr work week. Gross.
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Old 01-29-2016, 03:34 PM
 
469 posts, read 490,292 times
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Quote:
Originally Posted by nmjim18 View Post
I am a young senior moving to LV from boring , sleepy New Mexico. Question : Have @ $22,000 savings and have a monthly $2,200 check guaranteed for life. Can I get a 2 BR condo or nice place in a nice apartment? Don't drive...Buses MUST BE CLOSE by.....Where and how do I start ?
More than enough my friend.
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Old 01-29-2016, 08:58 PM
 
13,586 posts, read 13,047,379 times
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A recent thread on the subject..... //www.city-data.com/forum/las-v...ed-income.html
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Old 01-31-2016, 09:07 AM
 
255 posts, read 358,996 times
Reputation: 272
Quote:
Originally Posted by nmjim18 View Post
I am a young senior moving to LV from boring , sleepy New Mexico. Question : Have @ $22,000 savings and have a monthly $2,200 check guaranteed for life. Can I get a 2 BR condo or nice place in a nice apartment? Don't drive...Buses MUST BE CLOSE by.....Where and how do I start ?
Why waste money on a Condo or Apartment? You can purchase a mobile home in the Community I live in (Las Vegas Jaycees Senior Citizen Mobile Home Community) on the corner of Jones and Harmon in Spring Valley. You won't have a monthly mortgage payment. The monthly land lease is only $235 and includes water, sewage, garbage pick-up, and basic cable.

I have the same monthly income as you and live very comfortably. You will easily be able to put $1000 a month into savings; so if you use your current savings to purchase your home, in two years you will be able to re-coup the $22,000 used to purchase the home.

Check this community out. You will love it here.
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