[eventusstultorummagister]

Originally Posted by Swigchow

Some would say, the time to buy is before the big institutional investors move in.

NEVER be the first in or the last out.

[observer53]

Let's keep this thread on the topic of Las Vegas real estate market, please. Thanks!

[StaggerLee22]

My wife and I were looking at another house.
We bid 3k over asking and were outbid the next day.
Come to find out there were 5 offers on the same house.
It's getting harder and harder....unless of course you wanna spend more.

[LV2ndHome]

Originally Posted by LVPoker1

LV2ndhome, your post has so many errors I do not know where to begin. It is as if you do not understand home equity when making your assumptions, and you assume that any money put into the house is lost forever. You include the down payment like it is worth $0 now. You also assume a renter is not going to insure their property. Renter's insurance is not much less on a house than homeowner's in my zip.

I did not count the down payment as worth zero now. In the cash flow analysis I counted the down payment as cash going out, and your current equity in the house (at a market value you provided) that you would receive if you sold today as cash back to you. The down payment contributed to this equity that I showed you would get back if you sold today.

A renter typically only insures contents and it is cheaper than homeowner's. But let's just assume it costs the same as your homeowner's. I showed you were thousands of dollars behind without even including the sales cost required for you to exit your investment, and your insurance was only $525. Thus renter's insurance is insignificant in this particular case even if padded to the high side. The owner is still thousands of dollars behind the renter.

Originally Posted by LVPoker1

[Interest] Which is less than half the mortgage payment, and about 1/3 of what rent would be on the house, which would be deducted 100% from a P+L.

Which is exactly how I treated it on the P&L portion of my analysis. I showed the renter with a P&L expense of $29,700 (the number you provided), and I showed interest expense of less than $10k for the buyer, plus I added back income tax savings on your P&L for mortgage interest (and property taxes) being tax deductible. Your point?

Originally Posted by LVPoker1

I'm not going to bother to make you understand how HOA, taxes and property insurance are hidden in the rent. That is like saying "My landlord gives me free water" in apartments with one meter for the entire property. Guess what, it is included in the rent!

I understand fully and already addressed this:

Originally Posted by LV2ndHome

Renting is easy to figure. You would have $29,700 less in your pocket today than when you started. It makes no difference if you label this cost "rent", "repair cost disguised as rent", or whatever. At this point you can decide at no cost if you want to continue renting or purchase a place moving forward.

The $29,700 was the cost you provided for a renter renting an equivalent house to the one you bought. This is the renter's cost no matter if one wants to label it "rent" or label it "HOA, Insurance, property taxes, etc". Your comments are just diversionary babble over semantics with no hard number substance.

I compared a buyer vs a renter entering the market 18 months ago to where they would be in comparison financially today. I used the market values you provided, and I provided the numbers for a P&L (accrual basis) analysis, and a separate cash basis analysis assuming you were to sell at today's market value. Both ways, derived from the numbers you provided, show that as of today you are thousands of dollars behind someone that rented an equivalent home to the one you purchased.

The next 18 months or even beyond may (or may not) highly favor ownership compared to renting. But it is certain the recent past has favored the renting instead of buying. I'm certainly not being critical of anyone's decision to purchase in the past. In fact, I've made past investments in real estate and I'm looking to add more to my portfolio now. My opinion is real estate is currently a good, but long term investment, but I can't state that with certainty, and readily admit being wrong in the past on some predictions.

[modhatter]

Originally Posted by StaggerLee22

My wife and I were looking at another house.
We bid 3k over asking and were outbid the next day.
Come to find out there were 5 offers on the same house.
It's getting harder and harder....unless of course you wanna spend more.

If you don't mind me asking. What price bracket are you looking at. I was thinking of biding on a $140,000 home, but the Realtor told me I would have to bid $10,000 to $15,000 over asking to get it. Said this all has happened in the last month. I was not willing to do that. Don't know if she was telling the truth or not.

[Zonie5]

i have been looking in different states to see what they have in Manufactured homes for sale . in Las Vegas i saw there were 428 for sale . to me that seemed awful high .
the reason i am looking is that i am trying to sell my house in Arizona and move to Houston . Houston only showed 40 MFH for sale , Phoenix had 200+ .

[StaggerLee22]

Originally Posted by modhatter

If you don't mind me asking. What price bracket are you looking at.

List was $103...and it needed work.
I can't wait to see what it sells for.

[airics]

We just had one in our development (smallest one) list at 134k and sell for 155k. It was sold as is needing work. The guy was a jerk, bet he put cement down the drains

[luckpants]

Originally Posted by airics

We just had one in our development (smallest one) list at 134k and sell for 155k. It was sold as is needing work. The guy was a jerk, bet he put cement down the drains

This is so immature, I understand selling things to re coupe some losses but destroying things out of spite is uncalled for. I hope they make this a criminal offense and start prosecuting these clowns, it is so wrong.

[ScoopLV]

Originally Posted by luckpants

This is so immature, I understand selling things to re coupe some losses but destroying things out of spite is uncalled for. I hope they make this a criminal offense and start prosecuting these clowns, it is so wrong.

Good luck getting a conviction to stick.

"Your honor, I have no idea who ripped out the pipes, poured cement down the drain, sprayed '**** BOA' on all the walls, cracked the floor tiles, and filled the toilets with glass! We were visiting friends when it happened. Someone must have broke in, without a trace, and vandalized our soon-to-be-foreclosed house!"