Did you know? (Las Vegas, Paradise, Sunrise Manor: foreclosure, renting, second mortgage)

[LeeM702]

Did you know that the typical family in Las Vegas, Nevada stays in there home for an average of 3 yrs? Also, did you know that people who have equity in there homes are potentially sitting on there retirement, but are losing out of millions of dollars in the long wrong? Kind of scary huh?
So with all of that being said, why are we so quick to buy and pay off our house, when the bank is the one thriving from this? Is it because thats what we were taught from our parents. I know that if there was a way to be the bank I would want to do it and there is. It's funny because I lived in Las Vegas all my life and I finally realized that we as society are approaching things differently and we have to change our way of thinking, especially when it comes to our families, retirement and our homes. (school system too, but dont get me started)
I know from my own exprience that my parents, who pretty much were born and raised in Vegas, told me to go to college, get a good job, pay off your house and you'll have a happier life. Although, those things help having a happier life, there are a lot more things that I needed to learn. Las Vegas is a great place to live (in my opionion) because it gives you(middle class families) so many opportunities that other cities don't give. You can still find a job almost anywhere, you can still purchase a home for the price of renting a home or apt.(believe it or not, it's true) and it's gives opportunity to the people who are less fortunate then others.
Well these are just some of my thoughts, I'm intrested in finding out what everybody else thinks.

Lee

P.S. If you would like to know a little bit more information on how to leverage your equity in your house to retire with more money than you thought you would have, private message me and I would glad to chat with you about it. Take Care.

[scirocco22]

Hi again, Lee!

That's interesting, my parents told me just the opposite. Essentially to take out a huge mortgage loan with a good interest rate and keep yourself leveraged. I remember my dad telling me when I was in my 20's to take out the biggest mortgage that I could qualify for because in a few years, the payments would seem reasonable. I cringed because taking out a big mortgage meant such huge monthly payments but he was right, after a few years it didn't seem that bad anymore. He also kept telling me that the monthly payments would not be as bad as I imagined because I'd be able to write off the interest from the loan on my income taxes.

Retirement is another story. Yes, one really doesn't want to have big mortgage payments when they're on a fixed income and retired. Not having a mortgage is good at that point.

I'm thinking that we shouldn't be worrying about how much the banks are making but rather how much we're personally loosing by making bad financial decisions.

--'rocco

[MoMark]

Lee: "So with all of that being said, why are we so quick to buy and pay off our house, when the bank is the one thriving from this? Is it because thats what we were taught from our parents. I know that if there was a way to be the bank I would want to do it and there is. It's funny because I lived in Las Vegas all my life and I finally realized that we as society are approaching things differently and we have to change our way of thinking, especially when it comes to our families, retirement and our homes. (school system too, but dont get me started)
I know from my own exprience that my parents, who pretty much were born and raised in Vegas, told me to go to college, get a good job, pay off your house and you'll have a happier life. Although, those things help having a happier life..."

Lee, your parents were actually right. You sound like you're pitching mortgages, especially second mortgages, but surely you too have noticed that housing inventory in LV has skyrocketed from less than 8000 last June to over 20,000 now, and that prices are falling as investers flee and people who "leveraged" their equity are now upside down in their adjustable mortgages and foreclosing. The way the bank/Lender profits is by people paying their mortgages over time, or, ripping them off through dumb deals like ARMs and interest-only loans and by convincing them that "equity" is real money and theirs to use as they please, when it doesn't really exist at all until one sells his or her house. By paying off one's house, if one intends to live there permanently, one is free to pursue other things. Most people do stay only a few years in Las Vegas and then sell out and move on. That works in a housing market going up, but we're in the middle of a nation-wide housing crash and that strategy is long gone. What you're encouraging will drive people to bankruptcy and foreclosure.

[Bangladesh]

I have a few better facts. Did you know that most of the strip and the McCarran Airport are actualy in Paradise,NV? Do you know that there are only 18 hotels in the real Las Vegas. Do you know that thousands of people think they live in Las Vegas but they don't when they realy live in Paradise,Sunrise Manor,Spring Valley,Winchester,Whitney(formley East Las Vegas),Enterprise,or Summerlin South? Believe it or not it's true.

[pennel]

Hi there, you have sparked my interest now. I lived in LV for 16 years and Im getting ready to move
back there with my adult daughter. So tell me how to get more from my house in vegas.???
pennel