Any Vegas experts out there?

[dharmagirl]

I think her “base” income is around $40K. I think the rest is tips. But, I’m not 100% sure of the details.

If underwriters are only considering ~$40K annual income, with no down pmt and credit scores under 700, I can see why there might be a problem.

Again, I dont know all of the details about her finances. She mentioned that she religiously “stashes away” the kid’s child support money and essentially pretends it’s not there. She wants to be sure that he has a healthy college nest egg when the time comes. She didnt even want the bank to consider it as “income”. However, they told her she wouldnt be able to buy a house unless she did include it.

At one point, I suggested she try to buy a bigger, newer house (using some of her kid’s money) so that she could rent out a room and get help with the mortgage. I think that’s what I would do in her situation.

Unfortunately, she is very spun up right now and fixated on the fact that this is not working out – again. She has tried to buy a home three different times in recent years and each time it hasnt worked out. Even in the boom days when mortgages were being given to anyone with a pulse.

I suppose if the bank wont underwrite, there must be a good reason for it.

My biggest concern is not the fact that she was willing to buy a dumpy house, in a bad neighborhood, for too much dough…it’s her willingness to just walk into this blindly without considering all aspects of the purchase, being informed, etc. It is downright scary.

I passed on your comments to her. I said, “sorry if this hurts your feelings, but I think you should know what someone else familiar with your RE market thinks.”

Sigh.

[Werewolf]

My view on Las Vegas

1) Fairly weak job base. Mostly blue-collar service and construction jobs means that people don’t get to save a lot and cannot buy homes in normal conditions–>limited local buyers
2) Lots of speculative investment means many empty homes in the area. It takes 2 months to lease up a house now with incentives
2) Rental home prices don’t vary as greatly with SF as you would think. A crappy small 3bd rents for marginally less than a new 4bd in a better neighborhood.

so what for your friend
1) don’t buy period
2) shop around for a rental home. You will be able to get more than you would expect.

Good luck

[Werewolf]

My view on Las Vegas

1) Fairly weak job base. Mostly blue-collar service and construction jobs means that people don’t get to save a lot and cannot buy homes in normal conditions–>limited local buyers
2) Lots of speculative investment means many empty homes in the area. It takes 2 months to lease up a house now with incentives
2) Rental home prices don’t vary as greatly with SF as you would think. A crappy small 3bd rents for marginally less than a new 4bd in a better neighborhood.

so what for your friend
1) don’t buy period
2) shop around for a rental home. You will be able to get more than you would expect.

Good luck

[Werewolf]

My view on Las Vegas

1) Fairly weak job base. Mostly blue-collar service and construction jobs means that people don’t get to save a lot and cannot buy homes in normal conditions–>limited local buyers
2) Lots of speculative investment means many empty homes in the area. It takes 2 months to lease up a house now with incentives
2) Rental home prices don’t vary as greatly with SF as you would think. A crappy small 3bd rents for marginally less than a new 4bd in a better neighborhood.

so what for your friend
1) don’t buy period
2) shop around for a rental home. You will be able to get more than you would expect.

Good luck

[Werewolf]

My view on Las Vegas

1) Fairly weak job base. Mostly blue-collar service and construction jobs means that people don’t get to save a lot and cannot buy homes in normal conditions–>limited local buyers
2) Lots of speculative investment means many empty homes in the area. It takes 2 months to lease up a house now with incentives
2) Rental home prices don’t vary as greatly with SF as you would think. A crappy small 3bd rents for marginally less than a new 4bd in a better neighborhood.

so what for your friend
1) don’t buy period
2) shop around for a rental home. You will be able to get more than you would expect.

Good luck

[Werewolf]

My view on Las Vegas

1) Fairly weak job base. Mostly blue-collar service and construction jobs means that people don’t get to save a lot and cannot buy homes in normal conditions–>limited local buyers
2) Lots of speculative investment means many empty homes in the area. It takes 2 months to lease up a house now with incentives
2) Rental home prices don’t vary as greatly with SF as you would think. A crappy small 3bd rents for marginally less than a new 4bd in a better neighborhood.

so what for your friend
1) don’t buy period
2) shop around for a rental home. You will be able to get more than you would expect.

Good luck

[CDMA ENG]

CDMA ENG…

So SDduuuude is probably wondering why I haven’t chimmed in. I am one of the few Vegas Native’s out there (and yes I know the real names of everyone in the movie Casino) and I am still connected to the town via freinds and family though I lay my head in the Loma Portal. Everyone is right about not buying. Without getting into details that town has not seen the worst of it yet and prices will only go down. The rest of the paragraph is antedotal but I think serves as the writing on the wall.

1) My mother is a hiring agent at the Clark County School District and is seeing application for people WAY over qualified for janitor, clerks, and other lowing paying positions.

2) Friends in the construction business has seen all work stop at the residential level. Big projects such as schools, casinos, and other bond fund work continues but beyond that there is no “works” in planning.

3) Anytime I am home I am seeing new and old house vacant, in some cases, for years.

4) There is no real industry in that town other than Hospitality. Once the building stops those in the building trade will have to also give up thier homes either through foreclosers or short sales. After all they are not going to be able to maintain the same lifestyle when there are 3 bodies for 1 job.

5) Vegas has been in a boom before 85′. I think it is time the party is over.

All this leads to lower prices in the market. In fact the cities biggest problems right now is muck filled abandon swimming pools and the DEA’s chasing meth labs from vacants.

My two cents,

I know she wants a home for the child but it really isnt in thier best interest right now.

Take Care…

[CDMA ENG]

CDMA ENG…

So SDduuuude is probably wondering why I haven’t chimmed in. I am one of the few Vegas Native’s out there (and yes I know the real names of everyone in the movie Casino) and I am still connected to the town via freinds and family though I lay my head in the Loma Portal. Everyone is right about not buying. Without getting into details that town has not seen the worst of it yet and prices will only go down. The rest of the paragraph is antedotal but I think serves as the writing on the wall.

1) My mother is a hiring agent at the Clark County School District and is seeing application for people WAY over qualified for janitor, clerks, and other lowing paying positions.

2) Friends in the construction business has seen all work stop at the residential level. Big projects such as schools, casinos, and other bond fund work continues but beyond that there is no “works” in planning.

3) Anytime I am home I am seeing new and old house vacant, in some cases, for years.

4) There is no real industry in that town other than Hospitality. Once the building stops those in the building trade will have to also give up thier homes either through foreclosers or short sales. After all they are not going to be able to maintain the same lifestyle when there are 3 bodies for 1 job.

5) Vegas has been in a boom before 85′. I think it is time the party is over.

All this leads to lower prices in the market. In fact the cities biggest problems right now is muck filled abandon swimming pools and the DEA’s chasing meth labs from vacants.

My two cents,

I know she wants a home for the child but it really isnt in thier best interest right now.

Take Care…

[CDMA ENG]

CDMA ENG…

So SDduuuude is probably wondering why I haven’t chimmed in. I am one of the few Vegas Native’s out there (and yes I know the real names of everyone in the movie Casino) and I am still connected to the town via freinds and family though I lay my head in the Loma Portal. Everyone is right about not buying. Without getting into details that town has not seen the worst of it yet and prices will only go down. The rest of the paragraph is antedotal but I think serves as the writing on the wall.

1) My mother is a hiring agent at the Clark County School District and is seeing application for people WAY over qualified for janitor, clerks, and other lowing paying positions.

2) Friends in the construction business has seen all work stop at the residential level. Big projects such as schools, casinos, and other bond fund work continues but beyond that there is no “works” in planning.

3) Anytime I am home I am seeing new and old house vacant, in some cases, for years.

4) There is no real industry in that town other than Hospitality. Once the building stops those in the building trade will have to also give up thier homes either through foreclosers or short sales. After all they are not going to be able to maintain the same lifestyle when there are 3 bodies for 1 job.

5) Vegas has been in a boom before 85′. I think it is time the party is over.

All this leads to lower prices in the market. In fact the cities biggest problems right now is muck filled abandon swimming pools and the DEA’s chasing meth labs from vacants.

My two cents,

I know she wants a home for the child but it really isnt in thier best interest right now.

Take Care…

[CDMA ENG]

CDMA ENG…

So SDduuuude is probably wondering why I haven’t chimmed in. I am one of the few Vegas Native’s out there (and yes I know the real names of everyone in the movie Casino) and I am still connected to the town via freinds and family though I lay my head in the Loma Portal. Everyone is right about not buying. Without getting into details that town has not seen the worst of it yet and prices will only go down. The rest of the paragraph is antedotal but I think serves as the writing on the wall.

1) My mother is a hiring agent at the Clark County School District and is seeing application for people WAY over qualified for janitor, clerks, and other lowing paying positions.

2) Friends in the construction business has seen all work stop at the residential level. Big projects such as schools, casinos, and other bond fund work continues but beyond that there is no “works” in planning.

3) Anytime I am home I am seeing new and old house vacant, in some cases, for years.

4) There is no real industry in that town other than Hospitality. Once the building stops those in the building trade will have to also give up thier homes either through foreclosers or short sales. After all they are not going to be able to maintain the same lifestyle when there are 3 bodies for 1 job.

5) Vegas has been in a boom before 85′. I think it is time the party is over.

All this leads to lower prices in the market. In fact the cities biggest problems right now is muck filled abandon swimming pools and the DEA’s chasing meth labs from vacants.

My two cents,

I know she wants a home for the child but it really isnt in thier best interest right now.

Take Care…

[CDMA ENG]

CDMA ENG…

So SDduuuude is probably wondering why I haven’t chimmed in. I am one of the few Vegas Native’s out there (and yes I know the real names of everyone in the movie Casino) and I am still connected to the town via freinds and family though I lay my head in the Loma Portal. Everyone is right about not buying. Without getting into details that town has not seen the worst of it yet and prices will only go down. The rest of the paragraph is antedotal but I think serves as the writing on the wall.

1) My mother is a hiring agent at the Clark County School District and is seeing application for people WAY over qualified for janitor, clerks, and other lowing paying positions.

2) Friends in the construction business has seen all work stop at the residential level. Big projects such as schools, casinos, and other bond fund work continues but beyond that there is no “works” in planning.

3) Anytime I am home I am seeing new and old house vacant, in some cases, for years.

4) There is no real industry in that town other than Hospitality. Once the building stops those in the building trade will have to also give up thier homes either through foreclosers or short sales. After all they are not going to be able to maintain the same lifestyle when there are 3 bodies for 1 job.

5) Vegas has been in a boom before 85′. I think it is time the party is over.

All this leads to lower prices in the market. In fact the cities biggest problems right now is muck filled abandon swimming pools and the DEA’s chasing meth labs from vacants.

My two cents,

I know she wants a home for the child but it really isnt in thier best interest right now.

Take Care…

[dharmagirl]

You are right. She wants to give her kid some stability and roots. They’ve bounced around several rentals in his 7 year lifetime and she’s fed up. She’s afraid to rent another house because so many renters are now being forced out due to F-closure. As far as I know, there is no way to know if a landlord is headed in that direction.

Things sound pretty dismal in LV. My husband almost accepted a decent position there over a year ago. In retrospect, I’m so happy that we opted not to do that. LV holds little fascination for me – I hate crowds and if I’m going to ignite two $100 bills, I’d frankly rather buy a pair of shoes rathern than throw it away in a casino.

[dharmagirl]

You are right. She wants to give her kid some stability and roots. They’ve bounced around several rentals in his 7 year lifetime and she’s fed up. She’s afraid to rent another house because so many renters are now being forced out due to F-closure. As far as I know, there is no way to know if a landlord is headed in that direction.

Things sound pretty dismal in LV. My husband almost accepted a decent position there over a year ago. In retrospect, I’m so happy that we opted not to do that. LV holds little fascination for me – I hate crowds and if I’m going to ignite two $100 bills, I’d frankly rather buy a pair of shoes rathern than throw it away in a casino.

[dharmagirl]

You are right. She wants to give her kid some stability and roots. They’ve bounced around several rentals in his 7 year lifetime and she’s fed up. She’s afraid to rent another house because so many renters are now being forced out due to F-closure. As far as I know, there is no way to know if a landlord is headed in that direction.

Things sound pretty dismal in LV. My husband almost accepted a decent position there over a year ago. In retrospect, I’m so happy that we opted not to do that. LV holds little fascination for me – I hate crowds and if I’m going to ignite two $100 bills, I’d frankly rather buy a pair of shoes rathern than throw it away in a casino.

[dharmagirl]

You are right. She wants to give her kid some stability and roots. They’ve bounced around several rentals in his 7 year lifetime and she’s fed up. She’s afraid to rent another house because so many renters are now being forced out due to F-closure. As far as I know, there is no way to know if a landlord is headed in that direction.

Things sound pretty dismal in LV. My husband almost accepted a decent position there over a year ago. In retrospect, I’m so happy that we opted not to do that. LV holds little fascination for me – I hate crowds and if I’m going to ignite two $100 bills, I’d frankly rather buy a pair of shoes rathern than throw it away in a casino.

[Author]

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