- This topic has 126 replies, 16 voices, and was last updated 12 years, 2 months ago by
Coronita.
-
AuthorPosts
-
July 13, 2012 at 12:47 PM #747944July 13, 2012 at 1:36 PM #747948
The-Shoveler
ParticipantVegas like Austin completely baffles me.
Two cities in the middle of nowhere in the truest sense.
Especially Vegas, with all the Indian casino’s popping up and growing like crazy.
I just heard that new large Time share (I think Tahiti village ) just declared BK. Not sure but I think all the owners are SOL.
OK the Tax situation compared to CA is much better but really is it worth it ?
You could probably just do a Nevada corp and have a post Office box.Anyway good luck.
July 13, 2012 at 1:47 PM #747953sdrealtor
ParticipantGood that you have a friend as your tenant. I have heard nightmare tenant storeis about LV. Casino employees are not angels and are transient/unpredictable. Stick with your buddy as long as you can.
July 13, 2012 at 2:38 PM #747959briansd1
GuestShoveler, Vegas baffles me too but after doing research I’ve learned more.
It’s a residency thing. One could borrow a friend’s address and have mail and tax returns go there but people have been audited. If you own the house, it’s pretty clear cut that you’re a resident where you say you live.
sdr, my buddy and I are partners in the deal. Money in the bank does not earn much. Buy a house in Vegas, save taxes. Not a bad deal if your tax savings pay for the house. Pilots and flight attendants are unusual in that they commute to work. They can reside anywhere.
July 13, 2012 at 4:57 PM #747964ltsddd
Participant[quote=briansd1]I just bought a house in Las Vegas. Prices there are going up. And it’s supposed to be one of the worse markets in the country.
Inventory is low and builders are increasing prices.Prices may move sideways creating lower real inflation adjusted prices. But not lower.
A Euro crisis may cause a slowdown but likely not a recession in America. Rates wiould drop thus helping housing and spurring refinancing.
Remember that we’ve not had much building going on.[/quote]
briansd1,
How far is the property from the strip and how much can you rent a place like that out for? Thanks.July 13, 2012 at 5:48 PM #747965spdrun
ParticipantI just bought a house in Las Vegas. Prices there are going up. And it’s supposed to be one of the worse markets in the country.
So? Vegas isn’t CA.
Keep in mind that prices are dropping or going nowhere in many Eastern and Northeastern markets (excl. Florida, perhaps). And in NJ, Chris Christie’s “let them foreclose on the bums” attitude is a beautiful thing. About the only thing I like about the fat prick.
July 13, 2012 at 9:36 PM #747972Guest[quote=ltsdd]
briansd1,
How far is the property from the strip and how much can you rent a place like that out for? Thanks.[/quote]About 15 min.
I think rent would be anywhere around $1,000 to $1,200 depending of the condition of the house.
http://lasvegas.craigslist.org/apa/3096754885.htmlI got a single story house but I have to replace all flooring with wood. Kitchen needs remodel (they used old-fashioned oak and cheap countertops in Vegas)
One thing I do like about Vegas is that the backyards are all cinder-block walls, not the cheap wood fences likes in CA.
[quote=spdrun]
Vegas isn’t CA.
[/quote]Yeah, prices are going up in one of the hardest hit markets in the country.
Also Vegas has it’s own culture. I like to see the people coming from around the world to experience some glamour and fun. I met a couple from dreary Akron, OH who was just having so much fun there. I think that for us, living in sunny San Diego, we are jaded to all that stuff.
Vegas is not a place you want to be all time. But visiting once in while is ok. Plus, if you have a house, friends and relatives will want to visit all the time.
I’m gonna have to buy a used car and leave it there so I have transport, especially if I’m going to have rental condos.
July 13, 2012 at 9:51 PM #747974ParticipantYeah, prices are going up in one of the hardest hit markets in the country.
Two reasons:
(1) the asinine foreclosure law that NV passed last year, making certain irregularities felonies for the people who put their name to the papers.
(2) the fact that cap rates are extremely good in LV compared to CA. Prices can move up A LOT at current rents, and the properties will still cash flow. Not so in most of CA, at least not within 20 miles of the coast.July 14, 2012 at 2:09 AM #747979CA renter
Participant[quote=sdrealtor][quote=sdduuuude][quote=sdrealtor]Look at that inventory line dropping since last Summer.[/quote]
Yes – shrinking inventory for 12 months and since that time, prices are lower.[/quote]
Of course prices are lower. Thats what happens when distressed inventory gets cleared from the market. Whats out there since last Summer is sellers with no incentive to push for higher prices but rather incentives to get them closed this year to take advantage of mortgage debt foregiveness act. They are gone for the most part. Now what?[/quote]
Conditions are all very positive for housing, and distressed inventory has been lower lately than for most of the past ~4-5 years, but prices are staying fairly flat/rising slightly. The fact that the “spring selling season,” record low interest rates, and near record low inventory have all happened at the same time without prices rising more substantially is a bearish sign, IMHO.
July 14, 2012 at 8:09 AM #747990ParticipantThe sunrise is a bearish sign to you. How much more do you think the house you bought just a few months ago could sell for before the major remodel you put in?
July 14, 2012 at 11:34 PM #748031ParticipantMaybe ~10% more than what we bought it for, but only because of the interest rates, inventory situation, and seasonality.
July 15, 2012 at 1:06 AM #748035sdduuuude
Participant[quote=sdrealtor]Good that you have a friend as your tenant. I have heard nightmare tenant storeis about LV. Casino employees are not angels and are transient/unpredictable. Stick with your buddy as long as you can.[/quote]
+1 on that. My brother had a true nightmare tenant in Vegas. The local RE management co screwed him, stuck a horrible tenant in there and never checked-in.
They specifically requested – NO CASINO EMPLOYEES. And the manager put one in anyway. you might think that casino employees are good people because they have been screened. In fact, they are screened because they are notoriously not good people.
Took two months to clean the place. It was as if a homeless person had moved in. Used the dishwasher as a trash can. Carpet soiled throughought the house. It was truly unlivable.
July 15, 2012 at 5:53 AM #748039Participant[quote=CA renter]Maybe ~10% more than what we bought it for, but only because of the interest rates, inventory situation, and seasonality.[/quote]
Really? Who cares about the reason? You are only guessing at reasons? A 10% increase in less than a year isn’t substantial? Are you serious? What would be substantial?
BTW I think you oveaid at the time you bought so you can up that 10% too.
July 15, 2012 at 3:19 PM #748061ParticipantOne should care about the reason because it determines whether or not the increase is sustainable.
We didn’t overpay at the time, either. There were other people who wanted to buy it at a higher price and were ticked off that we locked it in. That didn’t just come from the listing agent, either, we knew some of the people who wanted to buy it.
July 15, 2012 at 3:29 PM #748062bearishgurl
ParticipantCAR, I know you won’t be selling any year soon, but I think you might be surprised if you were to obtain a current appraisal. Quality remodeling is actually WORTH something in areas which are more than 15 years old (not sure if yours is). It seems the vast majority of today’s buyers want “turnkey” property and are willing to pay for that. Hence the continued (irrationally exuberant) interest in *new construction tracts* by the younger cohort of Gen X, as well as Gen Y. This appears to be true, no matter WHERE these new tracts are located (i.e. adjacent to fmr landfill, out in lizardland, in boxed-in warm inland area, etc).
Truly, you have the best of all worlds … location, lot size and extensive updating! It doesn’t get any better than that!
-
AuthorPosts
- You must be logged in to reply to this topic.