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Mr_Victory's picture
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Joined: 02/23/2018

So I've been keeping an eye on the real estate market in Vegas and it seems to be really cheap out there. Denver is so expensive with high demand and low supply which is fine but I think it would be stupid to own a 2nd property over here. I would just use the 2nd home as an investment property. Maybe rent it out. I've heard it's a pretty cool city and I've never even been there. As of yet I am not able to make much of a profit if I sell my current home right now nor am I able to rent it out due to deed restrictions that don't fall of until the year 2025. So if I do rent it out later, I would obviously have to stay somewhere else, but I hate the idea of renting. Though by that time, I'm not sure if I will continue pedicabbing or if I will have found a new hustle that will allow me to live outside of Denver. I guess I also like the idea of owning two homes in separate cities.

 

Is it a good market in Vegas? I'm still waiting on some settlement money and still trying to figure out what to do once I get it. I am still pedicabbing and making so much money that I am able to save a good $3,000 per month. If I really wanted to, I could probably pay my house off in like 2 - 3 years, but my goal is to pay it off in like 6 or 7 years. Unless I invest in something really cheap for 65k in Vegas or something.

The thing is too that since I own my own business, I would have to prove a decent enough income on my tax returns for 2 full years which also means paying lots of money in taxes so I think it would make more sense to pay off the ~65k in full and just pay off my house later or sell it.

So would Vegas be a good spot to invest in a 2nd property or are there better spots to invest?

Thanks

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Joined: 01/31/2012
Yo, sup dude.  I live in LV

Yo, sup dude. 

I live in LV and although I work in the commercial space of real estate, I think I can speak a bit on the housing market in general. 

The market here is red hot right now, and some experts consider the market overvalued. Consistently pricing has gone up substantially year after year. House selling is still red hot, but it looks like it has hit its peak. (I.e. this month / last month were slightly lower than the previous few months ). I’d take a wait and see approach and see if the market is starting to simmer down. I suspect things will start slowing down. That being said, I think LV is a great place to invest in, but generally homes are going for $250k+ now. You just have to pick your spot. Some condos I think you can get away with for 65k. But I don’t think you’re going to get a lot of equity in these condos over the years, although I’m sure they’ll retain their value well ( Read: Less volatile )

I think highrise condos, gentrifying neighborhoods such as DTLV can be solid investments both from having an influx of renters and generating equity, but nonetheless generally much pricier. I think it’s most important that’s you do your homework and pick your spot ( I.e. timing, area, type of home, how long something has been for sale on the market historically, etc. ) Homes, condos, and highrise condos are all different markets as well and it’s important to figure out what influences each market ( some over lap, some not ). 

Are you willing to get some fixer upper? Auction? When would you be looking at purchasing?  

Mr_Victory's picture
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Joined: 02/23/2018
From what I've seen, it looks

From what I've seen, it looks like anything under 100k would more than likely be a bit of a fixer upper. But the prices are MUCH lower than they are here in Denver. I kinda don't like the idea of paying an expensive HOA fee especially for a tiny condo, but 250k would be too expensive so I was thinking of getting a nice townhouse or small detached house or something. I'm not quite sure when I should be getting my settlement money, but they did say it could be another year or so. So I'm thinking if anything, it might be another year or 2 before I actually make a purchase. Thing is too we don't even know how much money I am to receive yet.

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Mr_Victory wrote: From what

Mr_Victory wrote:
From what I've seen, it looks like anything under 100k would more than likely be a bit of a fixer upper. But the prices are MUCH lower than they are here in Denver. I kinda don't like the idea of paying an expensive HOA fee especially for a tiny condo, but 250k would be too expensive so I was thinking of getting a nice townhouse or small detached house or something. I'm not quite sure when I should be getting my settlement money, but they did say it could be another year or so. So I'm thinking if anything, it might be another year or 2 before I actually make a purchase. Thing is too we don't even know how much money I am to receive yet.

Cool. You got time. Do your homework aggressively and pick your spot. I think that’ll work. You should double check that those type of homes are not as volatile. Go into their price history from 2008 - present and compare that’s to regular homes in Vegas.