Want to Move to Las Vegas?

Discuss all things Las Vegas. Hotels, restaurants, good deals, airfares, cabbies, conventions, shows, etc.
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notes1
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Re: Want to Move to Las Vegas?

Post by notes1 »

i went on my 'rant', because you brought up the story of 'your friend' and the 'horrible' mortgage he purchased. i am sure he had other mortgage options available, he choose a bad one. he bought in 2007, at/near the peak of home prices. no one forced him, he made a bad decision.

too many who made bad choices, instead of taking responsibility for those poor decisions, have chosen to blame everyone but themselves. many walked away from their obligation and left the debt to the american taxpayer. and, certain groups, for political reasons, have allowed them to do so.

i have not forgotten what really happened.

billryan
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Post by billryan »

Does it matter if he made a poor choice or if he was misled? Does that change the simple fact that there are thousands of these jumbo mortgages coming due? Nothing adds value to ones home like a couple of foreclosures on the block.

Carcounter
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Post by Carcounter »

I think housing values are primarily tied into the amount of good jobs and income people earn in a certain area. Sounds logical, I know, but, I am always surprised by people buying expensive homes in areas where the local economy is dominated by low paying service jobs. I won't do it. I would certainly rent for a year or two and figure the local market out before I bought anything.

notes1
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Post by notes1 »

billryan wrote:
Fri Jun 28, 2019 5:55 am
Does it matter if he made a poor choice or if he was misled? Does that change the simple fact that there are thousands of these jumbo mortgages coming due? Nothing adds value to ones home like a couple of foreclosures on the block.
so, your argument is that if someone makes a poor financial decision, they should be bailed out. i thought this was exactly what the liberals hated about the financial crisis, when big banks were bailed out.

those who over paid, bought more than they could afford, took unreasonable risks and then claimed they were mislead, clogged up the court system. they were allowed to stay in these homes for extended times, and knowing they would eventually be forced out, they did not take care of their properties. some even stole copper and other items.

your friend and others in his position are free to negotiate with their lending institution.

the more this country bails out individuals or corporations, we create a climate where people do not take responsibility. many asian countries did not suffer as much as america and europe did during the financial crisis. among the reasons, their citizens had no expectations that their countries leaders would bail anyone out. europe is still doing poorly because their leaders will not force their banks to clean up the mess they have on their books.

billryan
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Post by billryan »

What are you talking about?
I'm talking about why Vegas real estate is a poor choice, with specific examples and you want to rewrite the financial crisis?
It's becoming pretty clear you have little to add to this conversation.
Bottom line is this-
Dougie J is happy he made a thirty percent paper profit.
I am happy with my decision and the money I made.
Meanwhile, you seem miserable and are striking out blindly , recycling past arguments that have nothing to do with the current thread.
As a former vice president once said- What a shame it is to lose ones mind.

notes1
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Post by notes1 »

-you are he one who first posted about moving to vegas
-you are the one who posted about your decision to rent instead of buying
-you are the one who made multiple posts about how great living in a rental was
-you are the one who paid $32k in rent, while missing out on a booming r/e market in vegas. many of us were invested in both options, r/e and stocks.
-you are the one who has now decided that buying is a better option
-you are the one who posted about a friend who bought at the highs and then purchased a crappy mortgage, likely because it was the lowest monthly cost. he screwed up.

it all sounds like poor planning and poor decisions.

billryan
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Post by billryan »

[quote=notes1 post_id=125182 time=1561745571 user_id=30124]
-you are he one who first posted about moving to vegas CORRECT

-you are the one who posted about your decision to rent instead of buying CORRECT



-you are the one who made multiple posts about how great living in a rental was DAMN STRAIGHT. How many houses have multiple pools and 24 hour gyms.

-you are the one who paid $32k in rent, while missing out on a booming r/e market in vegas. many of us were invested in both options, r/e and stocks.
YOU ARE FUNNY. Which boom was bigger ? Wall St or last Vegas housing? Go back three years. Buy a house or buy stocks?


-you are the one who has now decided that buying is a better option
Dead wrong. If I thought it was a bad deal at X, why would it be a good deal at Xplus30.
I will never buy a house in the Valley. Ever. Far better leasing deals.

DougJ
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Post by DougJ »

notes1 wrote:
Fri Jun 28, 2019 11:12 am
-you are he one who first posted about moving to vegas
-you are the one who posted about your decision to rent instead of buying
-you are the one who made multiple posts about how great living in a rental was
-you are the one who paid $32k in rent, while missing out on a booming r/e market in vegas. many of us were invested in both options, r/e and stocks.
-you are the one who has now decided that buying is a better option
-you are the one who posted about a friend who bought at the highs and then purchased a crappy mortgage, likely because it was the lowest monthly cost. he screwed up.

it all sounds like poor planning and poor decisions.
Notes1 . . . completely agree with you.

The other poster is belligerent and defensive because they either can't afford to buy a house or just continually make piss poor decisions, while touting their AP "smarts." Thank goodness they have a studio apt. full of casino tchotchkes and can eat the meatloaf special seven days a week at the jewel of Henderson.
You and I understand portfolio diversification. As you pointed out, investing in real estate does not preclude other financial investments. I started this thread and never once mentioned the stock market. It was about throwing money out the window on rent, which again, here in Las Vegas is the FIFTH highest in the nation for rental costs. Never said I didn't invest elsewhere, because, DUHHH, . . . one investment is not exclusive of the other. That's called diversification. I thought that was obvious to most folks.
Real estate in Vegas was a bargain when I bought my home (hmmm, with a pool AND a gym, oh and an adjacent golf course . . . hmm) and that was 2 1/2 years ago. Owning a home continues to be a smart investment, and no one suggested taking on a high risk mortgage. Too bad that some folks did and continue to do so.
Meanwhile, we continue to enjoy our paper profits (hey, look, my ******** Investment fund is up 23%).
Point is: tossing money out the window on rent to the tune of over $30,000, and nothing to show for it at the end but slam the door, bye, says Apt manager . . . . well, tsk tsk. No sympathy here.

billryan
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Post by billryan »

So you have the added expenses of pool maintenance and PMI. Congratulations, your 6.5 % ROI just dropped another point. Winning.
Not sure why you keep referring to my apartment as a studio, but your relationship with truthfulness is already well established.
Just to clarify, you could have paid cash but prefer being in long term debt and paying double for your house? That about it?

notes1
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Post by notes1 »

doug j, agree with much of your post. while we have no way of knowing, my guess is the other poster has limited financial resources. in an earlier thread he started about moving from vegas, he stated he was looking at a $25k house, with great bones. heck, we just replaced our tile roof and paid more than that. he is free to do as he wants, i really do not care at all. but, just as he and his fellow AP's would not tolerate poor advice about gaming, he should limit himself to subjects he has expertise. like, how to get a free cheap buffet from some vegas casino.

after more than 3 decades in the financial business, i never make predictions about the direction of any asset class. i also hesitate to offer advice, until i know a clients entire financial picture. but, i NEVER had a single wealthy client who ever advocated renting their primary residence.

many of us started our savings/investment program, when we were in our 20's and 30's. we diversified and recognized that we would always need a place to live. our houses are paid for. we do not worry about PMI, interest rates, paying rent or living in place, where we need to collect rental income from someone else. our homes are not an investment, they are a place to live.

i remember warren buffett once say, he never knew anyone who got rich by manipulating their credit cards, to get more miles. does this sound like someone we know?

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