Want to Move to Las Vegas?

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

Post by billryan »

notes1 wrote:
Sat Jun 29, 2019 10:51 pm
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?
I don't use credit cards. Either you have mistaken me with someone else or this is just the latest untruth you wrote about me
It's Dave Ramsey who is usually credited with that statement. One I agree with and often use when discouraging people's credit card use. Again, I have taught Financial Peace University.
I don't give a duck if you hate me. I do care when you spread lies. If you can't argue without resorting to outright lies, is it that the argument is faulty or is the person who is flawed?

billryan
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Post by billryan »

By the way, the house you mentioned is at 200 N. Cleveland Avenue in Bisbee. Bought it for $23.5.
It's being rehabbed and Ill probably use it as a short term vacation rental since Ill be living near by.
Land in Bisbee is dirt cheap because a mining company owns the mineral rights and can exercise a sort of public domain and buy up your land. They haven't done it in years, but in the 1970s, they pretty much relocated the entire neighborhood of Lowell.

Carcounter
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Post by Carcounter »

You would be very surprised by the difference in house prices 60 miles or about an hours drive are here in NJ. You can buy a very nice , fairly new 2,000sf home in a retirement community in South Jersey for 200-250k. The same exact house 60 miles north in Monmouth County is well over 500k, closer to 600k. Proximity to higher paying jobs means everything.

DougJ
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Post by DougJ »

billryan wrote:
Sun Jun 30, 2019 6:19 am

I don't use credit cards.
. . . I do care when you spread lies. . .
Hilarious. Two words: Founder's Card. :D :D :D

DougJ
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Post by DougJ »

notes1 wrote:
Sat Jun 29, 2019 10:51 pm
. . . . 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.

. . .
THIS. :)

billryan
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Post by billryan »

DougJ wrote:
Mon Jul 01, 2019 2:23 pm
billryan wrote:
Sun Jun 30, 2019 6:19 am

I don't use credit cards.
. . . I do care when you spread lies. . .
Hilarious. Two words: Founder's Card. :D :D :D
Two more words. Say What?

Bobbi
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Post by Bobbi »

If you purchase your home, you pretty much know what your monthly mortgage is going to cost. If you rent, you are at the mercy of the current market rate in the area which you want to live. Where I am, in Colorado, to rent something similar to what I own would cost three times my mortgage payment. Sure, I have maintenance costs but not enough to make sense out of paying 3x my monthly mortgage.

billryan
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Post by billryan »

Most people have these complicated legal documents known as leases. They actually provide protection against willy nilly rent increases. I'd wager people's taxes went up more than my rent in the three years here.
I'd argue when you rent, you know what your expenses are going to be. No worries about a major system failing, no worries about storm damage.
In any event, my argument isn't against owning house. It's against owning a home in the Vegas Valley.
I own a co-op in Queens, one ninth of a compound on the East End of Long Island( not the Hamptons) and now own two properties in Bisbee.
Land ,housing or even homes can be a decent investment. Just not in Vegas.

notes1
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Post by notes1 »

according to data published by TRULIA, under the heading market trends, real estate data for las vegas shows, a one bedroom house purchased 5 years ago that sold median price $66,500, sold 5 years later for median price of $127,750.

if my math is correct, that is a gain of approx 90%, not including expenses. and, it may have been tax free and one had a place to live .

the s&p 500, 07/01/2014 was 1973.10, on 07/08/2019 it was 2973.99, a gain of approx 50%, not counting divs and any expenses.

no idea where stocks, interest rates or home prices go from here, but some folks in LV region, did indeed make money from r/e.

Carcounter
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Post by Carcounter »

Generally agree with you notes, but I would certainly rent for at least a year before deciding on where to buy in a market I am not familiar with. Not planning on a move to Vegas, but it would either be Summerlin or Henderson.

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