kewlj
kewlj
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February 17th, 2013 at 10:17:32 PM permalink
Well, that might be a little pre-mature as settlement is 3 months away, but my offer has been accepted and financing is in place. Because of what is viewed as a somewhat unstable income, I will be putting a substantial amount down as I was also required to do in 2009 when I purchased my prior property. I considered paying cash for the property, but didn't want to tie up that much of my finances, so I opted for a 10 year mortgage, to take advantage of low interest rates, while minimizing interest payment amount. It will be a good feeling to once again have a substantial investment tied up in Vegas real estate that has very little chance of increasing much in value in this horrid market. lol It also is a really good feeling to see some of my finances tied up at this particular point in time, when my BJ numbers for the year are in the red five figures. lol I am kidding. That is not a concern. From the time, I sold my condo last spring, I intended for a certain chunk of money to be invested in real estate at some point. I never considered that chunk of money as part of my BR. One of my BJ mentor's tells me one's BR is really made up of one's net worth, including real estate, but I don't look at it that way.

My search has gone on for almost a year, and this isn't exactly my dream house, but it meets most of my desires. It is located in a newer gated community (for what that's worth) in the southwest part of the valley. One issue I was having is that single homes here in Vegas, seem to come with very limited yard, especially backyard type space. This property has some, but not as much as I would like and about half is taken up by an in-ground pool. But there is still a little space for barbequing and a little garden to find out if things grow in the desert. This is a 3 bedroom home with plenty of room for my dysfunctional Las Vegas family, which consists of my playing partner, who I reside with and a poker playing friend who thinks he is a professional poker player. He was living in his car, comped rooms and the occasion weekly type apartment suites that are all over Vegas when I met him 3 years ago, but he has resided with me part-time ever since, mostly weekends, when he doesn't get comped rooms. As I said, the only in Vegas, dysfunctional family. lol

What is described as a game room, will serve as my office, which will include my BJ table that I practice almost daily on, my desk which is custom made from a blackjack table that I purchased at the Sahara sale last year, a currently not working 1960's slot machine (project for another time) and some other casino memorabilia to make me feel at home as if I don't spend enough time in the casino environment. I may provide some pictures of my office space, once I get 'the house of Kewl' or 'the house that BJ built', (name undecided as yet) all set up.
sodawater
sodawater
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February 17th, 2013 at 10:24:34 PM permalink
sounds awesome... congrats!
kewlj
kewlj
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February 17th, 2013 at 10:29:04 PM permalink
Thanx sodawater, I am rather excited. :)
Mission146
Mission146
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February 18th, 2013 at 3:56:08 PM permalink
Congratulations, KewlJ, I hope you love the place!
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
Ahigh
Ahigh
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February 18th, 2013 at 3:59:22 PM permalink
Which gated community? Is it Rhodes Ranch?
aahigh.com
Dreamer
Dreamer
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February 22nd, 2013 at 12:39:56 AM permalink
Congrats! I really enjoy your posts and as an extremely amateur ap of roughly the same age I enjoy seeing what is potentially possible through your exploits.
FleaStiff
FleaStiff
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February 22nd, 2013 at 2:13:02 AM permalink
Quote: Ahigh

Which gated community? Is it Rhodes Ranch?

Counter's Corral.
Fuengirola2
Fuengirola2
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February 22nd, 2013 at 2:58:10 AM permalink
Awwsum~! When could I visit you, and probably stay overnight!
AcesAndEights
AcesAndEights
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February 22nd, 2013 at 12:07:30 PM permalink
Quote: kewlj

Because of what is viewed as a somewhat unstable income, I will be putting a substantial amount down as I was also required to do in 2009 when I purchased my prior property. I considered paying cash for the property, but didn't want to tie up that much of my finances, so I opted for a 10 year mortgage, to take advantage of low interest rates, while minimizing interest payment amount.


What an incredibly sensible way to purchase a house! I hope to follow a similar process when I purchase my first house, even though I do have a somewhat stable income. Do you mind sharing how much you put down, as a percentage? I'm shooting for 20% down, 15 year mortgage, but make extra payments as possible to get it paid off a bit sooner. But, it's all just in my head right now :)
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
kewlj
kewlj
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March 17th, 2013 at 11:19:50 AM permalink
Update: I am once again, NOT a vegas homeowner. lol Home inspection revealed several issues that needed to be resolved, the most costly being a roof in very poor condition which needed to be replaced. I attempted to negotiate with the seller, as I was willing to go as far as to split this cost, but he would not budge one dime, saying he had gone as low as he was willing and felt he could sell the property to someone else for that price without reductions. So I officially backed out of the deal and my search goes on. :(
mdh
mdh
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March 17th, 2013 at 11:26:47 AM permalink
Bummer. GL on another place soon.
Mikey75
Mikey75
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March 17th, 2013 at 12:51:16 PM permalink
That's a bummer but it's better to find out about the problems now than later. I purchased my first house with something covered up and it made for a rough first year. I'm sure you will find something soon!!
Sabretom2
Sabretom2
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March 17th, 2013 at 1:22:04 PM permalink
Bummer. Next go think about a 20 or even 30 year mortgare to lower payments. It's nearly free money. When all these chickens come home you'll be shittin' in tall cotton.
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