Thinking about moving to Vegas - thoughts?

Quote: SOOPOO

The tough question is what do you plan on counting on your $1 million in savings to provide you annually?

https://www.investopedia.com/articles/personal-finance/102715/how-retirees-live-1-million-dollars.asp

The days of buying bonds that pay 5% may be running out, especially when municipalities can't pay their sewer bills.

I envy ppl who have this choice. I live in the most boring city in the USA. South texas.

Quote: rxwine

https://www.investopedia.com/articles/personal-finance/102715/how-retirees-live-1-million-dollars.asp

The article says take out 4% a year, $40k, from the million. That means mostly stock....as bonds are now paying way less than 4%. If you get a 20% pullback your $1 million is now $800k. Then your 4% is only $32k.

Trust me, once you stop working the ‘expected yearly income’ becomes less confident. I’ve been lucky in my first 1.5 years that the market has skyrocketed. I hope you are too!

Quote: billryan

I'd strongly suggest you rent for a year so you can learn the areas you like and dislike. When the moratorium on evictions expires, I'm thinking there might be some great deals.
If you decide Vegas isn't for you, you aren't stuck with one of the thousands of condos on the market.
When I moved out in 2016, I spent a month looking at condos and townhouses before deciding to rent in northwest Henderson. Many condos sounded good until you get into the carrying charges and tack on fees.
I looked at properties on and off for the next year, but it made economic sense for me to rent. I'm hoping to move back to Vegas in eighteen months and expect I'll rent again for a bit.

Billy why are you waiting 18 months to move back to Vegas? Also I was under the impression that you liked Bisbee.

Rents in downtown LA are crashing because of endless homeless encampments and crime making going outside after dark a bad idea. One complex lowered their rents from $3500/mo to $2100/mo and that's not low enough to get the broke people off the street into housing. Everybody needs a $20K stimulus check to pay their back rent now because these gov't programs that were set up previously are abject failures. You need $70 billion to pay back rents? Throwing $25 or $55 billion at the problem won't be enough.
Venice Beach is a millionaires paradise, but it's also a homeless enclave now. It's getting worse by the day despite any moratoriums. NY, TX, CA, FL could all have half a million homeless when the moratoriums expire, in the middle of a pandemic! Gonna have to get the Chinese authorities around to weld you into your house or apartment to keep you from going outside where the homeless are.

Quote: Hunterhill

Billy why are you waiting 18 months to move back to Vegas? Also I was under the impression that you liked Bisbee.

I like Bisbee but it's too small for me. Having to drive twenty plus miles to get a gallon of milk gets old fast.
I sold my building and am going to a hybrid plan where I sell online and consign stuff to other shops. New owner wants to sink in some serious money and make it into four AirBNB units and paid a nice premium over my costs.
When I get my vaccine I plan on traveling for a few months and ending up in Vegas. I leased a huge old ranch house for the next few months while I liquidate.
I loved Vegas and am looking forward to returning.

Remember when las vegas condos were as low as 25k. Now going for 4 times. I should have flipped one.

Ok well good luck with your plans.

It seems a central location is important to you. That said, I recommend between Charleston and Sahara and between the I-15 and Decatur. This is an area with older houses on large lots. Not the ticky-tacky houses on tiny lots you see built the last three decades. These aren't the only old-Vegas neighborhoods, but the closest to the Strip. I'm sure some others will report these areas are higher in crime, which is true. However, burglaries are high everywhere. I tend to think most people put too much stock in crime statistics.

If you want something quieter, I would recommend the west side of town, where I live.