Thinking about moving to Vegas - thoughts?

Quote: rxwine

My sister has a garage with her condo. (just noting)

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Sadly, I have a three car garage and so much junk in it that I can't even fit one of the cars

Banks in Detroit won't make a mortgage of less than $70K because they have to make a profit. So all those houses going for $1K to $70K have to be paid for in cash, and have to pay years of back taxes on them too which nobody mentioned upfront. So if I thought I was gonna get a $15K mortgage for $200 a month, no.

Lots of condos in Vegas come with two or three-car garages. I think they include the square footage when calculating the common charges.

Quote: billryan

Then lend me a million at 2%. If you can't get better than that, I'll happily take care of it for you. I'll even give you the first two years interest in advance the day you deliver the million.

I was asking a serious question. What’s up with the testy reply ?

Quote: Ace2

I was asking a serious question. What’s up with the testy reply ?

It wasn't meant to be testy. It's a serious offer. Rents on nice two-bedroom apartments run around $1500 a month. You'd be hard pressed not to be able to cover that with income off a million dollar nest egg.

Quote: TDVegas

In Vegas...location means everything, IMO. I live in Summerlin and would not live anywhere else in Vegas. Henderson has some nice areas as well, but I find the traffic over there can be brutal. Summerlin gives you a good suburban feel. No billboards, well landscaped, upscale and far enough away from some of the garbage that is a part of this city...and any city for that matter. Unless of course, you are looking for a true city feel. Then there are many options.

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Any ski hills around?

https://www.youtube.com/watch?v=G6FmO4h8DGY

Quote: rxwine

My sister has a garage with her condo. (just noting)

Many condos do, but they are small and just hold the car for the most part. Point is it is not like a house with a garage where you might do regular projects.

Quote: DRich

I agree, houses are not for everyone. A good friend of mine is a union carpenter and makes a good living (about $110k). He and his wife are very happy just renting and putting all of his extra money in his annuity. Houses are not the investment that they used to be. Way too many idiots just refi and take cash out as soon as they accumulate any equity.

The idea of owning is that sooner or later mortgage payments are supposed to stop. Then you live cheap in your older age. My thing is I just see the numbers of so many people and do not understand how they survive. But I have been told my attitude of fear of falling back into bad debt was the same as you find in recovering addicts at a NA meeting by a guy who was a recovering addict so maybe it is a good thing?

If you keep a mortgage 30 years you will pay about three times the cost over time. But then you have the house. Or you can invest and potentially do better. Problem is most people will not invest, they will keep spending.

To the point of the thread, I think Vegas is due for a price crash the next few years unless we try to inflate away the federal debt, itself a big possibility.

Quote: billryan

Then lend me a million at 2%. If you can't get better than that, I'll happily take care of it for you. I'll even give you the first two years interest in advance the day you deliver the million.

You do realize that if it was 100% sure that you would repay the loan, paying 2% over say the next year, you would get access to thousands of investors willing to loan you that million. The federal government, who can just print more money, only pays less than 0.25% now.

Your premise is that Ace2 will need to invest in stocks, or bonds that carry default risk. I agree with you that doing so the EV is substantially over 2%. But comes with substantial variance.

I am retired.... and depend on the income from my saved money like Ace2 will. Exactly what % to ‘depend’ on is a very complicated decision.

As far as condo versus house.... condo fees are X. Upkeep on a house is Y. Sometimes X>Y. Sometimes Y>X.

Quote: SOOPOO

You do realize that if it was 100% sure that you would repay the loan, paying 2% over say the next year, you would get access to thousands of investors willing to loan you that million. The federal government, who can just print more money, only pays less than 0.25% now.

Your premise is that Ace2 will need to invest in stocks, or bonds that carry default risk. I agree with you that doing so the EV is substantially over 2%. But comes with substantial variance.

I am retired.... and depend on the income from my saved money like Ace2 will. Exactly what % to ‘depend’ on is a very complicated decision.

As far as condo versus house.... condo fees are X. Upkeep on a house is Y. Sometimes X>Y. Sometimes Y>X.

But an issue on a condo is if the HOA decides to make improvements and charge extra you gotta pay. If the HOA defaults you are liable.