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Housing Crisis?

Discussion in 'Living in Sin (City that is)' started by TomTWI, Jan 16, 2018.

  1. donfairplay

    donfairplay Low-Roller

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    Why does it have to crash? Why can't it slowly leak 1%, or grow at less than the rate of inflation of 2%?

    The stock market and real estate market crashed at the same time last time, but that's in recent memory for everyone. A slow bleed like Japan real estate and their stock market after the 90's continuing on for decades is far more terrifying.
     
  2. Laostuh

    Laostuh Low-Roller

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    Does anyone own rental property in Vegas? I was looking into possibly buying a house and renting it out. Was curious.. It seems like theres alot of houses available for rent or purchase.. If anyone can share their experience would be greatly appreciated.
     
  3. TomTWI

    TomTWI Professional Grandpa

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    @tominiowa did this I'm hoping he will see your post.

    TomTWI
     
  4. TomTWI

    TomTWI Professional Grandpa

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    Since I started this thread 01/16/2018 inventory of Condos and Town homes has increased considerably.

    Six Zip codes in Southwest LV Condo or Town Home. I don't track single family.
    2017 2018
    Jan 16 123 98
    May 07 109 143

    It appears to me that many investors who bought in the 2010 to 2012 time frame have decided to cash out now that prices have more than doubled.

    TomTWI
     
  5. smartone

    smartone VIP Whale

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    The average price for house in Reno now is $400,000
     
    • Agree Agree x 1
  6. Laostuh

    Laostuh Low-Roller

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    I'm seeing some real nice houses around the Summerlin / Spring Valley area in the $350,000 range. But before I even consider buying I just wanted to know how tough it would be to find tenants. Not sure how AirBNB would work out either I heard I would need a permit from the country. I also heard short term rentals are illegal now? Just too many unknowns.
     
  7. TomTWI

    TomTWI Professional Grandpa

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    [​IMG]

    Here is one management company you might give them a call. I don’t know anything about them. Just got it in mail.
     
  8. smartone

    smartone VIP Whale

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    Areas around Lake Tahoe are also considering banning short-term rentals now... just too much conflict going on with families on either side and a short-term rental, full of skiers/shredders who wanna enjoy the hot-tub a 2 a.m. and party it up during their stay. I can easily see both sides. As you might imagine, a number of these short-term properties are owned by folks who inherited the properties and are using them as investments for their own retirement. They're none too happy with the proposed ban.
     
    Last edited: May 9, 2018
  9. ken2v

    ken2v This Space For Rent

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    My parents had a condo next to La Quinta Resort. Great development. Except during Stagecoach or Coachella, and for the same reason smart describes.
     
  10. Suekel

    Suekel VIP Whale

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    We are signing a listing agreement tomorrow and expect to have our house on the market in early June. Very big step, we've been here 23 years, but at least we are selling while the market is hot. It's time for the next stage of life, but we are squeezing in a Vegas trip before all that happens, LOL.
     
    Vegas with The Graduate
  11. ken2v

    ken2v This Space For Rent

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    Good luck, Suekel!! Changing stages bring new scenery, characters, action. Enjoy.

    We might be nearing a crossroads here, and are trying to sort out where the various pathways might lead.
     
  12. tominiowa

    tominiowa High-Roller

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    @Laostuh I have owned 4 rentals in Vegas and down to one now. I will answer more when I get corn planted and have more time. But to start to me if you buy a house for $200,000 you need close to $2000/month to make money $250,000 needs close to $2500. I do not see this possibility anymore. Yes you could take less rent but to me it just isn't worth it below these numbers. Rental $$$ have not appreciated near like the purchase price has. Plus I see little upside left in this market. But I am not a professional real estate guy just a dumb farmer lol
     
  13. Laostuh

    Laostuh Low-Roller

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    Thanks for the insight. My idea was to buy a house and hopefully rent it out for a little bit over the morgage cost so esentially it'd pay for itself with a little left over for me to put away.

    How hard was it to find tenants? Also what do rents look like for a home with 3+ bedrooms?
     
  14. TomTWI

    TomTWI Professional Grandpa

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    It really depends on location and how nice a place it is. Go to Trulia.com or another site and put in Las Vegas and rental. A map will come up with all the rentals and prices. This should give you an idea of what rents are in different areas of city.

    TomTWI

    @tominiowa I hope you get all the corn in with no breakdowns.
     
  15. tominiowa

    tominiowa High-Roller

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    Finished corn and bean planting today. So, to answer some I would be cautious now with the market so high and you live out of town. A nice neighborhood home with 3 beds , around 1900 sq ft seems to be running close to $300,000. I think it would be hard to fill above $1700, and less if no pool. You get about $100-$200 extra with pools which are a loser except they are easier to rent. Pools are high maintenance. At these levels it is tough to risk a depreciation in prices if things turn sour. As landlord you will be spending money on simple things unless you are close by and fix yourself. Remember as a general rule (not all) renters are renters for a reason. Usually cannot fix things or do not want to.. Make sure to put in lease any repair under $200 are their problem. Otherwise you will be hiring plumbers to change the toilet flapper. Like I said I had no problem renting out my pool homes. But when I did it I was buying the houses for $150,000 and renting out between $1400- $1600. I got lucky and overall good tenants. I have one left and keep it for non financial reasons plus I bought it 7 plus years ago and still have original tenant. Financial wise, I should sell and get a better return elsewhere with the investment. Remember also if you file MFJ and your AGI is above $250,000 you cannot deduct rental loss until you sell. Losses occur because of depreciation. Rentals take 27.5 life span.

    Lots to consider, happy to answer any questions I didn't answer.

    PS I managed all 4 rentals personally from Iowa. I wasn't paying 6-10% those agencies who spend landlord's money and see the houses less than I did.
     
    • Informative Informative x 1