I’m located in Orange County Cali. I am 23 yrs old. I purchased a condo in Las Vegas at 157k 8 months ago. Now I see that in the same complex going for a little over 200k. I am renting the property out at a 100.00 loss a month. Thank goodness i still live with my mother where I don’t need to pay rent in cali. So many rumors to not buy in orange county and wait for the big boom. I am soon to be married with my lady. I did plan on selling. That way I can do the following:
1.Get the equity
2.Use the equity for the wedding/down payment here in cali
3.Later on in life hit vegas again as property investor.
1.Keep the condo for a few yrs and keep renting. (hopefully rental market will inflate. )
2.Live with mom for a while.
3.wait on marriage for another few yrs until we save…
I just want advice on the big boom happening in cali/las vegas. What the heck should I do professionals??? help
I’m not a professional REI, but I am a girl.
I can tell you that from my opinion, and most of my friends, if a guy was still living with his mother at 23, and contemplating continuing to live with her and putting off marriage “another few years” - there’s absolutely 0% chance I’d wait around.
Make sure you take her feelings into account in your decision.
By the way, I’m betting with negative cash flow, most everyone around here will advise you get out of it.
While it’s noble of you to want to be a helper around the house, it’s not doing you or your mother any good.
Your mother needs to learn how to live without you, or you will be committed to her needs for the rest of her life.
You need to start developing your own life. You are old enough for that, especially since you are contemplating marriage. You also need to get away from any dependency on her.
Read the chapters in Millionaire Next Door about adult children who receive financial help from their parents, including a “free” place to live.
Also, don’t rush the marriage. I didn’t say you have to get married this year. In fact, I’d suggest spending at least some minimal period of time living on your own to develop your own life.
I would be happy to support (emotionally, NOT financially!) and wait for a guy while he gets on his feet and develops a life (I waited 5 years for my fiance). However, he’d better not be living with mom while I’m waiting - he’d better be spending that time finding himself and making his own life ready to merge with mine.
I would carry a note sell the condo and turn that negative cash flow into a positive cash flow!
Then I would take Tjgirls advice and build a great and powerful relationship before getting married! Then I would buy tjgirl a new car for her advice.(by the way we are selling the car to split the profit tjgirl LOL)
if you were to carry a note for 20% or 40k at 11% intrest you could make just over $300.00 per month. Then lets say they refi after 2 years they still owe you over 39k so that gave you positive cash flow for two years. Then you have enough $$ to get married.
How long have you been with your gal? If it’s been awhile don’t put marriage off too long. Us women want to feel secure with our men, that’s why we marry them ;D
I don’t think living with your mom is so bad. You’re still young and you own a property because of it. Of course if you get married, you need to move. Financially you abnd your gal can make this work. When you marry you become a team. If you want to be successful then you AND your wife will have to work at it. You have a great start now so build on it. My hsuband was an auto mechanic and I was a stay at home mom from day one a year after we married. He didn’t make that much but I managed it and it made us millionaires. My hsuband retired at 40 (6 years ago) and we now have 6 kids.
If you can hold on to the property, I would do that at this point. Next time though, you want cash flow. The other poster mentioned selling and carrying the loan. That is a good option for you.
I’m no expert in this field but you can do this. You would get a downpayment then monthly mortgage payments. This should get you a cash flow vs loss. It would also deley your capital gains tax. You would pay yearly only on what you make instead of a lump sum if you sold your property.
Others can give you more details I’m sure but that is the basics
I would check with a realtor in Vegas that knows the rental market there to see if your renting the property for current market value. And if your renter is on month to month you can inform them you are going to raise the rent. Second of all I would hang on to the property and see if the value goes even further up.