Invested in Las Vegas


Did I make a mistake?

2 yrs ago i purchased a condo in Vegas. I owe $144K. I am 25 yrs old and consider myself a beginner. I got married and used an Equity line of credit. (28k and all used up) Now i’m in for a good $172K. The property is worth about $185k today from what i’ve seen on the market. I am currently renting the property $800 a month. Mortgage + Equity line of credit+ HOA fee total: $1,375 a month. I’m in for $575 extra out of my pocket. The market is a bad time to sell. I would love to have this as my 2nd home I love las vegas! I am currently in Orange County, CA. I purchased a Mobile home since the market is over 500k for median home. I’m more looking for advice on what to do with the property. What would make sense. Keep it since i always wanted a 2nd home or eventually make money in 7 yrs since all land is sold out in vegas :slight_smile: to developers.

Did you make a mistake? You would have been better served to LIGHT YOUR MONEY ON FIRE than to have that as a rental. Sell it for what you owe and GET OUT OF IT!

Your not alone.

I have friends who made the same mistakes down in Florida with condos. They’re BURIED in them.

The thing you have to worry about, and if I were you I’D WORRY, it how FAR this correction will go.

This is just my opinion…My best educated guess is based on large amounts of economic research and real estate experience. The $185K you could get NOW for this condo will look like a DREAM COME TRUE in 2 -3 years.

What people are failing to grasp here is that when this sub-prime and ARM mess unwinds completely prices will fall MUCH further than people are expecting. Right now, this is NOT a popular opinion. Which incidentally, makes it more of a reality. The question you and many others have to ask yourselves are is…How would I feel if this condo fell to about half it’s current value???
Don’t think it can happen???

Go to Youtube and search the following…

Florida real estate crash 50% off

This IS exactly what you will be looking at in HYPER inflated markets like Las Vegas. That area saw absolutely INSANE levels of price appreciation during the boom. They will soon see the same on the down side.


One more question in case your not convinced.

Do you think the probability is good, that you could find SOMEONE (or many) in Las Vegas, with a condo for sale, that is in bad financial shape??? It would then stand to reason that THEY would be willing to sell at a GREATER discount than you. Therefore, you could theoretically buy back a similar condo at a later date for LESS money than you paid!!! This is the part where the light bulb goes off :biggrin

So here we are. We have determined, that there “may be” a possibilty in the future, to buy back a condo in Vegas for less than you could get for yours now. Then next question is why the hell would you keep yours???

You wait you LOSE.