Hello Everyone,
Let me tell you my situation. I am 23 yrs old. Still live with parents in a nice little old home. I make 45,000 a year. I purchased a condo out in vegas as an investment. I am now renting the place out. So really I’m not paying a dime for rent. (rent free with parents) I really want to buy property and gain money while it appreciates. Not only that but make money while rent increases maybe 5% yearly. I am looking at long term holding and not selling. I would like advice from anyone…Me and my fiance are planning to live with parents for a good 3 more years. How is the market in Vegas? I am looking for long term overall. Maybe get another condo in a year from now and hold them for 4-5 years. Make money on rent and watch equity build. Eventually purchase a home here in california when I can afford it. 
How should I finance my second loan? I will only have as little as 5,000-10,000 grand to put down. I would have to indicate investment loan, since i already cheated my first mortgage. Any tricks in the book? What if I build 20,000 dollars in equity with my first condo I just bought? Should I finance? I have a 30 yr fixed. What is the best loan for me if I purchase just for investment and plan to sell in 5 years??? Help, just need advice. If LAS VEGAS IS LISTENING ADVICE PLEASE!!! `Thanks!!! :o
I lived in vegas til a few months ago everyone close to me still lives there and i am planning on moving back. LAND IS GONE!!! ATE UP!!! All homes, everything there now is going high rise for the most part. Anyway townhomes, and 2 story condos are becoming popular for people who dont have 250k-300k for a starter home now! As well there are many apt. conversions entering the market. Alot of people seem to escaping there leases that live in town to own somthing. Watch the vegas market as right now if your making your mortgage every month Nice, without like 15k down at the moment it would be hard to buy a newer condo (depending on the area) and still have your rent generate and cover your payment.
You can buy a condo with 100% financing. You’ll need that 10 grand for closing costs or even better you can ask the seller to contribute 5 G’s for that. With 100% financing it makes it next to impossable to have a positve cash flow from the beggining and the average rent rate is competitive due to overabunance of investor, but with the surplus of people that move here a month, property will rent quickly.
Buy a condo in a nice area worth owning like the newer part of Greenvalley or Summerlin and expect to take a loss, but no more then $200 a month. Most investors would advise not to do this because there is no crystal ball but you most keep in mind that Vegas is unique market with an attraction like no other city in the world. 67,277 people moved to Sin City last year. Thats 5606 a month and they all need to live somewhere.
Vegas realestate lets alos not forget for those 5000+ a month 2000-3000+ move out a month depending so yes we still have a huge growing population lack of space and very special attraction… I guess both our key points here is in the begining be ready to take a loss!!!
Sorry I was was lazy. 7000k people move here a mounth and 2000k leave.
Web address: www.ask.com Keyword: Las Vegas population. I’m curious what do you mean by lack of space, growing population, be ready to take a loss. Doesn’t that go against the law of supply and demand?
Well being a renter and trying to get back into vegas yet again after being one of the few that left… and now am returning, monthly unless you get a amazing loan with the current market value on rentals unless your seeing i am not, there isnt going to be a positive cash flow on renting out a condo or townhome, yes supply and demand are in your favor non the less with the current lack of space, as i have been noticing and hereing from builders that this is becoming a issue. In the long run supply and demand seems to be in the home owners favor and a surplus of people coming every months requires them to be housed somewhere.
The reason i am saying be ready to take a lose is on the cash flow end of things due to renting the unit out, not the actually return on investment that you will gain from selling the unit and cashing out at a later date.