i might buy a house in vegas soon

[teneight 1]

my dad and I were talking about it today. He would want me to invest of my poker winnings on a new house in vegas or somewhere out of the state of California. You can buy a 2 story nice 3 bedroom house for about 230k over in vegas.He says I have enough for a down payment...and he might even help me out with some money. I could rent it ASAP since I would be living in Los angeles for a longggg time. By the time I turn 40-45...the house would've paid itself just by renting it..then maybe I could sell it, or move there if I want.anyways, I didnt really go into details here since im tired. but i'll let you guys know if this happens. im pretty sure its a lot more complicated, but its worth a tryHow does this plan/investment sound to everyone?anyone with experience, advice would be really helpful. thanks ahead of time teneightps. Anyone want to rent a nice 2 story house in vegas soon?? hehe

[GodOfEntropy 0]

I knew of somebody in san diego that did the exact same thing, but a few years ago before vegas really exploded. Real estate can be a good investment, but you might want to get your advice from somebody in the mortgage industry you can trust rather than from the general poker forum...

[jonatanko 0]

at least when you will be on downswing you will know that you have house in vagas to rent -))gl

[teneight 1]

I knew of somebody in san diego that did the exact same thing, but a few years ago before vegas really exploded. Real estate can be a good investment, but you might want to get your advice from somebody in the mortgage industry you can trust rather than from the general poker forum...

thanks...and i know, but any advice helps. trust me, a lot of members have some great advice when it comes to serious questions

[GodOfEntropy 0]

I read in ZeeJustin's blog that he was going to make some investments with the money he won in the PP million guaranteed - I imagine if you emailed him he might have some suggestions for you or would be able to put you in touch with some people in the know.

[teneight 1]

thanks..def. will do that

[Smiddywap 0]

(Posted with no idea how long it takes to get from LA to Vegas)Would it be worth the effort to buy and rent a house outside of your home city? I'd imagine it would be a pain to go back and forth when you want to check or work on the place (or put the fear of landlord doom in the tenants).Don't let me discourage you though, investing poker winnings is a great move, I do the same.

[teneight 1]

i have family that lives in vegas plus, i only live like 4-5 hrs away. I'll be turning 21 in about 9 months, so i'm sure a trip to vegas once every few months wouldn't be that bad

[Neo 0]

Bricks and mortar is alwys a good investment, especially when you are young. Much safer than putting it all in with AA. Good luck :-)

[ThatPkrGuy 0]

When you buy your place just make sure you stay away from streets with letters and Martin Luther King Blvd...ie..D street lolit is the GHETTO...one of my roomies grew up out there and he said its not a good place to live lol.Just some friendly advice

[Smiddywap 0]

i have family that lives in vegas plus, i only live like 4-5 hrs away. I'll be turning 21 in about 9 months, so i'm sure a trip to vegas once every few months wouldn't be that bad  

Heh, just remember to check on the house when you're there.

[oldadmin 0]

buy something in henderson, and i'd go with a town house, just my 2 cents

[kouta43 0]

the most important thing with this sort of investment is to do your maths. by that i mean, find out the lowest interest rate you can get, and then do some research and get a conservative estimate for the amount of rent the property can generate, then calculate how the interest payments stack up against the rental income. I dont know the relative interest rates and returns in the US, but with any real estate investment you must look at these factors- you do not want to be in the situation where interest rates rise dramatically (which i hear is possible over there, but you would know better than me), and then you cannot even match interest payments with rent, because things, especially for an unemployed student (yes, i know poker is your current occupation, but i wouldnt like to rely on it if im in debt for several hundred k), can get ugly. Having your dad backing you is a huge help though. also look for particular investment that not offer an attractive yield, but also have the potential for significant gain. This point is particularly important if it is to be a long term investment, as capital appreciation will be significant.For example, your purchase a property for $250k and for arguments sake the rent matches a pure interest expense loan. In 10 years time, you may still have debt opf $250k, but with significant capital gain the value of the property may be $500k -> voila, you now have options galore. Of course another thing to take into consideration is that you will probably get a real job in years to come, and this money you will probably use at least somewhat to pay off any mortgage.Ok, i have a final tomorrow, i know nothing on it (unfortunately it is not real estate finance, i wouldnt even need to study for that), and i am helping teneight plan out his financial future!! Either i am stupid, really stupid, or nice.

[theresa113 0]

buy something in henderson, and i'd go with a town house, just my 2 cents

I have only been to Vegas Once but about a quarter of our customers are from Vegas/ Henderson. Our customers always seem to love Henderson.

[maxstud 0]

Im a investment advisor..................buy stocks

[krup24 0]

my dad and I were talking about it today. He would want me to invest of my poker winnings on a new house in vegas or somewhere out of the state of California. You can buy a 2 story nice 3 bedroom house for about 230k over in vegas.He says I have enough for a down payment...and he might even help me out with some money. I could rent it ASAP since I would be living in Los angeles for a longggg time. By the time I turn 40-45...the house would've paid itself just by renting it..then maybe I could sell it, or move there if I want.anyways, I didnt really go into details here since im tired. but i'll let you guys know if this happens.  im pretty sure its a lot more complicated, but its worth a tryHow does this plan/investment sound to everyone?anyone with experience, advice would be really helpful. thanks ahead of time  teneightps. Anyone want to rent a nice 2 story house in vegas soon?? hehe

Good Luck man that sounds like a dream come true

[therrinn 0]

If I was going to invest in real estate, Vegas would be the place I would do it, at least for the near future.

[poker_cutie 0]

I have a 1 rent house and Id not recommend it to you. Usually the renters are nightmares, you can never gurantee when they will pay or when they wont just leave. Id suggest investing in something else because its not if the renters will screw you its when.

[Landshark 0]

I bought a duplex for my first house. Rented half & lived in other half.It was a great way to pay the mortgage. However, it took going through a few bad tenants until I found a good one that actually paid on time & kept it clean.You would need someone in Vegas to actually handle all the upkeep/maint & all the property mgt stuff.Stay away from college kids as renters! I know what we used to do to rentals in college!!It sounds like a great investment though!

[No_Neck 0]

I would invest in 60% stocks and 40% bonds, you will make just as much money in the long run as you would on a house and you don't have to deal with all the work that comes from owning a house.If the water heater explodes or the roof needs to be replaced are you going to have the money to get it fixed? Bonds almost always return am amount above inflation reasonable amount, and stocks invested properly will return 20% a year, if you invested now by the time you are 45 you could buy the house outright.Just a thoughtalso I think MK is a day trader, could talk to him about good picks.

[VegasBone 0]

There are definitely a lot of places you want to avoid here. North Las Vegas is the worst, although pretty much anything from the Tropicana through North Las Vegas is bad. Also stay away from directly east of the strip....Southeast good....east and northeast not so good.The only real exception to the north rule is Summerlin, which is sort of north...but much more west. I personally think Summerlin is over rated though...there are much nicer places to live in town that aren't as over priced. If you want to get an overpriced house...go to Anthem or Seven Hills which are in the Southeast....much nicer.I live in the south east part of the entire valley in a neighborhood called Green Valley...which is technically in Henderson. Great place to buy a house. It's a very desirable neighborhood with tons of development happening nearby such as The District at Green Valley Ranch in the middle of building a second phase, a major interchange called the Henderson Spaghetti Bowl being completed (easier access to downtown which is supposed to be majorly revitalized in the future), and more high society developments, (there is a development being built with houses starting at 750K kitty corner to my block)The best bang for your buck though if you are thinking long term....and I mean loooooong term might be a neighborhood called Southern Highlands. Southern Highlands is currently in the middle of nowhere in the South West part of town. The south end of the strip will be the next chunk of land to be developed....once they are done with all of this crap towards the north end of the strip (Wynn's Encore, Venetian's Palazzo, Trump, Ivana, and some lame ferris wheel).South of Mandalay Bay, Coast casinos is in the middle of completeing their South Coast which is going feature a hugh equestrian arena. This other "City Center-ish" development called Town Square is going to be built on the South part of the strip. In addition to those things there are a ton of condos (big suprise) and right now a pie in the sky idea of an enormous Sports Themed Casino Resort that is going to have something like 6 arenas as part of it. Once those things are completed....I think developers will be even less gun shy to build, and you will see that where Southern Highlands, which was in the middle of nowhere.....is now in the middle of the most newly developed part of Las Vegas.The only problem right now with Southern Highlands is that it is prone to flooding...as is most of the west...many parts of Summerlin are in that category too. Although it only rains like 4 times a year....when it does....places in town see major flooding....so definitely check into that if you are going to be in a flood zone or not.Sorry for the long reply....but I hope some of the info helps.

[JBradburn6 0]

I would invest in 60% stocks and 40% bonds, you will make just as much money in the long run as you would on a house and you don't have to deal with all the work that comes from owning a house.If the water heater explodes or the roof needs to be replaced are you going to have the money to get it fixed?  Bonds almost always return am amount above inflation reasonable amount, and stocks invested properly will return 20% a year, if you invested now by the time you are 45 you could buy the house outright.Just a thoughtalso I think MK is a day trader, could talk to him about good picks.

I agree investing would be easier and offer most likely a higher return. I'd go more in stocks than that, you won't need this money for a while so you can accept a little higher risk.

[PhishForChips 0]

You cant get a decent house in Vegas for under 300K now FYI. Maybe 2 or 3 years ago. My dad bought a house in Summerlin for around 340K 3 years ago and its now worth close to 700K. Its a 3 bedroom. I dont think you'll find much worth investing in longterm for under 300K though, most probably 400K.

[No_Neck 0]

You cant get a decent house in Vegas for under 300K now FYI.  Maybe 2 or 3 years ago.  My dad bought a house in Summerlin for around 340K 3 years ago and its now worth close to 700K.  Its a 3 bedroom.  I dont think you'll find much worth investing in longterm for under 300K though, most probably 400K.

even better reason to go with stocks.And I know you could go with a higher percent, but that is a safe bet. And if you invest it it is tax deductible just like if you bought a house.

[TS Clark 0]

Approach this with a lot of research. Real estate is a fantastic investment, but there are risks involved. If the housing market in an area takes a downturn, or if rental vacancy rates balloon, the bank doesn't care. It's like the line from 'Goodfellas' -- "#$@! you. Pay me." Come rain or snow or...On the practical front, you will need to factor in the cost of having your property managed for you. And your estimate of $230K for the type of house you're thinking about might be a stretch. Our friends just bought a medium-sized house in Summerlin that was less than 2,000 sq ft and it cost them over $320K. I know that Summerlin is somewhat overpriced, but that's because it's a desireable area (and thus an area that renters are going to be interested in). You might be able to buy somewhere else cheaper, but you'll need to do some market research to determine if that is an area where you will consistently be able to find renters. And if the renters you're likely to get would be the type of people you'd feel comfortable living in a house you own.There are LOTS of things to think about here. You (and your dad, or someone else you trust who has a few more years under their belt than you) need to talk to a variety of people. I would try to see if you can find mortgage people and realtors who specialize in rental properties.Good luck. If you can make it work, real estate is one of the smartest investments you can make.