patrick.net

I heard cannibal anarchy is going to begin from LV. :)

If all that inventory out there never gets sold off and converted to rentals also.

Anyway, I heard rents there are pushing down to the $800-900/mo range in several areas for 3bd/1ba homes.

Like this:

http://lasvegas.craigslist.org/apa/2863853997.html

or this:

http://lasvegas.craigslist.org/apa/2906575870.html

$950 for a 1400 sq ft house which can easily sell for 1 million in CA !

I will rent 10 of them and rent out !

xenogear3 says

I will rent 10 of them and rent out !

To whom?

LASVEGASWINNER says

There are 157 HUD Properties selling below $90,000 that can rent for $1000 a month, giving the investor 13% to 15% ROI if you get 10% down investor financing thru HUD.

Larry Roberts who runs OC housing (formerly Irvine housing) blog has started an investment fund focused on these kinds of deals in Las Vegas.

Tons of rentals on the market not renting and many now offering rental specials because they have been sitting vacant for months..Too many dumb investor sheep doing the same thing.

Go to hudhomestore and you will see this guy is a liar only 5 homes offered from HUD for investors in Clark County.All of them wrecks.Since he claims there is much more is he suggesting investors commit fraud and buy Hud homes listed for sale to owner occupants only.

Las Vegas winner is a realtor. Of course he wants you to buy, and he wants you to think that the economy is turning around in Vegas. It's not.

LV Sun Newspaper says

"There was a time when experts thought Nevada would be well on the road to recovery by 2012. But we're not.

There is strong consensus, though, that we're turning the corner. Yes, we've heard that before, too, but this time there is greater confidence. The important numbers are trending well."

http://www.lasvegassun.com/news/2012/jan/01/economy-2012-forecast/

I spend a chunk of time in Vegas - there are rentals in the $800-$1,000 range all over. But even in the best neighborhoods, the safety factor is an issue. The "bad" areas are everywhere, encroaching on the best of areas. There are so many people out of work, no longer qualifying for unemployment, that simply aren't counted any longer. Panhandlers everywhere; there's a teenage girl living behind a (huge, decorative) rock at an intersection in a "good" area. I've been by there at night, she's sleeping there.

And then, there's the tunnels:

http://www.amazon.com/Beneath-Neon-Tunnels-Travel-Holiday/dp/0929712390

During the boom, they threw up so many houses so quickly (and many are the color of vomit); they're poorly built, crammed on top of one another, and poorly maintained. It and it doesn't matter what the newspapers & realtors say, Vegas has a ways to go in its recovery.

I work with people who are suffering due to the economy, who can't afford to put mom in a nursing home because they need her income. Who can't afford caregivers, who can't pay for their bills and are clearly stressed. Many of my social worker friends see the same thing... It's horrible, and buying a crappy house as a rental doesn't mean that the people you rent to can afford the payment.

You can't compare houses in Vegas to those in California. It's like comparing oranges & parched cactus stems.

LASVEGASWINNER says

LAS VEGAS "could" be the best city in America for Rental Houses...

...but it isn't. Give it a year or two after it bottoms.

So why does no ever talk about Vegas's upcoming water shortage?

StoutFiles says

So why does no ever talk about Vegas's upcoming water shortage?

Just like nobody talks about the Bay Area's upcoming earthquake.

StoutFiles says

So why does no ever talk about Vegas's upcoming water shortage?

He is not going to answer any questions. He is a realtor. He wants people to buy. He won't buy himself and rent it out cuz he knows the risk involved in buying.

The Rich Dad Poor Dad guy is the same way. He wants people to buy but doesn't have rentals himself. The way he makes money is from selling his books.
Realtors are scammers. They say anything, do anything to get you to buy or they won't get a commission.

Based on how the majority of posters on this blog feel about realtors, it's funny how LASVEGASWINNER keeps coming back and posting his drivel. Maybe the Rich Dad book he read told him to never give up. There's always a sucker out there who will believe your lies.

90K is too much. Nevada is practically bankrupt.

RentingForHalfTheCost says

90K is too much. Nevada is practically bankrupt.

And California isn't? California is worse than Greece.

The typical las vegas house from the past 15 or so years is narrow, with garage in front and the door on the side of the house (where you can't see the entrance from the front of the house, not exactly safe). Cracked white or pinkish (puke) stucco, tile roofs, 15 foot setback in front yard, 10 feet on the sides, 20 feet on the back. No privacy, very little parking available for guests. Poorly built, poorly designed. There's very little difference between the houses and a double wide trailer.

And nowhere for kids to play.

elliemae says

The typical las vegas house from the past 15 or so years is narrow, with garage in front and the door on the side of the house (where you can't see the entrance from the front of the house, not exactly safe). Cracked white or pinkish (puke) stucco, tile roofs, 15 foot setback in front yard, 10 feet on the sides, 20 feet on the back. No privacy, very little parking available for guests. Poorly built, poorly designed. There's very little difference between the houses and a double wide trailer.

Sounds like a typical Bay Area house. Only the Bay Area version was built in 1940's and has termite infestation.

elliemae says

Poorly built, poorly designed.

That's the majority of homes everywhere. The only difference is some have great locations and others have poor locations. Anywhere in Vegas is a poor location.

Isn't Vegas just a desert with casinos? Where are the (real) jobs? Or is gambling with houses as much a vital part of the "economy" as regular gambling?

dunnross says

RentingForHalfTheCost says

90K is too much. Nevada is practically bankrupt.

And California isn't? California is worse than Greece.

Yup, agreed. California is in a world of hurt. The only difference is that here you can get a job paying 90k or more. At least for now.

RentingForHalfTheCost says

The only difference is that here you can get a job paying 90k or more.

With a big percent of the population retiring, that's not going to be so much of a factor affecting house prices, any more. As far as the weather, there are many much cheaper places with much better weather than the Bay Area - any coastal area south of the border is a prime candidate.

Tarara Boomdea says

"Negative equity is so bad in the state, Chide said, modifications without principal reduction were no longer enough to keep borrowers from walking away.

LOL

waiting_for_the_fall says

The Rich Dad Poor Dad guy is the same way. He wants people to buy but doesn't have rentals himself. The way he makes money is from selling his books.
Realtors are scammers. They say anything, do anything to get you to buy or they won't get a commission.

Exactly, if these were such hot investment opportunities I doubt LasVegas"Winner" would be even mentioning them here.

waiting_for_the_fall says

Based on how the majority of posters on this blog feel about realtors, it's funny how LASVEGASWINNER keeps coming back and posting his drivel. Maybe the Rich Dad book he read told him to never give up. There's always a sucker out there who will believe your lies.

Yeah, and his threads are more or less spam for his buyers agent business.

Tarara Boomdea says

"Negative equity is so bad in the state, Chide said, modifications without principal reduction were no longer enough to keep borrowers from walking away.

Most of the seasoned bulls still don't understand the cascading effect of $1 negative equity over the period of 30 years.It is like - but,but I got my rent check and I am cash flow +ve. LOL.

Can we all agree that "Tarara Boomdea" is one of the most awesome screen names in Patnet history?

leoj707 says

Exactly, if these were such hot investment opportunities I doubt LasVegas"Winner" would be even mentioning them here.

He must be pretty desperate to be posting on a site that doesn't fall for that drivel.

StoutFiles says

He must be pretty desperate to be posting on a site that doesn't fall for that drivel.

Pretty much.

Mandy Lifeboats says

Thanks, Ellie! I alternate between Tarara, Mandy Lifeboats and Freda Slaves.

Roses are Red
Violets are Blue
I have Multiple Personality Disorder
And so do I...

dunnross says

Just like nobody talks about the Bay Area's upcoming earthquake.

Or the carcinogenic water created by the tech companies:

http://www.paloaltoonline.com/news/show_story.php?source=patrick.net&id=22807

Or the carcinogenic water created by the tech companies:
http://www.paloaltoonline.com/news/show_story.php?source=patrick.net&id=22807

That is the price you pay for being the center of Tech and called "Silicon Valley". What were you expecting ? If its not your cup of tea.. than there is little you can do here

We seriously need to get our tech mfg back into our borders, and get people jobs/income, and regrow our economy.

thomas.wong1986 says

That is the price you pay for being the center of Tech and called "Silicon Valley". What were you expecting ? If its not your cup of tea.. than there is little you can do here

Yes, but all these things should be built into the price of the house, right? I am sure you can get a cheap Chernobyl house, right now, why not one in the Silicon Valley?