House economics in Vegas
Posted by
ceregon
Dec 23 '09, 15:46
|
Vegas has a weird market. Houses are really cheap historically speaking (my place sold for 292k in 2006 and I bought it for 119k) but rents did not fall by half. So you can buy a place and rent it out for about double the mortgage, more if you rent rooms seperately.
I found a place with 4 legal bedrooms (2 exit points) and I can rent the master for 600 and the smaller rooms for 300. My total expenses will be between 600-700 per month. Plus I can write off my vegas trips as expenses to check my rental property. I'll still have to pay income taxes on my profit though.
Lots of people want to buy houses in Vegas (14 offers on the place I bought, but I got it even though others offered more because I was putting 20% down and had financing set up) but few have the down payment.
Lots of people move to Vegas for various reasons, especially people wanting to start over. These people tend to rent and not buy, so you have an influx of potential renters. Being close to UNLV, the airport and the strip made it really easy to find tenants. The hard part is going to be figuring out who will get along with who and who gets the master and garage space.
|
Responses:
|
