Buying a Foreclosure in Vegas?

[kylet3]

Hi All,

I just wanted to get some advice here in terms of costs. I just finished watching the Inside Job, and all I could think of is I want to look at buying a foreclosure in Vegas! I have taken a look at some websites and there are some insanely dirt cheap properties (like $500 cheap...) which obviously looks extremely attractive who loves going to Vegas. However my mom kindly pointed out you may need to hire someone for yard upkeep, checking the property, keeping gas running, taxes, etc. so what about a foreclosed condo? ok maybe not because of taxes and condo fees... I'm 24 and have a pretty good job, I don't make a HUGE amount of money but it's not too bad overall for me.

What would someone suggest? Does anyone have any idea of what costs to maintain this would?

Thanks!

[BigB08822]

Please be very careful, you could just end up with a money pit. If something costs $500 then it must be a shack with absolutely everything possible needing to be done or redone. How often would you go to Vegas? Maybe it would just be wiser and cheaper to get a hotel each time you go. If you do invest in a place, would you consider renting it out at times to help with the money? You need substantial extra income to keep up another place from a distance.

[kylet3]

oh no I know fair enough absolutely on that. Probably just lured in by the cheap costs. Thanks for the advice though! Maybe just stick with the hotels on the strip! lol

[Aceon6]

RE taxes are very high and going UP!!! Those who stayed are now paying for everyone who left. Same in some sections of Florida. Unless you have money that you can afford to lose, this may not be the right time.

[Anita18]

Please be very careful, you could just end up with a money pit. If something costs $500 then it must be a shack with absolutely everything possible needing to be done or redone. How often would you go to Vegas? Maybe it would just be wiser and cheaper to get a hotel each time you go. If you do invest in a place, would you consider renting it out at times to help with the money? You need substantial extra income to keep up another place from a distance.

My mom just bought a second home in the Bay Area, for visiting friends and being closer to a metropolitan area (vs. the podunk town they call their main digs), and elected to only have internet to my dad's chagrin. He wanted cable TV, but it'd be $120/month for both cable TV and internet, and they'd only be staying there a few months a year at most...

Having a second home long-distance can definitely be a money sink. IMO unless you've got a lot of money and time to devote to this house (or in renting it out when you're not there), it's really not worth it.

[manhn]

When I was in Vegas last month, I didn't get to see too much of the Strip due to family obligations but I did take time to stop and check out coffee shops and real estate offices. The prices were soooo low! However, just powerwalking my way through the Strip (or driving just off it) I noticed that there is virtually nothing in the way of residential area for people to actually live. Does everyone who work somewhere along the Strip have to drive to work? There is a new condo/hotel building called the Cosmopolitan (nice casino!), but that's the farthest thing from cheap.

I am also semi interested in buying something like a condo in Vegas, but the ones I have seen so far look like kinda gross. And because they are considerably off the Strip, I am not sure how successfully one can really rent them out. But so cheap!

I know Property Taxes in Florida are high, especially for non-residents. But is that the same for Nevada?

[Aceon6]

I know Property Taxes in Florida are high, especially for non-residents. But is that the same for Nevada?

They used to be quite low, as the tax on casinos and other business covered a great deal of the city budget. Casino revenue is down, so a greater share is being paid by fewer homeowners. I guess it's relative, though, as there are places in the country with much higher RE taxes.

[PrincessLeppard]

My sister works on the Strip and lives about 15 minutes away. The traffic can be

[manhn]

15 minutes to walk or drive? I also noticed that their Monorail seems geared more towards tourists (at least for some tourists, as it didn't help me one bit) than to residents.

[PrincessLeppard]

She drives.