How risky is it to buy a house for the short term (Las Vegas: section 8, rent)

rpachigo · 01-14-2009, 07:38 AM

Quote:

Originally Posted by Daddys///M3

Uncalled for, and makes your bias and agenda transparent.

I have no agenda other than to report what I see and read.

Rebecca40 · 01-14-2009, 07:48 AM

What is the current/historical rental market like for houses in the 250-350K range? i.e. If we buy, how easy will it be for us to rent the house out in 3 years to be able to cover the mortgage and expenses? Is there someplace I can go to see the historical info on rental trends? We are strictly looking for something in the NW - 89131, 89143, 89149. Also, is it easier or more difficult to rent out something with a larger lot size > .4 acre? Not sure how many people who come to LV are actually interested in more space vs. smaller, easier to care for yards - but I imagine that is a factor too.

jjameson922 · 01-14-2009, 07:49 AM

Daddy or Olecapt, do either one of you happen to know the background of the operation that runs Zillow? I've always felt from the inaccurate statistics they report they are just a non-real estate data gathering source. Time and time again, I've seen them publish figures that are so off the ball, like Airics said, I cringe when someone looks to them as if they are quoting gospel.

I remember when we custom built our home and we general contracted it ourselves so it did not have the builder mark up built in, someone was on Zillow so I looked our house up and at that time, they were quoting it's value at $50,000 less than we had just paid for it.

And last, nothing makes me angrier than to see someone slam a realtor or mortgage person. Yes, I was a realtor myself and yes, there are times we make quick, easy money but for the most part, it's a very hard, time consuming occupation with high liability and the concept that a realtor just jumps on any person breathing and walks around spewing nonsense to convince them to buy is just that....nonsense.

airics · 01-14-2009, 08:00 AM

rebecca - quite honestly i think it would be hard to rent the home that you paid 250-350k for. To cover the mortgage, you would probably need $2500 a month.. the ideal rental picture (as olecapt said previously) is a 1200-1400sf house at 150k or less .. it is easy to rent at $1400 or less (imo - depending on area)... but i wouldnt chance it with the big dollar stuff, for $2500, if i was going to rent, i'd be on the strip in one of those towers.

Rebecca40 · 01-14-2009, 08:20 AM

Quote:

Originally Posted by airics

rebecca - quite honestly i think it would be hard to rent the home that you paid 250-350k for. To cover the mortgage, you would probably need $2500 a month.. the ideal rental picture (as olecapt said previously) is a 1200-1400sf house at 150k or less .. it is easy to rent at $1400 or less (imo - depending on area)... but i wouldnt chance it with the big dollar stuff, for $2500, if i was going to rent, i'd be on the strip in one of those towers.

That's what I was afraid someone would say. No way are we going to cram 2 kids, 2 dogs, 3 cats into a house that small (1200-1400 sq ft). Dang, I just know we're going to be stuck renting a place with a postage stamp size yard and no pool. That's why I'm doing my reserach early so I won't be disappointed when I get there expecting something unrealistic. I'm giving up 3.5 acres in the country with no land use/pet restrictions and a 2300 sq ft house on my end, so it is going to be an adjustment. Looking forward to living in LV again because we love the outdoor stuff in that part of the country and the kids are old enough to do some real hiking now, but hating having to downsize the yard and deal with a loss of freedom that living in close quarters demands. Oh well, we'll adapt.

airics · 01-14-2009, 08:26 AM

well, you could buy a 2000sf home in the nw, with a smaller pool sized yard (no pool) for around 160...renting is going to be an issue with the pets... ( i completely understand - i have 3 dogs)... so i would look in the under 180 spot... stay away from the NE and in MountainsEdge (south)

Rebecca40 · 01-14-2009, 08:34 AM

Quote:

Originally Posted by airics

well, you could buy a 2000sf home in the nw, with a smaller pool sized yard (no pool) for around 160...renting is going to be an issue with the pets... ( i completely understand - i have 3 dogs)... so i would look in the under 180 spot... stay away from the NE and in MountainsEdge (south)

Yeah, we lived in 89130 when we were there before and are pretty sold on the NW part of town - we want to be even farther NW this time. We just figure that if we put down enough of a pet deposit - maybe double or triple what is normal - someone may take us. We have loads of references who would vouch for our responsible nature as pet owners as well. I'm just glad I never bought those llamas I had my eye on last year - that would really complicate things

airics · 01-14-2009, 08:39 AM

you could have bought an ipacha (sp) they could spit at the neighbors...no matter what anybody says, i still feel owning is better than renting... it is your place and you can do anything you want with it

jfkIII · 01-14-2009, 08:47 AM

Quote:

Originally Posted by jjameson922

And last, nothing makes me angrier than to see someone slam a realtor or mortgage person. Yes, I was a realtor myself and yes, there are times we make quick, easy money but for the most part, it's a very hard, time consuming occupation with high liability and the concept that a realtor just jumps on any person breathing and walks around spewing nonsense to convince them to buy is just that....nonsense.

To simply call olecapt a realtor is wrong. Personally, I feel that he truly helps people out of the goodness of his heart. Does he make money in the real estate buisness? I hope so...one usually does if they're good at it. But I believe he has also helped people out without making any money. He is one that truly believes in the city and pushes for the betterment of it wherever he can. No magic there...just a level of genuineness and genorosity not seen in many others. He does good, just for the sake of helping his fellow man.

He's good old ****. (just thought I throw that in so it doesn't go to his head!)

jjameson922 · 01-14-2009, 08:58 AM

I agree with you JFK about Olecapt and don't even know the man.

And Rebecca, a renting suggestion. We have 3 dogs and had to rent while our current home was built. You might be fortunate in finding someone who is renting out their property only to keep their property going at this time and they would be happy to have whatever their mortgage is met plus taxes and HOA's if any, no profit. I'm a neat freak and I suggested the future landlord stop in whenever so he could see with his own eyes how I kept our current home. He did that and although I realize a landlord cannot actually do that for you being distance is involved, I also offered to pay 6 months rent in advance, plus the deposit. We also wanted to be lease free, and he agreed and to this day, we are still good friends with the former landlord.