If I buy a home in Las Vegas will I be able to sell at a profit in 5 to 10 years?
April 17, 2010
Ok here is the problem. My wife and I live in Japan and my mother (62) lives by herself in Las Vegas. She is renting an apartment and would like to buy a home (she can pay $150,000 cash and maybe carry a small mortgage), but she can’t find anywhere she likes. She has tried Texas, N and S Carolina and the only place she feels at home is Vegas. My worry is that she may need to sell in 5 to 10 years to be closer to us and I am wondering if she buys a home if she will be able to make her money back. What does everyone think?
No one here can predict what the housing market will do in 5-10 years.
April 17th, 2010 at 8:12 am
No one here can predict what the housing market will do in 5-10 years.
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April 17th, 2010 at 8:49 am
There is no guarantees , but if you where to buy with a mortgage, well the rent your mother will save over 5 years. will come of the mortgage. and with prices already at rock bottom. they will hardly fall further. Make sure you buy in an area where their are few or no reposesions, these will be areas where you can always find a buyer.
This is very important, then you have a very good chance of making a nice profit
3 rules of REAL ESTATE INVESTMENT
Location
Location
Location
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April 17th, 2010 at 9:09 am
Its very hard to predict; but some savvy investors have become to purchase in the heavily hit areas like Vegas and South Florida with a time line around the 10 year not five year out
So if dear old mom is one savvy investor, stays away from condo’s , willing to fall in luv with the deal and not the condition of the home , finds great location, bank owned, will she loose her investment in ten years if she has to sell, probably not make cash on the deal? hard to say what % increase it maybe
have a CPA run the numbers dear old mom may have better investments routes available for the 150K with such a short time line in regard to living by herself in the US
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