Updated over 5 years ago on . Most recent reply
Need Some Advice On Potentially My First Rental
25yo here living in LA and think im ready to invest on my first Rental Property!
Just wondering what you guys think of the housing market in Las Vegas NV? everything seems pretty cheap to me compared to LA! with decent property going from 100k to 250k.. & also realized the minimum wage there is going from 7 to $12 dollars in a couple of years (2024).. is it a good idea to lock in a price there right now? Or should I keep saving and hope the market bubble in LA pops and invest then...
I'm also aware that it's not good idea to invest out of state on my first rental but I know a few people there that happen to work doing maintenance and someone in construction..
Most Popular Reply
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
I’m biased but I would go Vegas over anywhere in California 100 times out of 100. For someone in LA I think 90% of the oos money goes to Vegas or Phoenix. I’ve heard good things about Phoenix as well but I’ve only visited ], never bought, so someone else has to weigh in on that.
If you're ever in Vegas feel free to hit me up, we can talk real estate for as long as you can tolerate it over pizza. I think $250k is probably close to the minimum for a decent SFR rental though as opposed to the high end. I'd try SFR with a sub $50/mo Hoa for a first rental. A high Hoa can steal and profits you might hope to make.
They’ll still be mostly an appreciation/loan paydown/long term play. Not your destination for live off the cashflow in investing.