Moving to Las Vegas

[NotMitch]

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You guys need to all get together and buy/rent a house or luxury condo from me.

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How much does $300,000 get you for a house/condo in Vegas? Im starting to look into buying something and since I cant afford anything here Vegas seems like a good alternative.

[TheMetetron]

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You guys need to all get together and buy/rent a house or luxury condo from me.

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How much does $300,000 get you for a house/condo in Vegas? Im starting to look into buying something and since I cant afford anything here Vegas seems like a good alternative.

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Not much.

Maybe a small 2 bedroom or a 3bedroom in a crappy location. I'd want $400k to buy a decent house there.

[Larry David]

High 3's to low 4's for something decent.

[pipster]

Are the games really better for mid-high limit in California? I am sure once you factor in cost of living and taxes Vegas would be a better choice, but pure game selection California is better? Hmmmm

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minor hijack:

Would it be better to move to Vegas or California for professional live poker play? And why would one be better than the other?

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Live play? California.

Online? Depends where you want to live. For now, I like keeping an extra 9.3% of my wages and screwing tourists.

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[pipster]

Not to completely hijacked this hijacked thread... but how does buying a house/renting a condo/etc work when you have no documented income (aka a poker pro or even a dealer working for tips mainly)?

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You guys need to all get together and buy/rent a house or luxury condo from me.

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[bav]

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Not to completely hijacked this hijacked thread... but how does buying a house/renting a condo/etc work when you have no documented income (aka a poker pro or even a dealer working for tips mainly)?


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What's not documented about it? You DO report all of your income to the government, don't you? Tips and gambling income? If so, you show your 1040 to the bank along withe the last two or three monthly bank statements which should show money coming in and expenses going out. The loan officer snaps to attention and says "yes sir, that $200K poker income you show each of the last 3 years will do nicely".

A year or two ago I happened on a letter written to a financial columnist asking almost the same thing. It was something like "my husband makes over $80,000/yr but about $50,000 of that is tips so we don't report it--now the bank won't give us a loan and I don't think this is fair."

That couple needs to pray the bank doesn't report 'em to the IRS for coming in claiming to have $50,000/yr in unreported income. If you're cheating me, the honest taxpayer, by not reporting your actual income, I'm not really too worried about how you can document said unreported income so you can get a mortgage.

[pipster]

That actually makes a lot of sense... no paycheck stubs/W-2's from the employer. But you are paying uncle sam for the money you made, the mortgage company will believe you as well as uncle sam did.

No documented income = no taxes = no loan. Presto chango.
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Not to completely hijacked this hijacked thread... but how does buying a house/renting a condo/etc work when you have no documented income (aka a poker pro or even a dealer working for tips mainly)?


[/ QUOTE ]

What's not documented about it? You DO report all of your income to the government, don't you? Tips and gambling income? If so, you show your 1040 to the bank along withe the last two or three monthly bank statements which should show money coming in and expenses going out. The loan officer snaps to attention and says "yes sir, that $200K poker income you show each of the last 3 years will do nicely".

A year or two ago I happened on a letter written to a financial columnist asking almost the same thing. It was something like "my husband makes over $80,000/yr but about $50,000 of that is tips so we don't report it--now the bank won't give us a loan and I don't think this is fair."

That couple needs to pray the bank doesn't report 'em to the IRS for coming in claiming to have $50,000/yr in unreported income. If you're cheating me, the honest taxpayer, by not reporting your actual income, I'm not really too worried about how you can document said unreported income so you can get a mortgage.

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[MrMon]

There is such a thing as a "no doc" loan, but you'll pay through the nose for it. Don't ask me how it works, I just know they exist.

Also, the more you put down, the more likely it is you'll get the loan. Put down 50% on anything, the bank will jump at the chance to finance you, documented or not. You default, they have very little risk.

[Larry David]

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Not to completely hijacked this hijacked thread... but how does buying a house/renting a condo/etc work when you have no documented income (aka a poker pro or even a dealer working for tips mainly)?

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You guys need to all get together and buy/rent a house or luxury condo from me.

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I'm going to be assuming my clients don't practice tax evasion which should solve this problem simply enough.

[Christmas Steve]

A great way to look for apartments, roommates, and even temporary/sublet housing is on the craigslist.org website:

http://lasvegas.craigslist.org/

It's free to post ads and to respond to them. Posting ads is completely anonymous, unless you choose to reveal any personal info. On the other hand, be careful if you dive into the Personals section, as YMMV...

In fact, you can use the craigslist pages for other major cities if you decide to locate in NoCal or SoCal instead of LV for your live play.

Good luck to you, and finish off this thread by letting us know what you end up doing.