Re: Buying a first home: Las Vegas
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I've been doing very well in poker recently and have decided to pursue a wise professional gambler ivesting strategy: spend your money before you lose it. I’m decided purchase a single family home/condo/townhouse in Las Vegas and am looking to spend 300-400k. I choose Las Vegas simply because I am a professional gambler.
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I'm confused. Are you looking to blow your wad or are you looking continue to be a pro gambler? I haven't been to MI in years, but the games in Vegas can be tough. If you want the softest games, try Phoenix or Los Angeles.
Despite what people say about the Vegas real estate market, homes here are not cheap. Odds are you won't even survive Las Vegas as a gambler. If you want to "try" Las Vegas out for awhile, you might consider purchasing on a lease option with virtually no money down and no immediate bank qualifying. This can be done through homeowners or Realtors and will give you 12-24 months see how you like living in Las Vegas before committing your precious, limited resource to an expensive house you might soon regret.
Las Vegas is full of failed gamblers and "investors" who cannot sell their over-priced homes fast enough. Don't let this happen to you. Meanwhile, I'd use that cash to purchase cheap rental properties in MI as long term hold strategy. Hire a local property management company to care for your rentals while you're gone, so they're generating income if (or when) you go belly-up in Vegas...
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