Buying a Home in Las Vegas or Henderson, NV: 4 tips for house buyers in any neighborhood

Buying a Home in Las Vegas or Henderson, NV: 4 tips for house buyers in any neighborhood

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Buying a Home in Las Vegas or Henderson, NV
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1. Have an emergency fund
2. Save 20% for a down payment
3. Get your credit into better shape
4. Don’t buy more house than you can afford

I know that these tips may seem very obvious, but if all people looking to purchase a property followed this simple advice, then the U.S. would not have had the massive recession that it did beginning in 2006. The entire state of Nevada, and particularly Clark County were hit extremely hard by the real estate market falling out as hard as it did. It felt like economy of Southern Nevada had practically collapsed. There was double digit unemployment and double digit foreclosure rate. A lot of people had to short sell their home or just walked away. The banks and lending institutions simply had to foreclose on houses once the borrowers fell behind on payments because their variable interest rate adjusted to make the monthly payment too high. It didn’t make a different if you lived in Las Vegas, North Las Vegas, Henderson, NV, Mesquite, Pahrump or Boulder City. When the stock market began to crash in 2006 and finally reached its bottom in 2008, people all over country felt the financial pain. Southern Nevada was possibly the hardest hit local economy in America when the market began to go bad.

The mentality of a lot of people in the Vegas area during the real estate boom was that the money would never stop coming in. There were a lot of people who used to make hundreds of dollars a day just working their regular job. I spoke with one security guard that worked three nights a week at a nightclub, and he was making $800 a night working in security! The guy was making over $100,000 a year working only three days a week at a nightclub on the strip. People on and off Las Vegas Blvd. were making so much money that they allowed their mentality to be “It doesn’t matter if I spend everything I earned today because I’ll just make it back tomorrow.” That economically ignorant mentality is the reason that so many people found themselves in serious financial problems when the economy went downhill. Once there were not as many people coming to Vegas on vacation to spend money and tip people, suddenly all of these people that were living paycheck to paycheck could no longer afford their monthly mortgage payment. They were underwater on their homes, and did not make good decisions with their income so that they would be able to handle the variable interest rate changing on their home loan. Whether you bought a condo, a high rise apartment, a town home, a multi-family home, or a single family home, you were likely owed more money on your home loan than it was worth. Homeowners all over Southern Nevada had negative equity in their home, and were struggling big time.

Again, I know these tips seem like really basic advice for buying a home, but these fundamentals are really important to help you with the home buying process in Las Vegas.

Buying a Home in Las Vegas or Henderson, NV: 4 tips for house buyers in any neighborhood

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33 thoughts on “Buying a Home in Las Vegas or Henderson, NV: 4 tips for house buyers in any neighborhood

  1. Hey Jacob thank you for these vid!! Sub
    I have a question for you if you have time. Thanks in advance.

    I have 200k cash saved up and I want to buy my house with cash. With some fees here and there its around 10-12k? so lets assume a house for 180k. We are a young couple well 28.
    We looking for Vegan/Healthy food
    Less crime since she loves to walk dogs at night
    Close to Vegas and our work in online.
    She loves EDC < rave < not the high life but party life. Not to far from humans.

    Please help. I cant even find a house decent for 180k cash which city if you were in my shoes.
    Thank you sooo soo much!

  2. The housing crisis is bigger than just impulse buy. We are in the same dilemma with housing right now. I looked at a lot of properties in the Vegas area and houses that were bought for $120,000 in 2017 are being turned around and sold for $220,000 in 2018. And people HAVE to pay that or they HAVE to pay $1,200 for a one bedroom condo/apartment in a SAFE part of town. There should be a RENT CAP.

    I've seen one bedroom condos sold for $12,000 a few years ago selling for $112,000 now.

    High rent is FORCING people who DO NOT Qualify for owning a home to BUY them.

    It's not just in Vegas, it's happening across the country. People are calling it the 2nd Housing bubble. It's either you RENT for a ridiculous price or you BUY for a ridiculous price. So in order NOT to be homeless, we have no choice.

    Where I live it's $1,400-$1,800 to live in a one bedroom in a safe part of town. It's STILL $900-$1,200 to live in a one bedroom in the ghetto. If you are young and single, it's nearly impossible to afford housing.

    You can either shack up with a significant other, or have a family and get subsidized by the government or become homeless or move. Not a lot of options.

  3. Rent frugally, stack your money until you can pay cash for your residence (plus reserves for repairs, maintenance, taxes, insurance).
    Never personally guarantee any loan; the collateral is the sole recourse for default.
    Your real estate must be owned with 100% equity (zero leverage) or 100% non-recourse debt (infinite leverage).

  4. SIR JACOB,,,may I ask you a question?its a nice place to buy a home near NELLIS AIR FORCE BASE in northern part of las vegas?and how about the status of neighborhood in this place,,,,I hope you give us an idea,,thanks

  5. Very good general advice but I'm curious and not even greedy about a large home, but the single level modest size was quoted to me at around 200 per sq/meter vs 2 or 3 level like the one behind you possibly American Western or KB is possibly cheaper for a lot more living space and custom added like a family kitchen marble dining table that caught my attention.

  6. Hi, nice video! Great job. This is so true, but lot of people stay poor because of living too high. I am moving to LV with my family in September. Can you please tell me, where is good to rent a 2 bedroom apartment ? We need to stay at good rating high school as well. Thanks a lot!

  7. What kind of jobs are in Vegas? l live in L.A and been doing Post Production for over 20 yrs. But l'm sick of L.A and how expensive houses are out here and rent sky high too. l'm really thinking about moving there, but not sure what job l can get that can help me pay a house.

  8. Thank you Jacob for your level headed videos. What is the best reason for buying a house in Clark County? You don't have to get up early in the morning & shovel snow!

  9. so ok, im looking to buy a house in vegas, seeing a realtor this weekend. id appreciate if you could contact me, i have a few questions.

  10. I'm buying a home in Henderson. I'm all pre approved an have my home picked out . It is in the cadence community. Looking forward to it! 50 yrs in LA! Love it , but too expensive ! I'm out!
    Going to binge watch all your vids!.

  11. Jacob..I love all of your videos!!! Everything from moving to vegas, to the people and businesses, your physical progress etc….
    Im moving to Vegas this summer and I really would like you to do a video on all of the profitable side hustles there. For examlpe is it worth getting a bartender license?, best money making opportunity in casinos? Is security worth it? Etc. I have a niche in special education, caregiving, customer service and others just interested in the few hours/second job/money making seem like the guy to ask!!!! Cheers

  12. I feel like these tips apply to any home purchase vs. Just Las Vegas. Maybe I missed a major difference from Las Vegas vs. Any other city/state?

  13. not all the blame falls on individuals. having economic sense is one thing, but allowing predatory lending and an extremely poorly regulated in general lending industry to flourish is also incredibly irresponsible – and the blame for that falls on weak government.

  14. Well most people can't help themselves and always going to want more. So I would not be surprised if we see the samething happen to the housing market again one day.

  15. Also, in Las Vegas all homes built after year 2000 has HOA. So if you want to avoid HOA you will have to buy an older home.

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