Failure is not trying. I won't have any different opinion of life in any way whatsoever. I will not define my life and it's purpose or success by my experiences at a poker table.

If that makes you feel better. I would argue that in this instance, trying is the failure.

Whatever happens happens right? That sounds like a very defeatist attitude.

That's a thought. I'm not sure I could do it at this point but I've been thinking about it.

It would be great to get 4 guys together and purchase a 4-5 bedroom house for $100K @ $25K a piece. Everyone gets a room. Sure having roommates is a drawback but this is all about expenses.

This $25K does a few things. First off, it prevents just anyone from doing it. Second, it lowers monthly costs because the largest expense -- rent/mortgage -- is taken out of the equation. Third, the only expenses left are smaller, shared bills such as electricity and cable which should be easily payable if one has a part-time job or can grind out a few hundred a month in 1/2NL.

Fourth, if someone goes busto, they can sell their $25K house share to the next person and have a bit of a cushion.

Fifth, $25K in savings somewhere should be available for people in the 35-45 age range.

Finally, if LV real estate starts to climb -- cough, cough -- you could potentially make money on the $25K house investment too.

Additional personal expenses would include food and personal health insurance but that's left up to each person.

And if you can find a place with rackback as in an earlier post, things would just be gravy:
http://forumserver.twoplustwo.com/sh...9&postcount=14

Thoughts? Other scenarios?

Prob better to rent. Owning would create all sorts of messy scenarios if some wanted to sell and some didnt. Plus tying up $25 k for maybe a 10% return 5 years from now (if lucky) just doesnt make much sense. Thats 50 buyins at 2/5 lol. Better chance of a good return at the table.

I'd be interested in a place together (perhaps sublet) but not buying a house 4 ways. That would def require an attorney and paperwork that honestly probably isn't worth it in the long run (who gets to claim the mortgage deduction on their taxes for instance?) too many headaches with buying.

Most men lead lives of quiet desperation -- Thoreau

I've been desperate for a long time now. If you wait for the stars to align perfectly for your plans you might end up waiting your whole life only to never see it happen.

I'm done with regrets. Sorry if that sounds "defeatist" to you but for me it's actually the first winning plan I've had in a long time.

the biggest issue is someone deciding not to pay their share of the rent and the other guys having to cover. at least if there was a 25K upfront cost, this issue would be eliminated and covering the cost of the other bills should it happen would be negligible....

Yes it would require an attorney but it wouldn't be messy. It would be an LLC that everyone owns shares in. Finding a seller might be an issue; that's true and part of the risk. The purchase wouldn't be for an increase in gains on the cost of the house: that would be gravy. It would be to create a stable environment and minimize potential roommate issues with money, esp with the variance caused by poker...

25k to create a stable environment living with a bunch of strangers in a business relationship invested in a property that may not be a good investment? Too many unknowns and very little potential upside IMO.

I'm going to make a run at playing poker for a living. This just sounds like a lot of extra headaches. I've been in business with people before and it's a big pain in the ass

Renting provides more flexibility and lots less potential pitfalls. I'd want to live in the Vegas area for sometime before getting involved in any investment property on any level

Don't forget the other perk: tons of sex with lonely hot housewives. At least, if the Spice channel is to be believed (and they haven't led me astray yet!)

You are absolutely correct. The purchase idea is a horrible one, especially because it still doesn't create a stable environment as you still owe taxes/insurance/Bills. Plus, if one of the other roommates is a complete degen there are all sorts of other risks involved not to mention that Las Vegas's future isn't looking all that great (which is a reason I question your decision at all, but irregardless, bad decision to invest in the area long term...especially if you or one of your roommates goes busto in the short term).

It's very easy to find roommate situations on places like craigslist. You should have no trouble finding something all bills paid (or most bills paid) and should be able to find a month-to-month or for just a few months. This, I think would be a fantastic way to save money as long as you are living with someone that does not bring drama/stress into your life as that will affect your poker game.

Agreed. No intention of buyin a property there anytime soon.

Somehow I think Vegas will be ok a d I have a few friends telling me it's starting to make a come back in certain areas. We shall see. Downturns create opportunities.

Check Las Vegas craigslist. Rent is very cheap right now. No reason anyone with a regular job or decent poker winnings can't afford their own place. Eff roommates.

Good call. I have gotten that same advice from another source as well.

Most decent apartment complexes in Vegas require proof of employment.

Lived there for several months, 6 years ago, got around the proof of employment for an apartment, by showing my bank account balance.

You don't get to my age without learning how to overcome a few roadblocks now and then.

You won't believe the roadblocks you will encounter in Vegas.

Bring at least a couple week's worth of cash and then some. If you open a checking account by writing a check on your old bank account, you may have to wait over a week before you can write a check on your new account. You will need cash!

You have to register your old vehicle at the DMV within a 30 days or face a $1,000 fine if you are stopped. Nevada has no income tax so be prepared to pay more than you imagine for registration.

You will have to get a Nevada license. Some banks require a Nevada license or recent power bills before allowing you to open a simple checking account.

Welcome to Las Vegas. There will be more surprises in store for you.

Roommate route is best, at least short term. No matter how cheap rent is, roommate situations will be even cheaper (and if you get all bills paid it will be easier to manage as well)...also, you should easily find a situation where you don't need to buy anything but a mattress (and even then, the owner may have an extra mattress). You don't have a job and you don't have poker income and you shouldn't be tied in any contract lasting more than 6 months. Your only concern should be going to Vegas and making money. Once you succeed, then you should reward yourself with your own place.

I'd go with one of those extended stay places. The dude is like 40, having a room mate has to be weird at that age. Can't you find places that are like $200/wk?

And when you go to the DMV for a license and registration, plan on spending the better part of the day. Locals begin lining-up 90 minutes before opening.

Your car will also have to pass a smog test before it can be registered.

If you think you will be a dealer, you will have to pass a serious background check by the LVPD for a gaming card.

If you will be in food and beverage, you will need a non-gaming card that also requires a background check as well as a health card and an alcohol awareness card. All of these are obtained at separate locations and costs.

Most casinos and many restaurants also require a drug test.

So expect to spend awhile at the DMV. Well that's certainly different than in the other states. Nevada needs to get its act together.

I never spent more than 30 minutes in the Vermont DMV.

Someone still writes checks?

If you bank with a nationwide bank you do not need a new one.

I agree with Riverman (which I often do). The best route is to book an Extended Stay place for a month to give yourself time to get settled, take care of the errands posted above, explore, and test the waters until you feel comfortable in your new spot. I like your attitude towards this and your ability to deflect the hater nonsense.

Then they're idiots. All you have to do is show up 5 minutes before the DMV closes @ 5:00pm and you'll be in and out in less than an hour (if that).