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Author: [Las Vegas] Topic: Minimum needed to live the dream
jecht
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#51
Posted: 7/18/2012 11:56:29 PM
If there is no rent expenses because you have a lifetime 24 Hour Fitness membership and there is no food expenses because of comps for sports wagering then all that would be needed is the expense to get to your desired destination in Las Vegas, Nevada and $5 dollars for the minimum sports wager.  I would take at least $50 dollars for sports wagering because it is very unlikely that if somebody has a Degree in sports wagering that they would lose 10  Guarnteed Locks in a row and lose all of their $50 dollars if they bet the $5 dollar minimum each time.
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#52
Posted: 7/19/2012 3:29:56 AM
You would not get comps wagering 5 dollar bets.  I once made collective parlays amounting to 1,000 dollars for several people one year during bowl season and all I got from the sports book director was meal tickets for the coffee shop which I already had.
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#53
Posted: 7/19/2012 7:55:20 AM
In the old days, you could bet a dime a day on a team and get a fully comped meal (f&b) for you and your date.  I'm talking the 80's.  Now, in just about every book I have played at for the last 2 years, the average comp is $1 for every $500 in straight sports bets according to most managers.  They are much more liberal with horse players.  Myself, I don't even ask anymore.
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#54
Posted: 7/19/2012 9:47:05 AM
Sounds about right.  For some reason craps comps are pretty generous, seems you are graded by length of time you play as well as by size of your bets.  Depending how you bet the house advantages can get very exorbitant whereas sports wagering you can be ok as long as you stay away from parlays, props, etc.
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katscore
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#55
Posted: 7/19/2012 9:13:07 PM
If there is a food expenses, then it would be about 70 cents for 1 organic apple and that is all you really need to survive for 1 day.  Unless you have enough game to get free food from somebody without begging for it.
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#56
Posted: 7/19/2012 11:00:53 PM
I think to sustain a decent living you would have to have at least $100,000 bankroll to start. With conservative wagering and discipline you could make 25 units profit a year on average equaling $25,000. If you live within your means and don't expect some fancy lifestyle and are happy just doing what you are doing then this is more than doable. It takes a ton of work and patience, but it can be done. Anybody telling you that it can't is just a lifetime loser who probably chases money, bets money the don't have, or just simply doesn't know sports or lines as well as they think they do.
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#57
Posted: 7/19/2012 11:11:14 PM
QUOTE

Originally Posted by katscore:

If there is a food expenses, then it would be about 70 cents for 1 organic apple and that is all you really need to survive for 1 day.  Unless you have enough game to get free food from somebody without begging for it.

lol

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#58
Posted: 7/19/2012 11:16:57 PM
I should also mention a good plan is to go out there and find a job as well that can at least meet your bare minimum bills. This way you can spend a few years building your bankroll to a greater amount making it much easier to sustain a living off of, while not having to sweat making ends meat at the end of the month. If you spend 3-5 years doing this and your bankroll has not increased or has even worse decreased, then you should probably reevaluate your choice, and find another way to make a living.
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#59
Posted: 7/20/2012 4:44:46 PM
QUOTE Originally Posted by newyorkslim:

This dream is my reality. I am leaving on the 11th. I bought a condo for cash in Summerlin and a 4k car.
 

I just bought a condo for cash in Summerlin as well. Will be there in 3 weeks. I'm lucky the company that I work for will allow me to work from home. I'll start with a modest bankroll and betting units and try to slowly build it up as I won't need this money to live on at all. I'll be setting up an account at the Red Rock and bet online through their system. Looks like they recently revised their comps too, giving credit for each $1 wagered. I'll have to check the fine print. Wish I could have done this before baseball started but that's ok, hockey is right around the corner (no football or hoops for me).

 

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#60
Posted: 7/20/2012 8:20:46 PM
Summerlin is beautiful.  Red Rock is huge but we did not stop in.  I noticed huge power-lines over this one development we looked into.  One townhouse complex we looked at was gated and seemed to be so antiseptic.  All units looked identical and shared a common driveway.  Looked like something from the Stepford Wives movie.  Nice but eerie.  No pets running around, no kids running around.  Very clean and so much conformity.
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#61
Posted: 7/23/2012 3:46:53 PM
I stopped in Red Rock to open a internet account. The guy told me that I needed a cox high speed connection. (Software is supported by Cox) - Told him I don't have and if I could download an app to my android phone. He said that should be ready by football....

Suncoast is closer to me - Will try there today to see what the deal is. 

Looking forward to killing it this year in collage football. 
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#62
Posted: 7/23/2012 3:49:06 PM
Also joined Lifetime fitness, what a unreal gym...Great pool area; Great place to spend your days, unwinding after making $$$ winning games! 

I really can't think of a better life. .. 
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#63
Posted: 7/23/2012 6:52:02 PM

NYSlim, I think the Suncoast only has phone in service, not internet. Please let me know if that has changed as I'd like to bet some hockey at Suncoast using the +puck line (Red Rock/Station casinos don't offer it).

Lifetime fitness on Charleston is very pricey. Should check out LV Athletic club instead for about 1/4 of the price. Can't hurt to look.

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#64
Posted: 7/24/2012 1:34:13 PM
Thanks Dan. I joined Lifetime,,, Paid for 6 months. Figured I'd treat myself.. Then Maybe i'll switch. 

Going to stop at Suncoast today. Will  let you know. 
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#65
Posted: 7/25/2012 9:10:24 PM
if you have a college degree i would suggest substitute teaching.  you work when you want to work and nothing is expected of you aside from making kids don't start a fight. i spend my weekdays cramming numbers for the next days/week's game, and get paid for it. talk about a double dip
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#66
Posted: 7/26/2012 2:14:02 AM
know a guy that was teaching in michigan, he moved to vegas and says that teachers dont get paid squat, so he is doing some other job. that substitute teaching ideal sounds very nice only negative no insurance. im looking to get back to vegas. i just need to find a job that will cover the basics and will give me plenty of time to crunch numbers. i got a degree in sociology. any suggestions.
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#67
Posted: 7/26/2012 5:27:32 AM
Slim, if you have this much money. Buy another condo now bro. Pay it all off and rent it out. Wait for the value of housing to go up because housing is still at its low. If you bought a condo with straight cash in Vegas, rented it out there is a source of guaranteed income. Then if you bought it straight out you could sell it 2-3 years from now and almost guaranteed it would be worth more than what you bought it for. Great return on investment bro. Look at what Warren Buffett recommended. He is all over housing. If I was in your position I would buy multiple condo's if possible and hold them rent them out. Then you would have the ability to sell them 2-3 years down the road for more than what you bought them for because the housing market has bottomed. BOL bro sounds like a blast out there. Just manage your money right

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#68
Posted: 7/26/2012 12:11:06 PM
QUOTE Originally Posted by EMU2005:

know a guy that was teaching in michigan, he moved to vegas and says that teachers dont get paid squat, so he is doing some other job. that substitute teaching ideal sounds very nice only negative no insurance. im looking to get back to vegas. i just need to find a job that will cover the basics and will give me plenty of time to crunch numbers. i got a degree in sociology. any suggestions.

Even without insurance, sub teaching is solid extra income and it allows you to grind on numbers all day with little interruption.  
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#69
Posted: 7/26/2012 2:52:39 PM
QUOTE Originally Posted by SiMbEcK11:

Slim, if you have this much money. Buy another condo now bro. Pay it all off and rent it out. Wait for the value of housing to go up because housing is still at its low. If you bought a condo with straight cash in Vegas, rented it out there is a source of guaranteed income. Then if you bought it straight out you could sell it 2-3 years from now and almost guaranteed it would be worth more than what you bought it for. Great return on investment bro. Look at what Warren Buffett recommended. He is all over housing. If I was in your position I would buy multiple condo's if possible and hold them rent them out. Then you would have the ability to sell them 2-3 years down the road for more than what you bought them for because the housing market has bottomed. BOL bro sounds like a blast out there. Just manage your money right

. This what the rich here do.  Own multiple homes or condos and live off the rentals.  The very lucrative families like make over 100,000 dollars a mo. And this was like 20 years ago.  The Kelly's who own the Outrigger Hotels has like thousands of hotels and condo units here.  The real big guys are like Hilton, Sheraton, etc.  Disney has a new hotel and condo complex here, Aulani.  If you can do it, do it.  I heard NV is very depressed market.  Land values and home values are too high here to do.  Unless you are Japanese billionaire G. kawamoto who bought like a whole block of million dollar homes in Kahala.  Then rents some out for 1 dollar a mo.  Eccentric dude.
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#70
Posted: 7/26/2012 3:25:27 PM
Thanks SIM and Shadow. I have been wondering what to do lately regarding my financial goals. making money is great m but with gambling, how much is enough? 

I am re focused on my goal of buying another condo. The rental income (figure $850) would basically pay all my other monthly bills. 

I would still have a decent amount of cash left over. 

Only issue; inventory is low now. I haven't seen many come up for sale that meet my criteria. 

Thanks again guys! 




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#71
Posted: 7/26/2012 4:54:09 PM

after property tax, association fees, downtime(one month out of a year) and basic maintenance you are probably looking at a net figure of about $500.00. and if the rental market is bad then you maybe forced to rent to sub 700 FICO's who may BK out on you in which you will lose a minimum of six months rent and associated costs. the people that SIM and Shadow are referring to have so much money that they can spread the risk and the return is much greater than what bonds are currently offering.

if you can get a cap rate of seven or better than you should be okay but i would go with SFR's as you tend to have more stable tenants and less downtime.

 

 

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#72
Posted: 7/26/2012 5:10:41 PM
Slim is right, inventory is low which has led to higher prices recently in Vegas. We saw a condo become available in the neighborhood we wanted and made an offer just above list. The only reason we got it over another offer is we had cash and nothing stopping us from closing asap. Same size condo went for $99k last June, $135k now. Still a lot lower than the $330k these were new in 2006.
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#73
Posted: 7/26/2012 5:24:20 PM
out of curiosity, how much would that 135k condo rent for? how many sq.feet? year built?
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#74
Posted: 7/26/2012 10:09:05 PM
QUOTE

Originally Posted by Qncyk1:

out of curiosity, how much would that 135k condo rent for? how many sq.feet? year built?

In the community where I bought a 1590 sq foot condo should fetch 1350-1500 a month. Built in 2006.  

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#75
Posted: 7/27/2012 6:29:08 AM
this town was not built on winners. it survives and stays in business off the 92% of gamblers that lose. it takes discipline thriftiness and a plan. weeklies that include utilities with phone and kitchenette can be found for around 750-800 monthly and buses go to most if not all casino sportsbooks track your wagers and return cash and comps which can provide some of your meals find places that have specials stick to it and save and if you don't mind scraping by in the beginning and entering contests either free or usually a 25 entry fee stay away fromm the free drinks because they will try to get you loaded which will put a kink in the plan But it can be done
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