Becoming a Stakeholder in Las Vegas: A millennial’s story.

The Market Then

Roughly, a little over ten years ago, the United States was scoured with an economic crisis. The likes of which our generation had never seen. The housing market collapsed and many were forced from their homes due to increasing mortgage rates, due to the terms of their Adjustable Rate Mortgage, which led to 1000’s of foreclosures across the Nation. I personally remember driving down the street in many Las Vegas neighborhoods and seeing “For Sale” signs on practically every house. Many neighborhoods remained vacant and empty for a few years. It felt like the market would never recover. Or as if the devastation our community went through would be everlasting. 

The Market Now

Fast forward to 2019 and 2020. Now, a time when Las Vegas is divesting from the limiting idea of a gamblers town. Alternatively, attracting tourism through newer methods, such as music festivals and sports, like the Vegas Golden Knights or the Raiders – to name a few. Massive wealth is being built through all sorts of means. One of those ways is through real estate. These investments are not made just by investors with large sums of capital but also by average home buyers just looking to claim a stake in their Las Vegas community and make an empowering investment that will yield a return in years to come. 

“Owning a home is a keystone of wealth… both financial affluence and emotional security.” 

– Suze Orman, financial advisor and motivational speaker

A Millennial’s Story

Photo Courtesy of ISS Expedition 26 crew / Public domain

Nancy, a 27-year-old administrative assistant and longtime renter, and her husband, Emmanuel, a 30-year-old computer programmer, knew they needed more space when they moved to Summerlin from their Las Vegas apartment on the East side. Ready to settle down, Nancy and Emmanuel, were also looking to their future and the possibility of a family. They relished the idea of the privacy of their own home and the safety and tranquility of a residential neighborhood.

”It made sense for us to live as close to downtown as possible because of our jobs but we came to a turning point where we wanted more from ourselves and our community,” Emmanuel said.

Renting the two-bedroom apartment they needed – one bedroom was to serve as a working space – was costing the young couple $1100 a month. A little over $12k a year paid out with zero returns… This was money they could have been putting towards their mortgage. Had they bought a home when they started renting together in 2015, they would have about $50k paid on a home. 

”The issue was,” Nancy said, ”we had a few credit blemishes that needed to be fixed and then there’s the issue of the down payment. We never really thought of it as an opportunity for us although it was something we wanted very badly.”

They were able to meet with The Michaels Team and a specialist that would assist them with their home buying dreams by creating a 6-month plan to rebuild their credit. They needed a FICO score of about 650 to 680. Nancy and Emmanuel spent the next 6 months raising their credit score through actions advised from a specialist at no cost.

“We took everything one step at a time and focused on one goal. We started to make a lot of progress and by the end of the 6-months, which went by very fast, we were ready to apply for a mortgage,” Nancy explained.

There was still another issue that Nancy and Emmanuel were concerned about. While they would be able to comfortably cover the monthly mortgage payments, Nancy and Emmanuel would have had trouble acquiring a sufficient down payment without a $20,000 gift from Nancy’s parents. A gift that Emmanuel did not feel comfortable asking for nor accepting. They were unaware of the many programs available to first-time home buyers, including the FHA Loan and the Home is Possible programs. When they brought their concerns to the table, The Michaels Team was able to connect them with programs that would help them with their down payment.

The American Dream

Photo Courtesy of Ellin Beltz / Public domain

In the end, Nancy and Emmanuel were able to put a $20,000 down payment on the $172,900 house, which left them with monthly payments of $1200, which is just slightly more than the rent they were paying for their 2 bedroom apartment in East Las Vegas. Now they have 1,100 sq. ft. home with a beautiful kitchen, some upgrades, that office they needed so desperately, and a quaint backyard. Maybe, even more importantly, they now had a stake in their Las Vegas community! An investment that they could pass down or get a return on in their later years. 

Their first night in the new house, Nancy and Emmanuel spent watching a movie and painting the walls. “I was a little too short to paint these 12 foot walls,” Nancy chuckled. 

The Michaels Team believes that home buying stimulates the attitude of self-reliance and independence, creates generational wealth, allows homeowners to become stakeholders in their communities and is one of the great pillars of human freedom. If you would like assistance to buy or sell your home, please call/text (702) 675-8211 or visit Check back for our next blog all about the benefits and security of working with Keller Williams – Tania Michaels Team when selling your home. 

Disclaimer: Some of the details of the story and identity of the people were altered for confidentiality and privacy.