In this week’s show, Paul tells us about his recent business conference in Las Vegas. Over the course of 5 days, he utilized Uber for transportation 10 times, and during those rides, he had an opportunity to chat with each of the drivers. The info he gathered, although not statistical, was really quite interesting!
Paul learned that, out of the 10 drivers, only one was a native to Las Vegas – all the other drivers had come from different locations, and 2 had even come from different countries. They were attracted to Las Vegas for the low cost of living and were able to earn approximately $30,000 being an Uber driver.
When one of the Uber drivers asked Paul if he had any important tips about real estate, he was very happy to help! Tune in and hear what valuable info Paul shared with her – it’s great info we all need to know!
Farm Talk with Paul Ward – Chatting Real Estate With Uber Drivers
I want to share with you a little bit about my recent trip to Las Vegas. I just got back from a five-day business conference and over the course of the five days I took an Uber 10 times. Interestingly, I had an opportunity to chat with all 10 Uber drivers and just had some interesting observations that I thought were worthy of sharing. The information that I’m going to share is not statistical, but I just thought it was interesting, nonetheless.
Of the 10 trips I took with Uber, eight of the drivers were born in the US and two were immigrants. One was from Mexico and had been here for 15 years, and the other one was from China and had been here two years. The Mexican immigrant was now a citizen and the Chinese immigrant was working on getting his citizenship.
Of the 10 drivers, eight were men and two were women. Also interestingly, nine of the 10, , were from not from Las Vegas. One was born and raised in Las Vegas, but the other nine were from somewhere else. As I mentioned, two we’re immigrants, so seven were from other states. The majority of those had moved from the east coast to Las Vegas to get out of the cold and also for the more affordable quality of life. I was told that you could buy a brand-new house, not big but brand new, for just over $300,000; which I thought was incredible coming from California where that’s just unheard of. You could also make about $30,000 a year as an Uber driver if you work full-time. With the cost of living being so affordable in Las Vegas, it was an occupation that afforded a decent quality of life.
I was asked for some advice by one of the Uber drivers. One of the female drivers and her brother were looking to buy a house. When she found out that I was a realtor she asked if I had any advice and I said yes, I have two pieces of advice that I’d like to share. One is shop for a loan. Don’t assume that the first mortgage lender that you talk to is going to give you the best rate, even if it’s somebody that you know who’s in the business. My wife and I are actually currently in escrow and we had a rate of 4% with a very reputable mortgage lender. We were actually able to secure a 3.5% rate without buying the loan down. That’s a $200 a month savings for us just by shopping around on rates. I also told her, even if you buy a brand-new house, you want to get a home inspection, don’t try to save $300 or $400 by skipping out on a home inspection. You want to do that because once you get in escrow and you have your home inspection report done, there’s an opportunity for a second round of negotiation with the seller. You’re going to have a report that’s probably a hundred plus pages with all kinds of pictures and arrows and circles showing everything that is wrong with the property, and there’s an opportunity for a second round of negotiation. She was very appreciative of that as well.
The other interesting observation I had about these Uber drivers is the two immigrants. Looking back on my 18-year real estate career, my two biggest sales were immigrants. One from Mexico and one from China. Neither of them really spoke any English, but both of them had translators. They had achieved the American dream without having to really learn the language, which I thought was kind of interesting because most immigrants eventually do learn English. I thought that was just kind of an interesting observation.
My five days in Las Vegas and the conversations I had with my Uber drivers was just kind of a fascinating cross section of America. People from all over moving to Las Vegas for all different reasons and all walks of life and. I had used Uber before, but never quite so much in a short period of time. If you have any comments, feel free to reach out with an email to Paul@homeandranchsellingteam.com or you can message us.