U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 06-13-2010, 03:06 AM
 
1 posts, read 1,530 times
Reputation: 10
Default Can you get a Mortgage on a Strip Highrise condo?

I've been seeing a lot of ads for cash deals at some of the condo hotels like Trump and Palms Place. I've been told no lender will give a mortgage on a condo hotel in Vegas. No matter what kind of credit you have. Is that true?

Has anyone heard of any highrise buildings near the strip where reputable lenders are willing to finance buyers if they put down 25-30% and have good credit?
Reply With Quote Quick reply to this message

 
Old 06-13-2010, 08:43 AM
 
Location: North Las Vegas
1,525 posts, read 2,180,289 times
Reputation: 636
Quote:
Originally Posted by vote4pedro1 View Post
I've been seeing a lot of ads for cash deals at some of the condo hotels like Trump and Palms Place. I've been told no lender will give a mortgage on a condo hotel in Vegas. No matter what kind of credit you have. Is that true?

Has anyone heard of any highrise buildings near the strip where reputable lenders are willing to finance buyers if they put down 25-30% and have good credit?

Banks will not loan on condotels period, some of the highrise properties like Panorama North and Allure have secured financing depending on which project, Your credit/debt to income ratio is very important. You may need to come up with 20 To 50% down. There is also lending availability for Turnberry Towers and Turnberry Place and Sky just be prepared to a good size down payment on the property.

Also even if you have over a 800 credit score with 50% down you could be turned down if your debt to income is out of wack. Banks are very tough on lending virtually on anything but especially highrise properties.
Reply With Quote Quick reply to this message
 
Old 05-28-2014, 05:50 AM
 
145 posts, read 45,965 times
Reputation: 48
Are strip condo-tels still off limits as far as conventional financing goes? 20% down with 30 year conventional mortgage.
Reply With Quote Quick reply to this message
 
Old 05-28-2014, 06:59 AM
 
227 posts, read 144,945 times
Reputation: 171
Probably can't get FHA because the owner/renter ratio is no good.... BUT maybe some bank or credit union somewhere would be willing to do a conventional loan.
Reply With Quote Quick reply to this message
 
Old 05-28-2014, 10:56 AM
 
1,967 posts, read 1,619,506 times
Reputation: 832
Quote:
Originally Posted by 007 license to sell View Post
Banks are very tough on lending virtually on anything...

banks are tough on lending on anything? really?

not that I have seen lately. requiring that ones meets certain financially viable standards does not constitute "Tough".
Reply With Quote Quick reply to this message
 
Old 05-28-2014, 12:39 PM
 
23 posts, read 10,797 times
Reputation: 20
Condo hotels are only cash lately....mostly because their number are negative when using their in house rental program.
even paying cash their number are really low...due to high fee in addition to high HOA fees... so if you are looking for a good return on investment, stick to standard single family rentals....not high rise rentals. 5-10% on return.
Reply With Quote Quick reply to this message
 
Old 05-28-2014, 11:20 PM
 
322 posts, read 244,393 times
Reputation: 309
Quote:
Originally Posted by sziszi007 View Post
Condo hotels are only cash lately....mostly because their number are negative when using their in house rental program.
even paying cash their number are really low...due to high fee in addition to high HOA fees... so if you are looking for a good return on investment, stick to standard single family rentals....not high rise rentals. 5-10% on return.
The OP didn't state his purpose for buying was strictly as an investment and looking for a ROR, so I wouldn't be too quick to assume such. Also lenders obviously don't require property to be rentals with a good ROR or else no one would be able to finance any housing of any type for their own use. All lenders have their own criteria, but generally if you have a high credit score, adequate cash flow, and an over all low debt-to-equity ratio, you can get a loan from some lending institution for most anything.

Condotels can work well, and generally much better than a SFH, for the primary purpose of a lock and leave vacation residence as an example. Security and maintenance is much easier to manage than a SFH, and although the primary purpose is for your own use, it's easier to rent a condotel during times you don't need it for yourself if you choose to do so. It all depends on the individual's needs and preferences as to what is the best type of property for him or her.
Reply With Quote Quick reply to this message
 
Old 05-29-2014, 09:23 PM
 
145 posts, read 45,965 times
Reputation: 48
Condotels can work well, and generally much better than a SFH, for the primary purpose of a lock and leave vacation residence as an example. Security and maintenance is much easier to manage than a SFH, and although the primary purpose is for your own use, it's easier to rent a condotel during times you don't need it for yourself if you choose to do so. It all depends on the individual's needs and preferences as to what is the best type of property for him or her.




This is real GEniuS! A condo-tel @$150,000 with $550 hoa isnt that bad of a deal for the right kind of buyer. Me for instance.
Reply With Quote Quick reply to this message
 
Old 05-30-2014, 01:29 AM
 
Location: Sunrise
6,549 posts, read 4,814,698 times
Reputation: 4208
We have a family friend who thought Condo-hotels could work for him. He said it turned out to be more like a condo-timeshare. Nothing he was told turned out to be true. The management company cherry picked all the prime weeks. And the family friend has yet to make any decent rental income from the unit. (He doesn't need the rental income. He was just hoping that it would turn out to be revenue neutral. It isn't.)

In addition, he said that living on the Strip was awful. The Strip isn't set up for "real life." People need prescriptions filled, doctor's appointments, groceries, birthday cards and all the rest of the mundane "life" stuff. That's a hassle for people who live on the Strip. Just about everything that doesn't involve casino chips means a long drive to a nice part of town (far away from the Strip.)

Now he lives in Anthem and just calls the casino limos to drive him around town. So long as part of his day is spent at a baccarat table, the casinos are happy to oblige.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
Similar Threads

All times are GMT -6. The time now is 05:42 PM.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top