[NU2LV]

I have used the proximity of 1 mile from Trader Joes on Washington and 12 units come up. The questions that I was trying to get answered are:
Is this a good neighbourhood or as Buzz claims a ghetto
Are they condo conversion ready to fall apart or have the HOA fees go throw the roof
8 are shorts are they bank approved so if I offered list I would just have to wait for the paperwork to be done

[Buzz123]

Originally Posted by NU2LV

right now on realtor.com there are 501 condos under 75 listed that's one hell of a ghetto Buzz!
How much and where would you suggest

I'm not a realtor, just a long time Las Vegan, but I'd bet that most of those "condos" are cheap apartment complexes that went "condo" during the "boom", and are in bad neighborhoods. Now, keep in mind that my wife is from Houston, and to her, our ghettos would be nice middle class communities down there. But then, some of our ghettos are ghettos, and 501 units could be all in one of the large complexes.

If I were you, I wouldn't make any decisions based on info from a forum of complete strangers who think "a lot" is one word, even though it's a place to start. And I wouldn't make any decisions without being shown around by a local realtor. Get a good realtor to show you the best deals in areas you'd actually feel good about driving in at night. I'll drive anywhere in Las Vegas in the daytime, but as soon as the sun goes down, some neighborhoods take on a whole different complexion. Realtors can't steer you, but they can answer questions, and they will show you places that are within your criteria, and tell you if you are off base or not.

I know two or three realtors personally that I trust completely. One posts here. One other one doesn't but I can DM both their names if you want. There are some others that post here that I'd consider, but I'm never really sure who is whom by the names they use.

[olecapt]

Originally Posted by eventusstultorummagister

$210 is high? Not really, have a look at the HOA's in California, Hawaii and Florida.

$1000 in repairs? I would factor that into my offer and ask for an allowance for appliances.

Every broker I know is HUD certified.

Don't know about the process but could it really be worse than dealing with a bank?

Thanks!

This is not California. It is the highest HOA fee in the good part of NLV.

YOu don't get any allowances on a HUD. You can get the $1000 for the required repairs...that is it. There is no dicker on a HUD. You offer a bottom line sum...that is it. In general they may take an offer slightly below their asking but probably not while in the owner occupancy period. HUDs come with an appraisal...and that appraisal can be used for financing.

Thery give half day classes on filling out the one page HUD contract. That warns you...

The process on a HUD is vastly worse than any bank I know of. The good part is you get an answer on your bid the next day. And, if you get it, It will go to you if you follow though and pursue it. The only reason you won't get a HUD is if you reject it over inspections or say vandalism. The bad news is that a HUD uses a commercial representative in So CA as asset manager, a property manager out of Phoenix, a "closing agent" in Reno and a local listing agent. They seldom talk and never cooperate.

[olecapt]

Originally Posted by NU2LV

I have used the proximity of 1 mile from Trader Joes on Washington and 12 units come up. The questions that I was trying to get answered are:
Is this a good neighbourhood or as Buzz claims a ghetto
Are they condo conversion ready to fall apart or have the HOA fees go throw the roof
8 are shorts are they bank approved so if I offered list I would just have to wait for the paperwork to be done

It is a mixed set. There is a conventional low end condo...Legends West...that I think is fine. It is simply a low end condo. Quiet, reasonably neat.

Cimarron Ridge is a town house community. These are basically up/down duplexes. The upper unit has backyard access via a circular stairs. I think these units have gone mostly rental and may be a little tough as a neighborhood.

Adagio is a condo conversion. I do like the way it looks but it is really a condo conversion and I can't get enthusiastic.

I don't like Pirates Cove...run down...dreary place.

Starfire is reasonably nice. If you can get a nice unit in there near one of the pools it could work.

So I would think you can find three or four possibilites in your one mile.