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Old 03-15-2009, 10:37 PM
 
3 posts, read 3,944 times
Reputation: 10

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Hi guys (and gals),
I've read this forum avidly and it's been a wealth of information. A bunch of people have asked about buying foreclosed homes for investment, but most of them seem to want to rent to locals.. which seems to be frowned upon, understandably. That isn't my plan (except if it was 100% needed)

I too am searching for really basic information before I can delve deeper, but not exactly for the same reasons as those people. So bear with me please as the goal is to bring in foreigners.

I live in Canada currently and there is a flock of wannabe poker pros that frequently fly to Vegas. From reading the forums, I see that a few of them travel as packs and rent high end houses (the 2k / week type fitting 20 people) but most of them stay in hotels and pay a lot. There is very little information available where I live for regular people that would like to, say, rent a house / condo for 1-3 months. So I would like to purchase something and try to rent it out to those guys.

I'm heading to LV in may and would like to start scouting areas if people think it's a good idea, but I don't want to waste energy if everyone says it isn't going to work.

Since usually people probably wouldn't have a car, commuting is fairly important. I know you've read multiple threads like this so I won't blame you if you don't answer, but basic pointers would be greatly appreciated, either here or through PMs.

Such as whether I should look for a house or condo, closer to the strip or Henderson (which people keep talking about but it must be more for locals) etc. Lastly, the most rookie question I would feel bad asking to a realtor but I'm hiding behind a monitor : is it pretty simple buying foreclosures or is it a lot more complicated than buying a regular home?

Thanks anyone
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Old 03-15-2009, 10:45 PM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 9,524,988 times
Reputation: 625
this may not even be allowed to happen either with zoning issues or with HOA CC&R's...

with commuting without a car, they need to probably stay away from Henderson, South Strip would work since its one bus route away from the Strip, plus anything on Tropicana, Flamingo, Spring Mountain/Twain, Sahara, or Desert Inn, all the routes on those streets let off near the Strip or on the Strip and the players can connect to the Deuce...
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Old 03-16-2009, 12:12 AM
 
Location: Las Vegas
444 posts, read 1,429,236 times
Reputation: 183
South strip near South Pointe Casino, good spot.

Those players would be renting a car. They have enough money. They pool their money for everything.

Buying bank owned is no more dificult or time consuming than buying private. I bought one in Nov 2008, no problems with 1 exception. The houses have been sitting a while. Buy warranty $350 as water heaters and small things may go or happen. Ours went in two months and warranty saved us $1500 Plus.

I don't think many people can tell you if this is a good plan. Your research and gut will give you the answer. Sounds good, but look at what lvkewlkid said. The HOAs etc are valid points. Can you find a place where short term rentals would be allowed. Probably take a realtor to answer that. DM me if interested. I had a good one. Anyway ... Welcome and Good Luck.
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Old 03-16-2009, 01:58 AM
 
Location: Macao
15,690 posts, read 34,684,028 times
Reputation: 9224
Quote:
Originally Posted by lvkewlkid View Post
this may not even be allowed to happen either with zoning issues or with HOA CC&R's...

with commuting without a car, they need to probably stay away from Henderson, South Strip would work since its one bus route away from the Strip, plus anything on Tropicana, Flamingo, Spring Mountain/Twain, Sahara, or Desert Inn, all the routes on those streets let off near the Strip or on the Strip and the players can connect to the Deuce...
Hmm....South Strip...are those buses connected to the 24-hour ones that go all the time. That would basically mean they run very frequently and very easy to get (unlike anywhere else off the Strip).
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Old 03-16-2009, 02:31 AM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 9,524,988 times
Reputation: 625
actually no, they're not very frequent, about every 25 minutes, i believe (last time i checked 2 years ago), but i havent been on them in 2 years, so i'm not sure, its a separate line from the Deuces, and an extra fee to get on the Deuce, you would connect at the Outlet Mall or SSTT...It is nice that they now have a Silverado Ranch loop...
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Old 03-16-2009, 07:07 AM
 
Location: Here and there, you decide.
11,575 posts, read 22,673,604 times
Reputation: 3882
with homes within a terrawest hoa (which is a lot of homes), you cannot rent the home out for less than a year, and must have a lease.
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Old 03-16-2009, 08:49 AM
 
3 posts, read 3,944 times
Reputation: 10
Thanks a lot for this info and warning about Terra west, I will look into it. It is already being done so I will just have to look and see where the other people are situated.

Here's the villa they wanted to rent : villa

The link wasn't working earlier but I just tried and now it does. It's by reading about it that it made me want to start searching for information. Sadly, that particular link doesn't seem to show where the property is located.

A few of you have mentionned south strip area as possibly being a good area, so I will see what's available and if they can be rented.
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Old 03-16-2009, 12:11 PM
 
482 posts, read 1,197,035 times
Reputation: 87
I bought a condo from a bank in January. The minimum lease is six months, and the hoa needs to have that person's info. on file. You could probably do it, anyway, but why break the rules? You could get a good price on a furnished, all inclusive condo. My neighbor in Phoenix used to get 1800 per month, for a furnished 2/2 on a small golf course, including utilities. That was 12 years ago, too.
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Old 03-16-2009, 01:42 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,484,948 times
Reputation: 2661
Quote:
Originally Posted by momonari View Post
Thanks a lot for this info and warning about Terra west, I will look into it. It is already being done so I will just have to look and see where the other people are situated.

Here's the villa they wanted to rent : villa

The link wasn't working earlier but I just tried and now it does. It's by reading about it that it made me want to start searching for information. Sadly, that particular link doesn't seem to show where the property is located.

A few of you have mentionned south strip area as possibly being a good area, so I will see what's available and if they can be rented.
Those arrangements are often flatly illegal. Anytime you see rentals for less than 30 days it is a hotel and is breaking the law. The places around there where it could be located would not allow such a use.

I would also suspect that there is likely an HOA involved who will take great exception. These things can get on a war footing between the neighbors and the owner.

You would have a lot more hope of pulling it off on a half acre or even a full acre where you don't have neighbors to annoy. There are such in and around the South strip which would be the target for such an endeavor. May even be the right sort of house.

Note that it is not illegal to rent out rooms in a house nor the whole house for periods greater than 30 days. There are a set of laws that protect nursing homes that protect such usages. They can however be a violation of HOA rules...so if there is an HOA beware.

I would avoid it like mad in any conventional tract. The neighbors will eventually get you one way or another...even if you manage to keep it legal.

YOu might also look at picking up a condo or two in the Meridien. It is a bit of a risk and you may find it impossible to finance...but otherwise you can actually walk to the strip. And at the right price it is a pretty nice place.

Terra West does not control anything. They are a large management company that has the contract to manage a number of HOAs. Terra West however can't set policy or change CC&Rs. Only the association can do that. And things like rental rules may require a unanimous vote.

REOs are about the same as a regular purchase. Difficulties are that you are in a non-recourse situation where you need to be very careful that your purchase is in reasonable shape. Other than that it is actually simpler than a regular deal.
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Old 08-12-2009, 06:02 PM
 
4 posts, read 8,535 times
Reputation: 12
As a Canadian who purchased two condos in January I may have some insight for you. Buy a place in Vegas and rent to locals? Certainly! If you want to see the many flaws in your plan look for rentals on Craigslist in Vegas. If you can afford to match the prices there, you have bought very smartly indeed. There are a myriad of people renting their high-end places out for just enough or close to enough money to cover their bills so they don't lose their houses til times get better. Take advantage of the giveaway prices in the mid range condos and rent them reasonably to locals and you'll be smiling a few years from now.
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