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Old 01-09-2010, 01:47 PM
 
139 posts, read 434,591 times
Reputation: 84

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I'm looking into buying some condo's as rentals. Mostly looking at newer (built last 10 years) 2-br properties selling in the $50/square foot range.

Of course, my concern is the financial stability of these HOA's.

Perhaps, those of you familiar with particular developments, etc. can share some info in this thread on your experience owning these condo's...
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Old 01-09-2010, 04:49 PM
 
Location: Here and there, you decide.
12,863 posts, read 26,132,454 times
Reputation: 4936
be careful.. it is very hard to get a loan on a condo and in a couple years, when you want to sell, your buyers will need cash.. i'd avoid condos at this point.
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Old 01-09-2010, 04:52 PM
 
Location: Rockport Texas from El Paso
2,601 posts, read 8,109,232 times
Reputation: 1603
You're not concerned with the combination of people leaving LV, losing jobs and their ability to pay rent and generally lower real estate prices ( all of which would make rental income lower)?
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Old 01-09-2010, 05:01 PM
 
Location: Here and there, you decide.
12,863 posts, read 26,132,454 times
Reputation: 4936
in condos, rent is going down.. in apts going down.. homes stable to up.. avg rent in my complex (rental home in north bruce and centennial) average is up from 18mos ago but im not getting rid of my tenant or raising the rent (decent tenant)...
people are moving out of vegas, yes.. but people still moving in.. imo increase about 1k a month...
people getting foreclosed on IMO, don't want an apt, they will rent a home... if its priced right, the rental goes quick..
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Old 01-09-2010, 06:13 PM
 
1,365 posts, read 4,256,063 times
Reputation: 453
Yep, we have a lot of customer who are losing their homes. They are just moving to another home. You figure most of these people were paying $1800.00 to $2400.00 a month in mortgage payments. So for them to get a decent rental for $1000.00 to $1300.00, is a big decrease for them. Plus, most want to stay in the area that they are currently at, so their children do not have to change schools.
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Old 01-11-2010, 11:36 AM
 
Location: North Las Vegas
1,631 posts, read 3,748,834 times
Reputation: 762
Quote:
Originally Posted by JM95 View Post
I'm looking into buying some condo's as rentals. Mostly looking at newer (built last 10 years) 2-br properties selling in the $50/square foot range.

Of course, my concern is the financial stability of these HOA's.

Perhaps, those of you familiar with particular developments, etc. can share some info in this thread on your experience owning these condo's...
When your offer is accepted on a property a HOA demand is ordered and in that you will find out if the HOA is finacially stable if there is any lawsuits and in most cases notes from the meeting. Some HOA's have stopped including the notes from the meetings for one reason or another.

With the high foreclosure rate properties aren't having the HOA's paid which has caused HOA's to go bankrupt, raise the monthly dues to the owners that live there.

So make sure that your realtor also doesn't their home work, in monitoring what is going on in and around Las Vegas. They can't know everything but a good agent will have keep up on what is happening in and around las Vegas.
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Old 01-11-2010, 10:41 PM
 
139 posts, read 434,591 times
Reputation: 84
007, Besides plugging your services, do you have anything *specific* to add?
i.e. perhaps mention which particular developments to avoid due to massive pending assesments etc. I would assume that a realtor who has done deals at or put in offers at 25-50+ different hoa's would be able to offer some color on the topic.

Quote:
Originally Posted by 007 license to sell View Post
When your offer is accepted on a property a HOA demand is ordered and in that you will find out if the HOA is finacially stable if there is any lawsuits and in most cases notes from the meeting. Some HOA's have stopped including the notes from the meetings for one reason or another.

With the high foreclosure rate properties aren't having the HOA's paid which has caused HOA's to go bankrupt, raise the monthly dues to the owners that live there.

So make sure that your realtor also doesn't their home work, in monitoring what is going on in and around Las Vegas. They can't know everything but a good agent will have keep up on what is happening in and around las Vegas.
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Old 01-12-2010, 08:00 AM
 
Location: North Las Vegas
1,631 posts, read 3,748,834 times
Reputation: 762
Quote:
Originally Posted by JM95 View Post
007, Besides plugging your services, do you have anything *specific* to add?
i.e. perhaps mention which particular developments to avoid due to massive pending assesments etc. I would assume that a realtor who has done deals at or put in offers at 25-50+ different hoa's would be able to offer some color on the topic.



With the economy the way it is, there are properties that are in trouble all over the place, some have been rescued and some are still struggling.
I don't know what you do for a living, but mine is as a full time realtor and that is how I earn a living to support my family and if you have a problem with that then that's your problem.

Any one that would like to know more about what is going on with different communities or properties economy or jobs are welcome to
contact me.

I am not the only realtor that blogs on this site so to attack me because I am a realtor isn't fair, but who said the world is fair right?

I try to give information as to how a buyer or seller can protect themselves and for the most part the bloggers that come to this site already have realtors they are working with. It is up to the buyers or sellers realtors to give them specifics.


I like helping people and if by giving info that is helpful is wrong because I am a realtor I guess is your problem. I like this site not only to give information but I also learn from this site from buyers and sellers and other realtors.
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Old 01-12-2010, 10:05 AM
 
139 posts, read 434,591 times
Reputation: 84
Please understand, I have nothing against you or anyone plugging your services. As long as it is in the context of contributing useful information. You tend to insert comments which have no real informational value, while plugging your service. At least olecaptain, supplies data, and real information. He may be wrong often, but he backs up his posts with valid data.

I appreciate (and pay) PROFESSIONALS who add value to a transaction. Too many realtors are basically mediocre used house salespeople who don't know the product they are selling - while implying they are "experts".

When you tell us HOW MANY condo transactions you have done in the past 18 months, then I will respect your opinion. And it better be over 12. Otherwise you are wasting bandwidth.

Nothing more worthless than a salesman who does not know his product.
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Old 01-12-2010, 10:51 AM
 
Location: North Las Vegas
1,631 posts, read 3,748,834 times
Reputation: 762
Quote:
Originally Posted by JM95 View Post
Please understand, I have nothing against you or anyone plugging your services. As long as it is in the context of contributing useful information. You tend to insert comments which have no real informational value, while plugging your service. At least olecaptain, supplies data, and real information. He may be wrong often, but he backs up his posts with valid data.

I appreciate (and pay) PROFESSIONALS who add value to a transaction. Too many realtors are basically mediocre used house salespeople who don't know the product they are selling - while implying they are "experts".

When you tell us HOW MANY condo transactions you have done in the past 18 months, then I will respect your opinion. And it better be over 12. Otherwise you are wasting bandwidth.

Nothing more worthless than a salesman who does not know his product.
I appreciate you being a fan and champion of Olecapt I don't understand why you have to attack me. I have done my share of transactions in the last 18 months that is why I am still in real-estate.

Unless you plan on using my services I feel I don't have to defend myself.
unlike you when potential clients are interested in using my services they DM me and I provide references and data to give them to help them to decide to use me or not.

If you don't find what I have to say important than don't bother reading it.
If other people find my information helpful which they have told me than I think the only person that has a problem with my blogs is you or another realtor that may look at me as a threat.

The main thing is in these blogs we shouldn't get off track as to what the person inquiring about wants to know.Rather then to get off on petty attacks on individuals.
I thought the whole idea of these blogs was to share information and ideas and learn from all kinds of people than to try to form their own club.

Different realtors with different personalities and experience's that come to blogs to share information and to say one's information is less important than another is rude and condescending.
I won't play your game and in the future if you don't like what I have to say don't bother reading my blogs.
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