If I were in your shoes, I'd consider doing a line of credit on a different property which would essentially make you a cash buyer.
Being a cash buyer in this ever-changing real estate market here is essentially the only way to get a property.
I have a couple of developments I think you would really like.
Give me a call and I can start sending you information.
Does the condo development youâ€™re interested in have a leasing office? If so, there may be a higher percentage of investor-owned units. That may spell bad news when trying to finance your condo.
Ten Percent Rule. Conventional lending institutions arenâ€™t pleased when individual owners buy more than ten percent of the units within a development. Overbuying by individual investors can cause an entire development to be un-financeable.
The buying frenzy occurred between 2006 and 2010 when the prices of condos fell sharply. Investors seized the opportunity to buy multiple units in smaller developments for historically low prices.
Financial Trouble. While itâ€™s true that condo owners donâ€™t have as many direct maintenance worries as single-family homeowners, they do pay someone else to do the maintenance for them. They do this by way of homeownersâ€™ association fees or condo fees which finance the upkeep of the common areas.
Following the housing market crash, many condo owners couldnâ€™t afford to pay their fees. In many cases, the community reserves allocated for pool repair, landscaping, etc. simply dried up. Even though higher fees were assessed to make up the shortage, not all condo developments have restored their reserves. In some cases, these reserves were under-funded to begin with.
Fannie Mae allows only 15 percent of condo owners in one development to be delinquent in their fees. FHA lenders want at least ten percent of a condo developmentâ€™s budget allocated to the community reserves.
Pending Litigation. Fannie Mae wonâ€™t finance a loan for any condo thatâ€™s involved in substantial litigation. If the homeownerâ€™s association sues an air conditioning company for suspect workmanship while replacing the HVAC units, all conventional lending associated with that development could stop. If the lawsuit is minor, however, it wonâ€™t affect financing.
David Cooper 35 Years Investing Experience 702.499.7937
The Adams Team at
Rothwell Gornt Companies
I was going over some of the answers you were given...all of which have good information. What I didn't see noted is that there are deed restrictions for most condo communities that prohibit short term stays, unless it is the homeowners (example: snow birds from Canada). They do not allow casual guests. Being these are residential communities...your best bet would be in a community like Lake Las Vegas (89011) This community has resort feeling that includes dinning,casinos and lots more. My realtor did not share that information with me and I found that if I had of known that specific information I would have made a better choice in my condo purchase.
I would be glad to share more information as I am a buyer's advocate and believe the more information a buyer has the better decisions they will make.
KW Realty SW
Cell 702 629-8908
Office 702 410-2150
How about town homes?
Please view the following town homes:
I will be happy to set a personal home search for you with new updated listings strieght to your email.
Certified International Property Specialist
Realty Executives of Nevada
I have a contact that will finance condos if they are WARRANTABLE. A form has to be filled out by the HOA, after that they determine if it is warrantable. Please send me your email and I will forward you the information.
Wardley Real Estate