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Darren, Other/Just Looking in Edmonton, KY

I am really about investing in a condo in Vegas but I'm not sure about the tax laws and how to go about

Asked by Darren, Edmonton, KY Tue Sep 30, 2008

renting it or the upkeep.
financing isnt a problem so i'm not worried about that part.
Any info would be great.

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Answers

3
You may want to consider a condotel project where your unit can be rented to hotel guests while you are not using it. These units are fully furnished. Please keep in mind that you will be making contributions towards FF&E (furniture, fixtures, and equipment) replacement as there is wear & tear over time.

There are many to choose from, including but not limited to CityCenter, Signature at MGM Grand, Trump, Palms, etc.

It is generally more difficult to obtain financing for a condotel project.

Please contact me for more information.

Aaron Wheeler
President
Oakville Properties
+1 (877) 765-2347
0 votes Thank Flag Link Wed Oct 1, 2008
Darren,

I have some Canadian buyers that are currently doing the same exact thing as you. They are purchasing investment properties. Cash is the best way to purchase when you are not a US citizen. Getting financed can be tricky and will require more documentation. I would refer you to a lender that deals with foreign buyers and they can better explain how the financing works.

In regards to tax laws, I would refer you to an accountant. They would be the best people to answer any tax questions, especially because I legally cannot.

Now renting your new property out and keeping it maintained, I can help. Since I am an agent in the Las Vegas area, I would list the property on the market for lease and find you a tenant. I would then refer you to a great property manager in the area that could manage the property for you and take care of it.

Please call me and I will be happy to discuss your situation. I would love to help you find a great investment property here and walk you through everything else. I also know the best areas in town where properties will have the highest appreciation. Hope to hear from you. Take care...

Len McGuirk, Realtor
Prudential Americana Group
Cell: (702) 203-6688
0 votes Thank Flag Link Tue Sep 30, 2008
Darren:

There are many Canadians purchasing in Las Vegas. Buying with cash is the best way to purchase, if possible. Real estate taxes are not based on your nationality; but on the property size and value. If you are buying for investment, I would reccomend a property manager for you, to oversee the property and screen potential tenants.

It is not difficult process, as long as you are working with a REALTOR®, like myself, who knows the Las Vegas Valley and can guide you to a property that will yield a positive cash flow.

Good luck and if you can use my help give me a call or email me.

Bill Johnson
Realty America
(702) 553-6543
0 votes Thank Flag Link Tue Sep 30, 2008
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