At current prices are Meridian units capable of being break even rental units (for vacation and income usage)

Asked by Rollover, Royal Oak, MI Wed Mar 23, 2011

I rent a unit at the Meridian every year for a month or two during the summer for my work. I'm wondering what thoughts are on buying one for mixed used as a rental for my own use.

Anyone know the vacancy rates these units or seeing or standard mgmt fees in LV? For my rentals in Michigan I pay 10% of gross. The prices seem great because of the barrier cash only terms puts on buyers.

My goal is namely to be break even after HOA fees, insurance, maintenance/mgmt, prop taxes, opportunity cost (figure 5ish percent on the 110-150k investment), and after adding back in tax deductions. So not necessarily positive cash flow, but BE after taxes. Possible?

My main variable right now is the vacany rate for condos in LV.

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Renee Monaco, Agent, Las Vegas, NV
Fri May 3, 2013
The Meridian and other Las Vegas properties can yield as high as 10% per year as rental units. Each unit, complex and location will need to be qualified for loan purposes. Home Owner's Associations do not necessarily have the correct owner occupied to non-owner occupied ratios. Therefore in some cases the loan officer will need to submit the loan and the buyer is usually responsible for obtaining the information at their expense. There are ways to ensure that this does not happen. Their are many good lenders in Las Vegas who have the ability to request the investor ratios without cost to the client. For a list of Lenders in Las Vegas e-mail me at reneem@realtyonelv.com.
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