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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