I am looking a homes in NV, that are on an Indian Reservation with a 99yr, we were wondering if this would be a good idea to purchase?

Asked by Kari, Gardnerville, NV Wed Dec 2, 2009

The house needs to be remodled so my husband and I would be doing most of the work ourselfs, so we would be buying it with intent to sell it later or even renting it out, but we just don't know much about 99yr leases. We were also wondering how it affects financing, if it does at all.

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Ultimateresp…, Home Buyer, Nevada
Sun Jan 17, 2010
I am familiar with the area you are looking at, the Pineview Estates area. From what I understand it is VERY had to find financing for that neighborhood, because the property is all lease-locked...essentially you own the house, just not the land it is built on, which leaves you in a tough situation if something goes awry with the land. I was able to get pre-approved for a loan that neighborhood through Greater Nevada Credit Union. Speak to your realtor, they generally know who finances the neighborhood. Also, half of the houses are stick-built, others are manufactured; you will not be able to get financed for a manufactured home out there. Yes you can buy and rent it out, and you can buy and re-sell. There is a deeding option in about 13 years.

Another thing about the neighborhood, it is on a community propane well(read as $$$$$$$) and water well; no public utilities, it is all privately maintained. There is natural gas nearby and thus should be available for hook-up at the home you are looking at.

I hope this covers it...I am house-shopping in that area, and also live and work nearby, and have done a lot of research into buying there. If you have any questions, by all means e-mail me at uscg21@yahoo.com and I will do my best to find you an answer.
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