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Old 03-30-2013, 10:24 AM
 
9,981 posts, read 8,634,291 times
Reputation: 5673

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Hi, I am also considering the same approach as the original poster.
I've read about the HOA scam bust, but that was a number of years ago
now, so perhaps the authorities are paying closer attention. I am seriously
considering investing in condos of LV and have questions, such as:

1. Can anyone recommend a property manager who charges 8-10%.
2. Should I consider not using a manager and doing it myself since
flights to LV are so common and relatively inexpensive.
3. Should I seek tenants interested in lease-to-own deals to attract
more serious/better tenants.
4. any other advice ?

p.s. I would do all this through a Nevada or Wyoming LLC.
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Old 03-30-2013, 11:45 AM
 
1,374 posts, read 2,447,457 times
Reputation: 789
Quote:
Originally Posted by Snowball7 View Post
Hi, I am also considering the same approach as the original poster.
I've read about the HOA scam bust, but that was a number of years ago
now, so perhaps the authorities are paying closer attention. I am seriously
considering investing in condos of LV and have questions, such as:

1. Can anyone recommend a property manager who charges 8-10%.
Let me know if you can find a trust worthy property manager who charges that rate. It can be too good to be true.

2. Should I consider not using a manager and doing it myself since
flights to LV are so common and relatively inexpensive.
Are you going to fly down to Vegas to watch plumber fixing a leak and charging you appropriately?

3. Should I seek tenants interested in lease-to-own deals to attract
more serious/better tenants.
If the property gives you good rental income, why do you want to sell it? what's the point of you buying it in the first place?

4. any other advice ?

p.s. I would do all this through a Nevada or Wyoming LLC.
best of luck to you
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Old 03-30-2013, 11:55 AM
 
Location: Sunrise
10,864 posts, read 17,065,189 times
Reputation: 9086
Quote:
Originally Posted by Snowball7 View Post
Originally Posted by Snowball7
Hi, I am also considering the same approach as the original poster.
I've read about the HOA scam bust, but that was a number of years ago
now, so perhaps the authorities are paying closer attention. I am seriously
considering investing in condos of LV and have questions, such as:

1. Can anyone recommend a property manager who charges 8-10%.
Let me know if you can find a trust worthy property manager who charges that rate. It can be too good to be true.

Agreed. Anyone charging 10% is doing so just to deposit checks. They won't lift a finger to do anything else.

2. Should I consider not using a manager and doing it myself since
flights to LV are so common and relatively inexpensive.
Are you going to fly down to Vegas to watch plumber fixing a leak and charging you appropriately?

A property manager isn't going to watch the plumber, either. I guarantee that.

4. any other advice ?

Yes. Don't own rental property that you cannot walk to from your house. If you want to invest, invest in your neighborhood. I would rather dig a hole in my back yard, fill it with money, pour gasoline on it, and light it on fire than buy rental property out of state. It would be much less of a hassle that way.

Oooh, multi-colored quoting.
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Old 03-30-2013, 12:34 PM
 
9,981 posts, read 8,634,291 times
Reputation: 5673
Yeah, I'm putting this idea on hold.
Vegas is awfully complicated !!!
I have a relative there, but it's still not the same as knowing
the place.. let the big boys handle Vegas real estate.
I'll stay in my little corners of New England where I know
my stuff.

Last edited by Snowball7; 03-30-2013 at 12:54 PM..
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