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Old 04-05-2009, 04:48 PM
 
4 posts, read 11,012 times
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I am thinking about purchasing a condo in Vegas as a rental property. My original thought was to rent it out by the night, much like a hotel, rather than long term. What areas do you recommend that would be most attractive to visitors? My price range is between 60k-100K.

Also, does anyone have an opinion on renting long term as oppose to renting nightly? Which would generate the most return on the property. Does anyone know the costs charged by a property management company to rent out a condo nightly? I live in Canada so I would have to hire a company to do all the advertising and accounting.
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Old 04-05-2009, 04:52 PM
 
482 posts, read 1,375,422 times
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The HOA will require minimum terms on leases.
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Old 04-05-2009, 11:20 PM
 
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I have a customer that does that. He has them close to the strip, some are condos, and some are houses. I think around the strip would be better. Most tourist want to stay in that area.
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Old 04-06-2009, 12:05 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,319,461 times
Reputation: 2661
Quote:
Originally Posted by woohoot View Post
I am thinking about purchasing a condo in Vegas as a rental property. My original thought was to rent it out by the night, much like a hotel, rather than long term. What areas do you recommend that would be most attractive to visitors? My price range is between 60k-100K.

Also, does anyone have an opinion on renting long term as oppose to renting nightly? Which would generate the most return on the property. Does anyone know the costs charged by a property management company to rent out a condo nightly? I live in Canada so I would have to hire a company to do all the advertising and accounting.
It is probably not feasible unless you are a local with pull and a large set of cajones.

You will likely be in violation of the hotel laws. There does exist a permit to do what you want but I do not believe anyone has ever gotten one.

Almost Certain to violate HOA rules. HOAs often have more teeth than the municipality.

People do it but get intense opposition from neighbors and HOAs and the code enforcement people.
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Old 04-06-2009, 12:15 AM
 
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I had a neighbor who did his monthly furnished. Several stayed for months, others just one--it was definitely a grey area.
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Old 04-06-2009, 12:22 AM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 10,714,348 times
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pretty much not allowed, due to zoning or HOA rules...
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Old 04-06-2009, 01:02 PM
 
Location: Las Vegas
444 posts, read 1,619,842 times
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Gee, who would want to live near a hotelcondo unit. Come to Las Vegas and rent the unit next door to where I live and stay up every night partying till dawn cause you're on vacation. And while you're at it harass my wife and kids, vomit in our common area, urinate wherever you wish and just generally make a nusance of yourself. Afterall, you're on vacation, we just have to live here.

I used to live on the Outerbanks of NC (the coast, like Kitty Hawk). This type of thing was allowed there. It was horrible for the locals. If this ever becomes accepted in Las Vegas, I am out of here.
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Old 04-06-2009, 11:23 PM
 
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Ok, so no to nightly rental then. Long term rental is ok?
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Old 04-07-2009, 01:24 AM
 
Location: Las Vegas
444 posts, read 1,619,842 times
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How long term is long term?

Since some have done it successfully, you might want to DM them.

I didn't mean to imply not to do it or that it can't be done. I just wanted to point out some possible unexpected consequences.

1 year rentals are a great way to invest for your future. Or 11 month if you want it open for 30 days for family and friend visits. Any way ... Good Luck.
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Old 04-07-2009, 12:04 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,319,461 times
Reputation: 2661
Quote:
Originally Posted by woohoot View Post
Ok, so no to nightly rental then. Long term rental is ok?
Las Vegas rental prices have stayed about the same while housing prices have dropped a lot. It is now possible to get positive cash flow off many homes and condos.

If you plan on using the place yourself you might consider 1 to 3 month furnished. You will end up rented more than half the time but you will be able to plan ahead and have the place vacant when you want it so.

Otherwise forgetaboutit. You will end up with someone who is there for 5 or more years and you never get to use the place.
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