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HOA's in Vegas Subscribe to HOA's in Vegas

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Looking at the super-low prices in Vegas now, I'm tempted to buy a vacation condo or SFH there. The problem is, everything seems to have a HOA! It seems that almost all of them don't allow you to rent out your place. So I'd go for a week or two a year, and it would sit empty the rest of the year. This seems like a bad idea to me.

In my mind this mindset has helped cause the crash out there, since people struggling to pay the mortgage couldn't rent out their place to cover for it!

Do you think HOA's are going to allow people to rent, I mean they are a vacation spot!


· Tucson, Arizona


Hoas and coas often don't allow rentals because a) mortgage lenders won't lend money to buyers after a certain percentage of houses in an hoa are rented, because of property values dropping, and b) Most owners want owners to live there, not rentors.
You would need to read the hoa documents to determine if they will or not, and you will also need to verify that the banks/lenders will lend in that hoa even if there is a large number of rentals.
My guess is, don't count on it.
Ofgift


Real Estate Investor · Portland, Oregon


HOA. it seems that almost all of them don't allow you to rent out your place.


Not sure what complexes you are looking at Steve but virtually all the condo/townhome buyers in Vegas right now are cash buyers who are turning around and renting their places for cashflow .... I'd venture to guess most HOAs allow rentals. The HOAs are probably happy to finally have someone actually paying their dues!


Originally posted by Ted Harris

Not sure what complexes you are looking at Steve but virtually all the condo/townhome buyers in Vegas right now are cash buyers who are turning around and renting their places for cashflow .... I'd venture to guess most HOAs allow rentals. The HOAs are probably happy to finally have someone actually paying their dues!

Yeah I'd be a cash buyer for the condo or SFH myself, I just looked around a bit and that is what I found. Maybe I should try a different agent out there that wants to actually look and make a sale!

Real Estate Investor · Portland, Oregon


I started out looking at Vegas condos in May & June of this before deciding on a SFR .... paid a little more but figure appreciation and rental income will be higher and more importantly, I won't have to deal with increasing HOA fees and the potential for special assessments. Also the SFR gave me an additional exit strategy should I decide to sell. I think a SFR should be easier to sell than a condo where I'd probably be limited to cash investors because of today's strict lending guidelines.



Originally posted by Ted Harris
I started out looking at Vegas condos in May & June of this before deciding on a SFR .... paid a little more but figure appreciation and rental income will be higher and more importantly, I won't have to deal with increasing HOA fees and the potential for special assessments. Also the SFR gave me an additional exit strategy should I decide to sell. I think a SFR should be easier to sell than a condo where I'd probably be limited to cash investors because of today's strict lending guidelines.

Those all sound like good ideas, I couldn't find a SFH that wasn't in a HOA, so I figured if I had to deal with an HOA I might as well get a condo. I'd be interested in a SFH with no HOA that I would rent out as a vacation house, I just need to find an agent that will find me non-HOA houses!

Real Estate Investor · MA, CT,VT, NV


Steve if you're still looking let me know. Lots of deals out here. Moved out here last year from your area but know the area well already, have family here.

April



Yes I am interested, I'll be in Vegas in about a month and I'll have a free day to look at properties if you can show me some good deals now.


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