Hello, we are real estate investors (4 SFR currently) and we live in SoCal. We are looking to purchase a condo in Las Vegas for Airbnb. Is that a good idea? We go to Las Vegas a lot, so we can use it for ourselves as well. If yes, which areas should we look at and what should be the price range? Any feedback is appreciated.
Thanks - Jaideep
Do a lot of research. It’s illegal in much of “las vegas”. Where it’s legal you need business license, sound monitoring equipment, Hoa approval, nobody else doing it within 600 feet, and hope the laws/rules don’t change after you buy it.
Hi Bill, thanks for your response. Yes, I have been reading about it. Do you have experience in rental properties in Vegas? Would you recommend long term rentals vs short term? Is condo still a good idea for long term tenants?
Hi Jaideep - I cohost for the Northern Nevada in the Reno/Tahoe market. The STR market is hot. I am sure Las Vegas is the same but proximity to attractions is important. You clearly have more competition with all the hotels and casinos. Happy to further discuss the Reno/Tahoe market if it makes sense!
Hi Joelle, thank you for your response. Yes, you are correct, proximity to attractions is very important. And then there is competition with the hotels. The reason we wanted to invest in Vegas is because we go there all the time and we want to save money by not staying in hotels. We will research more and find out about the short term rental laws in Vegas. I will be in touch with you about Reno/Tahoe market. Thanks so much!
I own a company that specializes in short term rentals. Its currently only legal in Henderson and NLV NV. That being said there is a LOT of interest and the homes we own and operate are booked 85% + of the time. I would suggest finding an average size SFH or condo that wont become a party house and set you up for failure. Henderson has 1000 ft distance requirements so you should check on their site before you buy to make sure you'll even be eligible to license the home as an STR. There are some hurdles to get through but it is really lucrative!
Hi Ashley, thank you for your response. We are currently researching right now. I will connect with you in the coming months to get more information. Do you mean you own a company who managers short term rentals?
There are a few condo developments in town that are zoned for hotel use, which would negate the need for special licensing (make sure to verify that). However, most of those may make you be part of the hotel pool and pay big fees.
Hi Phillip, thanks for your response. Yes, makes sense. We are thinking of going the long-term rentals route because of the laws. Let's connect and keep in touch. Thank you.