LAs Vegas Vacation Rental?

Question

I am not new to rental properties in any way. I own 11 properties but they are all local and traditional rentals. I would like to learn more about vacation rentals as way to reduce the expense of something I want, rather then as a way to make money.

Within a couple years I would like to buy a condo in Las Vegas as a vacation property for myself. However we all know this is a huge waste of money. Yes, I could look into a duplex and rent one site.... but my question is more about vacation rentals.

Has anyone done this in Las Vegas? Can anyone recommend a few sites to list the property on?Is there a company that manages the cleaning and day to day issues?

Im not looking for some 10% CAP rate. Im simple looking to reduce the monthly cost. Would be great if I could rent it a few nights a month to cover the monthly payment.

Thanks for reading.

Tiger M. · Answer

Its a mine field, you gotta remember Hotels with big influence don't stand for competition. County has made them illegal,  Clark County short term .  The City requires a Special Use Permit  LV City short term permit and most condo HOA's are disallowing them. Its gotten worse since the shooting. The Ogden downtown just had an HOA meeting to close the door on rentals as they were concerned their building could be used. No comment to knee jerk reactions... North Las Vegas: There is no specific ordinance preventing short-term rentals. However, property owners can’t rent out a home without a business license, and such a license wouldn’t be granted for a home inside a neighborhood, a city spokesperson said. Henderson: Does not allow short-term rentals for less than 30 days unless the homeowner has a permit. Currently there are no such approved locations in the city.

Its Frustrating to say the least. I use Vacation rentals and love it. It's not impossible here in the city. I have a client that just bought and rehabbed a property to be and AIRBNB downtown. The process was going to be long enough and expensive so we long term rented for him, he received the Special Use Permit and will be moving forward once the tenant leases expire this summer. Its also for sale. 3 units short term approved

Hope that helps. I think the Permitted properties will be a "gold mine" as code enforcement continues to crack down on illegal units.