Suggest - Planning to Buy condo in Vegas as Investment

[McDreamy]

Guys,

I live in Bay Area, Planning to buy condo in Vegas. I normal visit Vegas once in every two months, mostly for fun. someone or other plans trip and we end up in Vegas. Noticed my Main Expense in Vegas is staying (FYI...I stopped gambling), Normally Condo(2bed-2bath) comes around 150K good one. Monthly 2 weekends AirBNB lo rent chesina I could make 1000$ and nenu or friends and family can save some money while staying in vegas. EMI and HOA total may come around $1500.  

Suggestions are welcome, what can go wrong or give any opinion?

[chittimallu2]

monthly two weekends rent chesthe 1000 ela vasthai... who will pay 250 per day?

[Android_Halwa]

First risk : Stop considering as a rental investment. Look if it has appreciation asset. Cos, the APR what you pay and the rent what you get and the downpayment and other money what you invest on maintaining the property and put all the calculations, then you will realise it would hardly break even. 

But if there is an appreciation in the housing market, then It adds up to the real value and worth on investment.

In your case, Don't you think paying 1500 as EMI every month to save few hundred dollars and take additional responsibility of owning and maintaining a condo 400 miles away from where you live ? In this case, its wiser to spend few hundreds on bed and breakfast...

But if this property is in an appreciation zone and feels confident about the investment, Then it makes sense. 

Air B and B..other vacation rentals...It might add up but then again you are not a local and you have to depend on someone to manage the house...and you also have to pay them a commission or something as nothing comes free, now, is it worth ?

 

[Hitman]

11 minutes ago, McDreamy said:

Guys,

I live in Bay Area, Planning to buy condo in Vegas. I normal visit Vegas once in every two months, mostly for fun. someone or other plans trip and we end up in Vegas. Noticed my Main Expense in Vegas is staying (FYI...I stopped gambling), Normally Condo(2bed-2bath) comes around 150K good one. Monthly 2 weekends AirBNB lo rent chesina I could make 1000$ and nenu or friends and family can save some money while staying in vegas. EMI and HOA total may come around $1500.  

Suggestions are welcome, what can go wrong or give any opinion?

Rule of Thumb - Do not buy as rental investment if it is away from living place. unless you are a millionaire and want to have your own vacation home.

[crazymatta]

10 minutes ago, McDreamy said:

Guys,

I live in Bay Area, Planning to buy condo in Vegas. I normal visit Vegas once in every two months, mostly for fun. someone or other plans trip and we end up in Vegas. Noticed my Main Expense in Vegas is staying (FYI...I stopped gambling), Normally Condo(2bed-2bath) comes around 150K good one. Monthly 2 weekends AirBNB lo rent chesina I could make 1000$ and nenu or friends and family can save some money while staying in vegas. EMI and HOA total may come around $1500.  

Suggestions are welcome, what can go wrong or give any opinion?

ferrari etla nadusthundhi uncle..

main headache enti ante party chesukoni place ni trash ga cheyadam.. heard some bad stories from ppl renting place on airbnb 

[McDreamy]

21 minutes ago, chittimallu2 said:

monthly two weekends rent chesthe 1000 ela vasthai... who will pay 250 per day?

I did rental cost search for a two bed condo and it shows average of 200$ per day...but Will look into it. Thank you.

[McDreamy]

15 minutes ago, Android_Halwa said:

First risk : Stop considering as a rental investment. Look if it has appreciation asset. Cos, the APR what you pay and the rent what you get and the downpayment and other money what you invest on maintaining the property and put all the calculations, then you will realise it would hardly break even. 

But if there is an appreciation in the housing market, then It adds up to the real value and worth on investment.

In your case, Don't you think paying 1500 as EMI every month to save few hundred dollars and take additional responsibility of owning and maintaining a condo 400 miles away from where you live ? In this case, its wiser to spend few hundreds on bed and breakfast...

But if this property is in an appreciation zone and feels confident about the investment, Then it makes sense. 

Air B and B..other vacation rentals...It might add up but then again you are not a local and you have to depend on someone to manage the house...and you also have to pay them a commission or something as nothing comes free, now, is it worth ?

 

Thanks bro, everything make sense. Will think about all of these points. All points make me think not to make as investment but go for vacation home.

[McDreamy]

15 minutes ago, Hitman said:

Rule of Thumb - Do not buy as rental investment if it is away from living place. unless you are a millionaire and want to have your own vacation home.

Thanks Man. Bottom line is clear now.

[McDreamy]

15 minutes ago, crazymatta said:

ferrari etla nadusthundhi uncle..

main headache enti ante party chesukoni place ni trash ga cheyadam.. heard some bad stories from ppl renting place on airbnb 

Yeah heard about it. But renting Idea drop naa matta...

[Android_Halwa]

10 minutes ago, McDreamy said:

I did rental cost search for a two bed condo and it shows average of 200$ per day...but Will look into it. Thank you.

But think of investing in making a condo ready for weekend to rent it for $200 per day...? May be 5k..furniture,amenities,parking,TV..internet, other things like sofa,lamps,kitchen items... upholstry, and cost of maintaining that..

small and big...put it all together and it will cost you 5grand which you have to shell out of your pocket not from the loan, so thats like write off cost...instead, you can use these $5000 to spend on vacation rentals...will last for an year or two considering you visit vegas once every two months spending 300 pn accomodation over two years.

[Chitti_Robo_Rebuilt]

Vegas aney kadu asalu rental properties konadam worth ey na??

commercial loan teesukovali daniki I kneo

[McDreamy]

1 hour ago, papampasivadu said:

Bro...bay area lo invest cheyy...akkada kuda almost airbnb lo anthe amount sampadinchocchu...but apartments will be more costly than vegas...

nenu kuda oka point lo vegas condo's chusa...they are 150k-200k in MGM signature towers itself (this is almost 4 yrs back)...appude teda kottindhi naku...idhi nijam ga hot market ah hype market ha ani...antha cheap ga undadhu hot market aythe

Bay area lo picha costly unnai Condos....above 600K....I m not well enough to invest that amount......Any way investment Idea ayithe ledhu vegas after all these valid points from other DB members....May be, will buy a property in Vegas as a get away place.....

[McDreamy]

1 hour ago, Android_Halwa said:

But think of investing in making a condo ready for weekend to rent it for $200 per day...? May be 5k..furniture,amenities,parking,TV..internet, other things like sofa,lamps,kitchen items... upholstry, and cost of maintaining that..

small and big...put it all together and it will cost you 5grand which you have to shell out of your pocket not from the loan, so thats like write off cost...instead, you can use these $5000 to spend on vacation rentals...will last for an year or two considering you visit vegas once every two months spending 300 pn accomodation over two years.

Valid point bro...koncham confusion tho unna morning, is it worth to buy as investment property in vegas ani......if i have to buy in vegas...will buy it as our get away place....Thank you for all valid info.

[Android_Halwa]

19 minutes ago, McDreamy said:

Valid point bro...koncham confusion tho unna morning, is it worth to buy as investment property in vegas ani......if i have to buy in vegas...will buy it as our get away place....Thank you for all valid info.

 

Anytime Bro...Nee paisal ante naa paisal annate kada.. :-)

[Quickgun_murugan]

2 hours ago, McDreamy said:

Guys,

I live in Bay Area, Planning to buy condo in Vegas. I normal visit Vegas once in every two months, mostly for fun. someone or other plans trip and we end up in Vegas. Noticed my Main Expense in Vegas is staying (FYI...I stopped gambling), Normally Condo(2bed-2bath) comes around 150K good one. Monthly 2 weekends AirBNB lo rent chesina I could make 1000$ and nenu or friends and family can save some money while staying in vegas. EMI and HOA total may come around $1500.  

Suggestions are welcome, what can go wrong or give any opinion?