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Updated over 10 years ago,
Las Vegas Deal...Should we buy?
Hello all,
I have a possible deal in the works and would like to get some feedback from the BP community.
The condo is located in the Summerlin area, 89145 area code. It is a 1 bedroom/1 bathroom condo; great location with good schools in the area and quite a bit of amenities in the community. There is a solid tenant in the property who pays 500.00 per month for rent (This property can rent for approximately 600.00). My business partner and I can most likely secure the deal between 60k - 65k. (This property will be buy and hold for at least a few years)
**Comps in the same complex have sold for 73k as of last month.
Would you guys suggest paying all cash or securing a 15 year loan on such a deal? I realize the 1 bedroom/1 bathroom is a tough sale but it is almost too good of a deal to pass up considering the Las Vegas market has been hot as of late. My business partner and I have the inside track on this particular deal because we have a friendly relationship with the current owner.
Any insight/feedback on this deal would be much appreciated. Thanks again.