Las Vegas multi-family loan options

[Benny Dong]

Hi all,

I've been considering out of state investing since I live in California right now and properties are much more expensive. I'm a travel nurse so I actually have the freedom to move anywhere and make it my primary residence. I'm thinking Las Vegas as one of my top options if I were to do out of state investing, but I would go in on a deal with a couple colleagues so we would go through an LLC. Does anyone in the Vegas area know what options we have? Since I would consider it my "primary residence", does that mean they would need to too to get a 5% conventional or is that not possible at all? Otherwise, are there other loan options than 20-25% down?

This would be our first property so anything helps! 

[Bill B.]

If you can make it your primary and do everything equired for it to be considered your primary (change all your addresses, voter registration, car titles/registration, drivers license, etc....) this should qualify you for the owner occupied loans (where you will sign that you plan to live there for at least a year as your primary home.) and you’ll probably save enough to make the payments. 

I don't know how you would work any kind of LLC versus just tenants in common ownership just be open with a good mortgage broker and they should be able to help you. just don't lie about it being your primary and commit mortgage fraud. it isn't worth it for the better rate or lower downpayment putting down 20-25% might get you a better rate and out of PMI as well

My wife was an RN at scripps in La Jolla before we moved here and she put in her 20 to retire at UMC.). You’ll save on property taxes, state income taxes, insurance, maintenance, purchase price, gas, food, etc...but if you don’t plan to occupy it but rather to rent it out, tell everyone that over and over and don’t sign the paperwork saying it’s going to be your primary. It’s too easy today for them to see where you’re truly living.