All Forum Posts by: Alisha Wagner

I agree with @Diane Valencia, Anderson Advisors, Las Vegas, NV. I just used them to create my Pennsylvania LLC. They service nationwide. Very efficient and lots of support and a neat binder they give you with tax tips. Very happy with them.

Mike Just Welcome to BP! I used to live in Sicklerville years ago. There is so much great information on this website. You can learn so much from the blogs, podcasts and forums. Make sure to set up keywords for your areas and topics of interest. Are you planning on flipping in Jersey only or Philadelphia as well?

@Jake Comerer see above re: Service Whale

Hi @Matt Grovom welcome to Las Vegas! You should definitely check out some of the local REI meetups in the area on Meetup to network. I believe the Outback REI group has a meeting this week. Also, I believe @Phillip Dwyer holds monthly REI meetings as well. There are a few wholesalers that attend those meetings and/or are active on BP.

@Angelo Wong What a great idea to reach out to other Airb&b hosts and ask their opinions. I was thinking about doing the same thing awhile ago with Condotels at Palms Place. Obtaining financing for Condotels such as Palms Place & MGM Signature is very tricky to obtain and also the legislation uncertainty was what made me shy away from the idea. Also, HOA's are very prevalent here and can cut your Airb&B business short with their regulations. Las Vegas is mostly made up of HOA run communities. I live here, but work full time and was planning on turning over the rooms mostly myself, but I would have most likely needed to hire someone to help. I had also heard that one bad review could really have a negative effect on your profits and vacancy rates. Therefore, good service and making the guests happy is CRUCIAL. You definitely would have to either be here or have someone local you really trust to be minutes away from the property at any given time. Imagine if there was an issue, toilets clog and flood with guests there? How quickly could you get there or have someone there to fix the problem? If not addressed quickly and guests made happy and bad review. There are alot of things to consider and the advice you got from the current hosts is really helpful.

Thanks for posting your experiment results!

@JJ Resnick Welcome to Las Vegas! I was looking into Condotel's at Palm's Place and MGM awhile back, but I was concerned about exit strategy. It is very difficult to obtain financing for these "Condotel" type properties, because it not a traditional condo --and I'm guessing most banks can't wrap their heads around this concept loaning on hotel room.  If the financing aspect is an issue for most buyers, then it might limit you to cash buyers or the smaller percentage of those who secure the financing for the deal.  To sell it, you have to consider that Condotels appeal to a very niche market, other investors or possibly vacation home buyers.  Then they would have to be all cash or part of the small percentage the can obtain financing.  It severely narrows the pool and which could make liquidating quickly an issue. You might want to find out how long some of these condotels have been on the market and find out who finances them. 

Also, the condo fees are extremely expensive. Yes, you get a lot of perks as a result of those high condo fees (ex. front desk services, maid services, etc), but as with most condo associations there are a lot of rules to follow.  There might be limitations on how many owners could rent their units out and how long they can rent them out. 

Not sure how you were thinking about investing with Condotels, but definitely consider your exit strategy and do your due diligence!  Good Luck!

Great information everyone, thanks!

@Angie Williams Can you also PM me your reliable contractor contact that you use in PA?  

@J. Martin I am definitely thinking about going. Sounds like fun networking.

@Bill Gulley Lol, that is exactly why I  suggested you! An objective personality would add great value to the event. Legal eagles like myself love to see both sides of the coin, before we spend our coins.

@J. Martin I think @Bill Gulley would be a fantastic guest speaker!