All Forum Posts by: Phillip Dwyer

Hi Bryan,

Do you plan to move to the Vegas metro? In order to use an FHA loan to buy a 2-4 family property, you have to live in one of the units.

Some condo communities have rental restrictions.  Some are not approved for financing.  

This depends upon a bunch of factors:

1.  How much money do you have to invest?

2.  What's your time horizon?

3.  What is your risk tolerance?

4.  What is your ability to obtain financing?

5.  How much time do you have to invest?

Keep in mind the penalty could be worse than a fine.  They may make you rip it out and start over.  

If a house is sitting on the market for over a year, even with a tenant, there is an issue.  Walk softly in that scenario.

In the current market, there's not a lot to be negotiated.  You'll likely be paying over list and over appraisal if you actually want to get something.  So then you are really just calculating if the numbers still make sense in that scenario.  

There are a few condo developments in town that are zoned for hotel use, which would negate the need for special licensing (make sure to verify that).  However, most of those may make you be part of the hotel pool and pay big fees.

I know several at different firms in Henderson.  Send me a dm with your criteria.

@Brett Mazzerle I'd start your analysis with a thought on what you want your lifestyle to be when you move here (Las Vegas area) to retire.  Once you have that nailed down, then look at properties that match that criteria to see if the numbers work.  Sometimes a property won't work for both a rental and a retirement home unless you're willing to forgo on the numbers or the lifestyle.  So figure out what's more important first.  

Is the high hoa due to a special assessment that will go away once paid down?  What are similar units selling for in that complex?