Las Vegas 2 bedrooms won't sell at 25k

Quote from peilthetraveler:

The real question is...what did he find out about the place after 2 months that made him willing to lose $10k on it instead of just renting it out for $500 per month?
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It would cool if someone on ET in the area went to take a look and tried to find out, post some kind of youtube video or similar...

Take the Geiger counter with you whilst you are at it.
 
I am fed up with owning real estate and seriously considering renting. For one thing, if I rent and don't like it then I can move. I try to sell my house and it sticks to me like tar.
 
The HOA's can be difficult if not impossible.
Very bad when you have to screen the tenant.
A lot of times they will nix the tenant because of
bad credit, criminal record or whatever else they find.
Then the whole process of trying to find a tenant,
time wasted interviewing, starts over.
If you are partners in a unit, then
usually, this task becomes easier,but still not without
expense(ads, driving to unit, a lot of time wasted, with aggravation)
Found this out the hard way.
 
Quote from Chuck Krug:

Hook> can't you rent it out?
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The price might be super low because you cannot rent out the unit.

Some existing condo complexes are FHA, Fannie, Freddie loan approved provided that a minimum of 50% of the units are owner occupied. This is to reduce the loan risk to these agencies.

It could very well be that the complex is at it's limit, so you have to go conventional financing.

In addition, if there is a high level of non-paying units regarding the monthly HOA fees, the HOA might be having cash flow/reserve fund problems. That might require a special assessment that can run in the thousands or even tens of thousands depending on many factors.

There are many reasons why the price of the unit is so low at first glance, but typically there is an answer if you dig deep enough.

You have to remember when buying a condo unit, you are buying into a business partnership as well as buying a dwelling unit...
 
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