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Las Vegas Condo Hotels - The Pros and Cons

Thinking about investing in a condo-hotel in Las Vegas? Join Steve and Christina as they discuss the pros and cons. What is a condotel? A condotel is a condo unit located inside a hotel tower that can be privately owned but also rented out thru the hotel. Why should someone consider buying one? Condotels are typically used as investment properties. It’s an easy way to make a bit of passive income. The hotel does all the management and splits the profits with the owner. Do they cash flow? They do. There’s not typically a large amount of profit. If you are looking to finance these are probably not the best investment for you but if you want to put your cash into a property and get some income it can be an easy way to do that. Or if you want a place to use a few times throughout the year and don’t want to have to get a hotel and have some income to cover your mortgage at the same time. Of course it depends on what type or rate you are able to get to make sure the income will cover your mortgage if you finance. Can you air bnb them? Most of them yes, platinum does not allow Airbnb Can the owner use them? How often? The owners can use them. As often as you like with most towers. You just will make less income when you stay there. With towers like Trump and MGM you can still have your unit in the rental program and have access to another unit and you will only pay the cleaning fees while staying in another unit. Platinum is the only tower that charges an extra fee which would basically double your HOA if you decide to stay in the tower instead of rent it out. Can you manage them yourself? You can again with all except for platinum. What sort of financing is needed? You will need a DCSR loan Expect to pay anywhere from 20-25% of the total loan value as a down payment for your DSCR loan. You'll need to pay lender and service fees, which can range from 0.5% to 1% of the entire loan Lenders typically require a minimum DSCR of 1.2-1.5, which means that the borrower must have cash flow available equal to 1.2-1.5 times the amount of the loan payments. If a borrower's DSCR falls below this level, the lender may demand additional collateral or refuse to extend the loan What is resale like? The high rise market is a smaller market than the single family market but it does follow a lot of the same trends. So you just need to find the right time to sell when the inventory is low. Are they good investments? They can be a good investment again as an easy way to get passive income but not necessarily as a way to get large amounts of income. Just has to make sense for what it is exactly you’re looking to get out of it. Thinking about buying, selling, or investing in real estate? Schedule Your Free Consultation here👉https://www.thethomasgrouplv.com/free... 🚨Subscribe to this channel:👉https://bit.ly/ThomasGroupLV 🌐 Visit our website: https://www.thethomasgrouplv.com/ 📲 Instagram:   / thethomasgrouplv   👍Our Google Reviews: https://bit.ly/ThomasGroupLVReviews We pride ourselves on helping our clients realize their real estate goals through great communication, expert negotiation, and genuine service. Christina Stockdale The Thomas Group - Real Broker, LLC (702) 605-2269 x 4 [email protected] thethomasgrouplv.com License S.0179182, S.0185994 #lasvegasrealestate #lasvegashighrise #lasvegasinvestment