Hi everyone

[Samuil0]

Hi everyone. Here is what I am interested in. I am considering to purchase a condo close to Las Vegas Strip. Could anyone who has a similar property in similar area share share their experience with me about the vacancy rate they are having? I am trying to figure out if owning a property in such an attractive for tourists area would be a better option as a airbnb rental rather than normal rental? I have an idea about what the rent rates are and what I need to know is what is the average number of guests one can expect. Thank you in advance!

Samuil

[Robin4]

@Samuil0.....Well Samuil, the very first thing you must consider is ....Will the condo management committee allow you to short term rent??

I can't tell you how many posts we have seen on this forum from people just like you who have done exactly what you want to do and have been threatened with legal action if they do not stop home hosting!

The problem is Samuil, you void the Condo groups insurance coverage because you alter the terms under which the insurance company offered said coverage! As soon as a general insurer finds out that short term rentals are taking place in their insured space, they cancel the policy.

Samuil, you must realise that although you buy your way into a Condo developement you become part of a group....tennants in common, not a sole owner!

It is extremely important that you seek permission in writing from the Condo Management committee before you commit yourself to a purchase! If you don't I can tell you with 100% certainty....you will end up in trouble!

I am sorry to be a prophet of doom Samuil but I would hate to see you do something you will ultimately regret!!!

Cheers.....Rob

[Robin4]

@Samuil0....and as a footnote to my last comments, if you wish to go down this track....and it can be a very profitable path provided you do things well, buy a single standing property! A property that you own in your own right, and which is not subject to any incumberences. Once you do that you must find a short term rental insurer who will work with your general insurer to give you coverage when guests are present in your property.

Samuil, I have personally seen the heartbreak and financial ruin that can come from decisions that are taken without the proper protection being in place! In fact it ended with the death of close friends of mine, so please do not take what I have said lightly....it's a big investment and you need it to work!!!

Cheers.....Rob