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The renovation required to bring a distressed house in the USA up to rentable level is more of an unknown quantity than a condo.
And if you are in Australia attempting to do that, it’s a much bigger task. A condo generally just requires cleaning of carpets or replacement, a bit of a fix up here and there, perhaps a coat of paint. Sometimes the hot water service needs replacement or the washer or dryer has been taken and a prospective tenant will request one.
So they are less hassle.
That said, the potential capital growth over the longer term is going to be greater with a single family home or townhouse than a condo.
If you have a good relationship with a property manager in the US, they can organise renovation…. it just depends on what you feel comfortable with.
Yes, a house potentially has more maintenance but you’re not paying HOA fees with a home like you are in a condo complex.
If you are planning on investing in a condo, make sure that the HOA is in good health and has a sizeable slush fund for fixing the unexpected. We’ve been advised that a well run HOA in a largish complex should have at least $500K or more accessible for maintenance work if it’s needed.Thanks for the interview Aran and Steve.
Do you have any thoughts on the Las Vegas market?
I know Steve mentioned in his last webinar that he wouldn’t invest there but did not go on to explain why.
It seems the market there has yet to bottom out and there seems to be plenty of properties that can give us a net 15% return.
And we found a few with 20%.
It’s the only area that we’ve done a lot of research in, making 2 trips there in the past few months to study the market.
We have found a really great Realtor and property manager there, who we trust and have a good relationship with.
We’ve made a few offers on some properties but missed out on them thus far.
There’s just this nagging feeling that perhaps we would be better off long term in another State.
Mainly because most people in the forums tend to avoid Vegas.Thoughts?
Thank you,
