I don't like Palms Place that much since it's off the strip, but at the moment it cash flows OK.
The key to having good rental pool occupancy results is dont go for a mountain view low floor. And since you arent overpaying you may see tremendous price appreciation. The units are great and price in the $150 about as good as you going to get. And Palms Place is my first choice due to location and I like the units.Īny thoughts/advice? What am I missing? Is this a bad idea?ĭont listen to these nimcompoops. So I would save myself that expense by owning a condo hotel unit. What makes this more attractive to me is that I generally spend around 50 days in Vegas each year, and I generally pay to rent a condo for that period. I am being advised to use Palms Place to rent out the property for the time I am not there, which I assume is what is referred to as the 'rental pool' above. So that is close to $7k per year in outgoings. HOA is now $554 apparently and I am being advised to spend $24 on rental insurace. I am in the same position as it sounds Gina was in, in that I am considering purchasing a Palms Place unit at around $150k, and I am looking for any info on the annual occupancy rates and average room rates in order to calculate any potential returns.
