Ok been following you on these units. I was in real estate for years but i'm out now. Your video was great but, it would have been complete if you put in your average/possibly average rent. Then if you ran the numbers so investors kind of have an idea. Vegas is an expensive market for hotels.
Good question. We have a lot of videos on the schedule. Is there something specific you were interested in knowing more about? If so let me know and we may be able to queue that up 👍
How does the resort fee that MGM charges work for the owner? Does the fee get counted as part of the rate that is then split between hotel and owner? Also if you use 3rd party manager how is the resort fee handled?
Good question the resort fee is not split between the owner and mgm that is only charged by mgm if a guest books a unit in their rental pool. If you manage your unit yourself or have a 3rd party do it then there is no resort fee.
Any smart investor would need to see what the average monthly income/loss statements looked like over the past two years. As presented here it comes off worse than a timeshare program.
Always a good idea to look at the numbers. However i can tell you if you want the best cash flow a high rise is not the spot to be. Most buy these as they can put them on auto pilot and have a great place to stay when they come to town.
@@TheBrokerLife So, it would literally take 30 years to get a return on investment and you will always have the $200 rental fee, HOA fees, insurance, taxes and electricity to pay on that unit. That equals about $800 to $1200 a month income after everything, if you are lucky. Unless you live in that unit, it will never give a return on investment. That's insane to me. I'd love to own one to live there for the amenities, location, etc., but I think renting units would be a no.
To find out what rental income you could expect as an owner in MGM Signature check this video out! ruclips.net/user/shortsVr-lp3_Dl8g
Ok been following you on these units. I was in real estate for years but i'm out now. Your video was great but, it would have been complete if you put in your average/possibly average rent. Then if you ran the numbers so investors kind of have an idea. Vegas is an expensive market for hotels.
Here you go 👍
ruclips.net/user/shortsVr-lp3_Dl8g?feature=share
@@TheBrokerLife Thanks, are those % gross or net?
@@rickjobs638 net when you pay cash.
@@TheBrokerLife Again Thanks for your time.
Crazy fees..
is it not mind blowing!
I have been watching your video great job. my question do you do videos in downtown?
Good question. We have a lot of videos on the schedule. Is there something specific you were interested in knowing more about? If so let me know and we may be able to queue that up 👍
How does the resort fee that MGM charges work for the owner? Does the fee get counted as part of the rate that is then split between hotel and owner? Also if you use 3rd party manager how is the resort fee handled?
Good question the resort fee is not split between the owner and mgm that is only charged by mgm if a guest books a unit in their rental pool. If you manage your unit yourself or have a 3rd party do it then there is no resort fee.
One still has to add property tax (~$200 monthly for a studio and insurance cost on top of all mentioned in the video), right?
Yes property tax and insurance would be part of your responsibility as well. Property tax is roughly 1% of your sale price
Thanks for your reply
If in the rental program, how much rent can an one bedroom unit get?
Ill be doing a video on this soon! here is a quick run down. ruclips.net/user/shortsVr-lp3_Dl8g
OK, what on average do people make monthly if they are in the rental pool.
I have a video on that 👍😀 ruclips.net/user/shortsVr-lp3_Dl8g
Any smart investor would need to see what the average monthly income/loss statements looked like over the past two years. As presented here it comes off worse than a timeshare program.
Always a good idea to look at the numbers. However i can tell you if you want the best cash flow a high rise is not the spot to be. Most buy these as they can put them on auto pilot and have a great place to stay when they come to town.
I wonder how many nights a month those units actually are rented.
Between 70-90% occupied. Depends on the month.
@@TheBrokerLife So, it would literally take 30 years to get a return on investment and you will always have the $200 rental fee, HOA fees, insurance, taxes and electricity to pay on that unit. That equals about $800 to $1200 a month income after everything, if you are lucky. Unless you live in that unit, it will never give a return on investment. That's insane to me. I'd love to own one to live there for the amenities, location, etc., but I think renting units would be a no.
How much does mgm keep if you are in their rental program
its a 50/50 split here is a quick video on it ruclips.net/user/shortsVr-lp3_Dl8g