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If You Can’t Pay Your Mortgage, Hmmm

I have been pretty lazy with blog posts but whatever, the great thing about blogging is that it’s NOT something I need to do but something I do when I want to. I’m still down here in Vegas where the temperature is between 25-33 celcius every single day. And there are still 50 foreclosures in my complex alone. It seems lots of investors from California speculated that the prices would rise higher and higher when they bought 2 years ago, now they are loosing condos in Chateau Versailles (my complex) left and right, and it seems many out of state and out of country investors such as myself have found highly discounted vacation homes because of it.

Take a look at the Chevy Trail Blazer SUV below. You would think from the photos some thieves came by and stole the rims of this SUV, not so.  This house is being foreclosed on because the owner couldn’t pay the mortgage, my guess (and it’s a good one) is the owner vacated the premises and also left SUV because he couldn’t make payment on it either. He took of his custom rims and sold them probably on Craigslist to make a  bit of money. I can almost guarantee I’m right because when I got my place I had to buy new wash/dryer, as well as my fridge because the previous owners took them and sold them to make some extra cash.

Those pictures below show how bad it is down here, new subdivision and there is a 2 year old SUV on concrete blocks.

The Mirage volcano show, every night at 8 pm, it looks pretty damn real…

really vibrant cactus flower plants at Lone Mountain (3 blocks east of me)

11 Responses

  1. Tweets that mention If You Can't Pay Your Mortgage, Hmmm | -- Topsy.com Says:

    […] This post was mentioned on Twitter by MotionGroove. MotionGroove said: New blog post: If You Can't Pay Your Mortgage, Hmmm http://motiongroove.com/2010/05/10/if-you-cant-pay-your-mortgage-hmmm/ […]

  2. holymotherofgod Says:

    Nice, so do you get to keep the SUV?!

  3. CV Says:

    I don’t own this house or the SUV, I was just going for a walk in the neighbourhood.

  4. Mark Says:

    so did you manage to rent out that condo you recently purchased.

    I am considering buying in Vegas too.

  5. CV Says:

    Yeah, it has been rented out, it took about 3 weeks roughly but I have someone in there and they are paying $795.00 in rent so it’s good rent for the price I paid for the condo, $64,000 USD. I have a property management company taking care of the condo. Are you from Vancouver as well?

  6. Mark Says:

    No, not from Vancouver..I am from Australia.

    But i assume that being foreign to US, i will probably face similar issues to you, in purchasing in US. Or is it easier for Canadians to buy in US?

  7. CV Says:

    It’s the same for all foreigners, the best places to buy in the USA are Nevada and Arizona because of the way the taxes are, foreigners don’t pay taxes like in other states. Stick to Nevada or Arizona. If you need a realtor just ask me, I have one that deals with many out of town and out of country investors like you and I.

  8. Greg Says:

    How much a 2 bedroom/ 2 bathroom 1289 sq feet condo at Chateau Versailles should rent for?

  9. CV Says:

    I’m not sure, my rental is in another complex not in Chateau Versailles. I own a 3 bedroom condo in Chateau Versailles that is my vacation home.

  10. Karen Says:

    Hi,
    Just wondering if you are happy with your 3 bedroom vacation property at Chateau Versailles. I am looking at purchasing one. I’ve read some things about poor HOA management and structural defects along with sewer smells. How are you finding the place?

  11. CV Says:

    The poor HOA management is BS. I have had a place at Chateau Versailles since October of 2009 and the place is run great. They actually lowered the HOA fee this year if you can believe that, from $155 to $148 I believe. They have upgraded the pool with a new stamped concrete look, as well as sidewalks around the club house. They have also planted many new cactus plants throughout the complex, new stone work on the walls and so on. The place looks like a resort.

    The structural defects are the underground piping and that has happened in many complexes in Las Vegas and has gone to court and they were awarded millions of dollars to repair it. It’s not nearly as bad as it sounds. In Las Vegas lawyers pursue contractors for anything to make money. I suggest you ask for the HOA documents so you can understand exactly what it is. I read all the documentation and bought there. Chateau Versailles has millions of dollars in their contingency fund because of the lawsuit so they have more money than they know what to do with it, haha. All laughing aside there is nothing to worry about, but I suggest you do your own homework so you are an informed person.

    There are no sewer smells at all, it’s complete BS. I read that somewhere as well. It is just a disgruntled person who was foreclosed on I think. I have never smelled ANY smells of any sort ever and I have been down at Chateau Versailles for over 7 months on and off since I bought the place in 2009. I recommend that you go to Chateau Versailles in person and look around, and talk to on site management with any questions you have. It’s one of the nicest complexes in Las Vegas. I am very happy I bought my 3 bedroom condo, and I am going down in March for 3 weeks. Seriously if you buy a place at Chateau you will be happy you did, I am.

    If you have more questions email me info at motion groove.com.

    C.V.

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