Anyone interested in purchasing 50% of a condo in St Geroge?- Mtbr.com
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  1. #1
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    Anyone interested in purchasing 50% of a condo in St Geroge?

    I have been thinking about buying an inexpensive Condo in SG for winter time riding trips and and a general vacation home. There 2 bedroom condos that can be had for around 500 a month. I think it would be great to have a partner in the venture to share the cost and share the use. I am able to secure financing for the deal. If anyone is interested Let me know via PM or post on here.
    Visiting St george/Hurricane? Stay at my vacation rental. Discounts for MTB's

    http://www.vrbo.com/392904

    PM me

  2. #2
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    Every time my wife and I go to St. George in the winter and it's in the 70s we ask each other, "Now remind me why we don't live here again?"

    We even looked at buying a condo there last year but we need to sell a condo in Provo first.
    I will cause thee to ride upon the high places of the earth...
    Isaiah 58:14

    www.stuckinthespokes.com

  3. #3
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    For $500 a month I can have a standing reservation open to you in my guest room. Access to kitchen, pool/hot tub and local guide/shuttle service all available on demand.
    I will have to speak to my bride about including meals.

  4. #4
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    Yes but

    1. I'll never own the house. I want to buy a cheap condo in disrepair and fix it up, and hopefully have a positive equity position when its time to sell it.
    2. If I find a Partner who would be willing to pay 50% of the payment it would only be 250 a month
    3. Shutting is for *****s
    Visiting St george/Hurricane? Stay at my vacation rental. Discounts for MTB's

    http://www.vrbo.com/392904

    PM me

  5. #5
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    Tempting offer... Where abouts SG are you thinking?

  6. #6
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    Quote Originally Posted by Pedalfaraway
    1. I'll never own the house. I want to buy a cheap condo in disrepair and fix it up, and hopefully have a positive equity position when its time to sell it.
    2. If I find a Partner who would be willing to pay 50% of the payment it would only be 250 a month
    3. Shutting is for *****s
    I am interested. And I am interested in the similar information - Where? Are you interested in renting it out on weekends that it is not being used by either you or the other owner/partner? Will this be held in an LLC with equal membership shares between the partners/owners, so as to avoid potential personal liability, enjoy potential tax advantages should it produce income from rentals, etc.?

    PM me some info. I am interested.

    Of course, I enjoy a good shuttle, just like I enjoy a long solo XC ride. If that is a problem...

  7. #7
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    I am open to options

    I looked at a couple of Condos in St George. There a quite a few inexpensive ones in the area north of sunset as well as the Dixe Downs area. I am not set on any area of town anywhere in SG or Hurricane, Ivins is fine with me. The I walked through was Right off the paved bike path where it crosses Sunset and was listed for 58,000. It was a bank owned and needed paint, carpet, appliances, probably some other repairs. 2 bedroom 1 bath 900 square feet. 100 dollar HOA. Built in 1985

    I was thinking of 2 scenarios as far as the partnership.

    1. I provide all of the downpayment and all of the costs of repair and the other partner signs a lease agreement to pay 50% of the holding costs and gets 50% of the time. Either in alternating 2 week or 1 week cycles. I am thinking of at least an annual lease. Once the lease expires the partner could coutinue on a month to month basis or walk away. I would be free to take on another partner or to sell the property

    2. Option 2 is forming either an LLC or an NPO into which both parties invest equal money to cover the down payment and repairs. I am not certain how all the rules as far as taxes and etc work. Most timeshare's are set up as NPO's and I am sure its becuase of the tax advantages. I would want say a 5 year agreement and after 5 years we can either sell the property and split the equity or one partner can buy the other out for his half of the equity at that point. We would need to involve a lawyer under this senario where on the other one its just basically a rental agreement to partner 2.

    As far as Renting it to others I would say of course. I have some local friends in st george that would be willing to act as managers and make sure its clean and undamaged between people and in exchage they could keep a non-refundable part of a cleaning deposit paid by the renters. If the payment was 300 a piece were would only need to rent it for 1 week a month each at 50 a night to have it pay for itself.
    Visiting St george/Hurricane? Stay at my vacation rental. Discounts for MTB's

    http://www.vrbo.com/392904

    PM me

  8. #8
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    Quote Originally Posted by Pedalfaraway
    ... and was listed for 58,000. It was a bank owned and needed paint, carpet, appliances, probably some other repairs. 2 bedroom 1 bath 900 square feet. 100 dollar HOA. Built in 1985

    ....

    We would need to involve a lawyer under this senario where on the other one its just basically a rental agreement to partner 2.
    Bank owned at $58K. That's not bad. Of course, since it will not be owner occupied, it is likely that 20% would need to be put down to secure financing.

    Involving lawyers? I hate lawyers...

    p.s. I am a lawyer.

    Let me discuss it with my wife. I am heading down to St. George on Friday for the weekend. I may peruse the town and check out the areas you are thinking of.

  9. #9
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    Yes

    I have to put 20% down to buy anything.
    Visiting St george/Hurricane? Stay at my vacation rental. Discounts for MTB's

    http://www.vrbo.com/392904

    PM me

  10. #10
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    I am interested to see where this goes.

    Please update as necessary.

  11. #11
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    Pretty hard to get hurt at 60k.. hell that's cheaper than rent.

  12. #12
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    Quote Originally Posted by Pedalfaraway

    As far as Renting it to others I would say of course. I have some local friends in st george that would be willing to act as managers and make sure its clean and undamaged between people and in exchage they could keep a non-refundable part of a cleaning deposit paid by the renters. If the payment was 300 a piece were would only need to rent it for 1 week a month each at 50 a night to have it pay for itself.
    Just a thought, but I would think you could find plenty of people on here who would gladly pay $50 a night for a place to stay in St. George when you are not using it.

  13. #13
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    $50 a night will barely pay for the cleaning fee. Also, check your condo docs... nightly or short term rentals are almost always prohibited unless it is in a specific purpose built resort type area.

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