With the Las Vegas NV Real Estate economic conditions getting ripe for investors, I am going to publish a little "do
and don't" list right here for you to reference!
What type of house is favored by renters right now?
- One that is highly upgraded. Base will cut it but the highly upgraded homes will be chosen first which will result in less days on market and a lower vacancy rate provided the price is right.
- Pool homes. Pool homes are highly desired by renters and it is best to put them on the market in March/April when people are searching for them. Make sure they obtain an insurance liability rider for that pool prior to signing the lease agreement. See your favorite insurance agent for details. Pools in "median priced" rentals will command an extra 300-500 dollars a month. When you purchase a resale home with a pool in this same price range: they are only an extra 10000-12000 dollars, whereas installing one post purchase can run an extra 20000-30000 dollars. A decent ROI when one is purchased with the home!
- Homes with laminate or durable flooring. Right now this is the cat's meow! Renters ooo and ahhh when you open the door and they are greeted with laminate flooring as if it were the owner itself inviting them personally to "rent this house". It is inexpensive to install (especially if you are DIY) and durable so your investment should last rehab after rehab. Tile or travertine is also a good durable alternative. I have never understood why rental homes have carpeting in the main living areas!
- Communities with mucho amenities. Renters are in love with communities that gated or guard gated. They also love communities with pools, playgrounds, basketball courts, bbq areas, lakes etc. Always make sure you check the bylaws in the certificate of resale to ensure there are no restrictions against renters using these amenities.
- Single family homes!!! Last month there were many multi-unit permits pulled. There will always be people who love to have their own space and do not want to share walls as in condo and townhome attached housing developments. In the next 2-5 years there will be a glut of multi-family dwellings. I do believe that demand will be there but you want a special property, not one that everyone else has!
How will you choose (interview) your Real Estate Professional Team?
Choose a Realtor(R) who understands each of the markets. This type of Realtor(R) understands what is going on in the rental, new construction and resale fields. They will give you area comparables and they will not hesitate to use area new construction comparables to support a low (yet reasonable) offer. They will give you a detailed rental comparative market analysis for each house you looked at. They will deliver (in a timely manner) the governing HOA's CCR's after the offer is accepted so you will know if there are any rental restrictions. They will also have connections with permitted property management brokers if they do not have a property management permit themselves.
Choose a Mortgage Professional who knows their products. It is now more important than ever to choose the right mortgage professional who understands the investor's want to get into a property for as little down and a low interest rate. This is a very big challenge!
Choose an Insurance Provider who specializes in rental properties and the liabilities that goes with that.
Choose an Attorney who can structure LLC's for each individual property you purchase.
Choose a CPA who understands 1031 exchanges and investment properties.
All the Best,Realtor®
Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com
All the Best,
Realtor®
Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com
Renee, good list. Investors should be "lined up" at your door.
Bill Roberts
Pamela: I don't get it either. Perhaps they are not getting some "what's hot and what's not" advice from their peeps! Carpet rehab involves cleaning or a new installation. Laminate or tile rehab involves less expensive cleaning and maybe a slab replacement here and there. I have seen some old tile look great. In a properly cleaned home solid flooring just feels cleaner. Is someone's toenails stuck in that carpet? EWWWW!
Bill: :grin:
Hi Renee,
What an education...and thank you.
It's great to see how other markets list, sell and rent properties...bravo!
Good advice Renee. Thinking ahead about what you purchase is important.
My son recently moved to Law Vegas and loves it there.
Thank you for taking the time to read my post, One of the hardest things to do in life is to take RISKS , and thanks for making a comment.
Christina: POST IT HERE PLEASE! We would love to see what is going on in your markets!
Wayne: Thanks for stopping by and your thoughts!
Dan: THanks for stopping by, I am happy to hear your son loves it here!