When I’m driving with Buyers showing them properties in Las Vegas they inevitably ask me a question I can’t answer. I am not trying to be evasive I just can’t answer them without the risk of being sued, fined and/or having my license revoked. What I am writing about here is mostly in response to Fair Housing laws and the governments attempt to eliminate discrimination in Real Estate/Lending.

The first important definition to understand is a practice called steering. Steering is “the illegal funneling of home buyers to particular areas based on a desire to keep the make up of a neighborhood the same or intentionally change it” (definition provided by ask.com). The second important definition to understand is the practice of Redlining. This term was coined when lenders actually drew a redline on a map and refused to lend money to people buying in that area.  The lenders argued that they were unacceptably risky areas to lend in. The lenders lost that argument on the grounds that they were discriminating against people based on racial and income profiles.

So please don’t ask me (or your Realtor) if there are a large percentage of one type of people (read: Race) or another in a particular neighborhood. Even if I knew (which I usually don’t) I won’t tell you anyway. There are decent demographic statistics at the US Census bureau’s website if you are interested in such things (and the new census starts in 2010). The same goes for me offering specific information about various religious buildings in the area (I can’t do it, look on the Internet). Ditto in regards to school ratings, environmental issues and crime statistics. Two good ways to get a feel for a neighborhood is to drive the area and talk to the neighbors.

A Realtor is also prohibited from disclosing confidential information about their clients to anyone other then their broker (for a certain period of time). The exceptions being unless they are ordered by a court of law or given written permission by the client. The reason why I mention this is sometimes the Realtor can be representing both the buyer and the seller. In this case, the Realtor has to walk a fine line as to what he or she can reveal to whom.

Fortunately, we live in an age of abundant information. If you know where to look you can find almost anything on the Internet. Want to know how much the seller paid for the house, look at your county recorders website for their property tax records. Want to know how many sex offenders live in the area, you can go to Family Watchdog website. School information can be had at the National Center for Education Statistics website. I often tell my mother, “don’t be afraid to try things on your computer, it will stop you before you do something stupid”. I suggest a similar thing to you, if you want to know something about a neighborhood (and I can’t tell you), ask a search engine.

My name is Greg Hoffman and I have lived in Las Vegas since 1990. I have been a Realtor here since 1999. I welcome your comments good, bad  or indifferent.

Real estate in Las Vegas can be quite lucrative for those seeking to acquire rental income. Whether the landlord is providing residential homes, condos or office space, a steady stream of monthly income can yield a reliable revenue source that carries through the entire year. Of course, this process can be completely undermined if the renter turns out to be less than desirable. That is why it is critical to perform tenant screening long in advance of accepting the renter.

The purpose of tenant screening is to acquire a clear picture of the renter’s background. Specifically, landlords can explore the tenant’s rental history, credit report, and financial situation. This then allows the landlord to make an appropriate decision as to whether or not the tenant will make a proper fit. Again, this is no minor point. Signing a lease agreement with a “bad renter” comes with many serious problems best avoided. For example, a potential renter that has an extensive history of not paying his bills clearly would not be a safe bet to make his rent obligations on time. Such a renter can turn an lucrative real estate venture into an unstable one within a few months.

Then, there are those tenants that could be labeled even worse renters. Renters that allow their dwellings to fall into complete disarray can create a number of repair costs and other expenses. However, a quick call to their previous landlords could reveal such problem renters with a single phone call.

If there was a moral to this story it would be this: perform a tenant screening prior to renting your Las Vegas Investment property. It will eliminate many hassles and problems long before they even start.