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Month: May 2013

What Are Your Investment Goals? Helping Investors Choose Las Vegas Properties and Manage Them

What Are Your Investment Goals?

Many real estate investors are finding the Las Vegas area, including Henderson and North Las Vegas, a great place to meet their investment goals. Investors from out of state or out of the country are flooding the market with cash and snatching up homes. Especially these days, you often find news articles talking about how much real estate has gained in value; investors feel pressure to purchase as quickly as possible, since the appreciation rate is going up faster than expected.

Buyers who were waiting for so called “Shadow Inventory” missed their chances to purchase at the bottom. Now we see bank owned homes listed at higher than traditional sales, banks are not flooding the market with low-priced homes at present.

For investment, not only purchase price and location, there are many other factors that have to be considered. Many home owner associations restrict renting homes, and some communities have too many available rentals on the market. To help you acquire the best investment property for your needs, we provide rental comparatives of the same subdivision which include the number of available and leased homes or units. We also research the history of each property and check the prices in the same communities at the peak of the real estate boom.

Home owner association fees, master plan fees and SID/LID will add up your monthly expenses. Repair costs, landscaping, window blinds and appliances also have to be considered.

Atsuko Winston and Sachi Reeske together hold a property manager permit, short sale designation CDPE, bank owned BPO/REO designation and single family CFAC/SFR certification.  We assist investors daily in purchasing properties and placing good tenants in them.

Nevada Landlord Requirements Upon Termination of Tenancy

Many Nevada landlords are not aware they have a responsibility to provide the tenant with an itemized accounting of their deposit within 30 days of the termination of tenancy.  If the landlord fails to return the tenants entire deposit or an itemized accounting of the deposit within 30 days, the landlord could be held liable by the courts for up to the full amount of the security deposit.

NRS 118A.242 states the following:

Upon termination of the tenancy by either party for any reason, the landlord may claim of the security or surety bond, or a combination thereof, only such amounts as are reasonably necessary to remedy any default of the tenant in the payment of rent, to repair damages to the premises caused by the tenant other than normal wear and to pay the reasonable costs of cleaning the premises. The landlord shall provide the tenant with an itemized written accounting of the disposition of the security or surety bond, or a combination thereof, and return any remaining portion of the security to the tenant no later than 30 days after the termination of the tenancy by handing it to the tenant personally at the place where the rent is paid, or by mailing it to the tenant at the tenant’s present address or, if that address is unknown, at the tenant’s last known address.

If the tenant disputes the itemized accounting statement in writing within 30 days of receiving the statement, a landlord cannot send the outstanding balance owed to a collection agency unless you obtain a judgement against the tenant.  This is why it’s very important to have a move-in condition report completed at the time of tenancy along with pictures to compare with the move-out report and pictures.  Keep in mind, a landlord can only hold the tenant responsible for damages to the premises, cleaning and any unpaid expenses during tenancy such as rent.

Whether you are accidental landlord or an investor, not knowing Nevada law can get you in big trouble.  If you decide not to hire a knowledgeable property manager, it’s imperative you take the time to familiarize yourself with NRS 118A to minimize future legal issues.

Not knowing or understanding Nevada landlord/tenant law is another reason why hiring a property management company to handle the management of your investment property makes sense.  To discuss the management of your investment property, give Shelter Realty a call at 702.376.7379 or email us at info @