Las Vegas Master Planned Communities

What is a Master Planned Community?  Usually found in warmer climates, they are large communities of new homes typically at least 1,000 acres in size with development and construction governed by specified standards of design and restrictions of land use.  These communities offer recreational areas, golf courses  and parks as well as schools, restaurants and shopping within the community.  Clubhouses with pools and spas are part of the community package.

In a Master Planned Community, all of the amenities and conveniences are planned and included ahead of time and are often in place before homes are built.

To maintain the original master plan, builders are carefully selected with home designs continuously reviewed.  There are a number of smaller similar type communities or subdivisions existing within the Master Planned Community providing potential buyers with a choice of home styles and prices.

Las Vegas offers a number of Master Planned Communities catering to individuals and families of various ages and life styles – with “something for everyone”.

Canyon Gate

This luxury low-density community just west of the Strip boasts 320 acres with only 507 homes and features custom houses, luxury condos and upscale tract homes.   Long considered the “Jewel of Las Vegas”, this Master Planned Community is family friendly offering kids’ camps and kids’ nights.

Close to the Spring Mountains and Red Rock National Conservation Area, homes in Canyon Gate have spectacular views.

The 24 hour manned gatehouse assures privacy and security to the owners of homes ranging from the $500,000’s to over $5,000,000.

The Canyon Gate Country Club offers a magnificent golf course with a 160 acre fairway designed by Ted Robinson and provides traveling golfers privileges at 192 courses throughout the world.  In addition to golf, the country club offers a number of amenities including gourmet dining, tennis and a state of the art fitness center.

In order to join this exclusive country club, your initiation fee will be $32,000 with approximately $500 in monthly dues.

Some of the amenities in this secluded community include five lighted tennis courts, an outdoor Jacuzzi and two outdoor pools and an indoor wet steam room.

Desert Shores

This beautiful, picturesque and quiet Master Planned Community is unique in that it is built around five man-made lakes.  Residents can enjoy boating, fishing and swimming in these lovely lakes which are home to ducks and swans.

This community was built in 1988 and includes 22 different residential districts with 3,351 units on 682 acres and offers residents a community clubhouse, a large swimming pool surrounded with a sand beach in the style of a lagoon and paddle boating on the lake.

Homes are available in Desert Shores from compact condos and medium priced homes to huge homes in their own gated areas.  Some lakefront homes have small docks.  At this time, prices in this popular community vary from the $90’s to $1 million and more.

If you would like to take a tour of one of the many master planned communities in Las Vegas, feel free to give us a call at 702.376.0088 or reply below.

Nevada Rental Properties in Foreclosure

Nevada rental properties in foreclosure are sold by the lender at auction or directly to investors, just like any other foreclosed properties. If the foreclosed property is occupied by tenants, the landlord or property manager assigned by the new owners to oversee the property has to abide by specific guidelines when dealing with this situation.

The property management company must be cognizant of the new laws enacted in 2009 that basically allows a tenant to remain in the home, town home, or condo unit for the full remaining term of the lease.  There are two exceptions: Read More

When you are ready to sell your Las Vegas Home, it should be presented in the best possible way.  Staging by a trained and certified professional home stager helps to prepare a home for sale by pointing out the need for making minor repairs, repainting if necessary and eliminating clutter as well as re-arranging furniture and adding decorative accessories.

You can hire a trained and certified professional home stager to do the work  – or do it yourself.

To get an idea of how your home should be staged, pay a visit to some Las Vegas Model Homes in new communities similar in price to your area.

The common theme of model homes offers neutral colors and a sense of being large, bright and cheerful with lots of space.  The furniture arrangement allows a great deal of room to walk around.  Green plants and baskets of fruit add welcoming touches.  Lights are left on in all rooms as well as in closets and the laundry room.

One of the reasons why visitors are able to imagine themselves living in a model home is the lack of personal touches such as family photos and collectibles.  Consequently, there is no personalization of an owner that needs to be overcome.

The next step in staging your home is to walk around your property including both the back as well as the front yard.  Make note of necessary outside maintenance  such as peeling paint or dying shrubs or plants and have these problems fixed.  Be sure the lawn is regularly watered and mowed.

Once your Las Vegas Home is listed for sale, the driveway and front entrance of your home should always be swept clean in case a potential buyer drives by to check out the neighborhood.  Bicycles, cars and trash cans should be kept in your now uncluttered garage for the same reason.

Since a potential buyer will have an immediate reaction to the curb appeal when arriving at your home, remember that similar to a first date or a job interview, you cannot make a second first impression.

Now is the time to clean out your kitchen cabinets and closets because you can be assured, visitors will open them and look inside.  For those pieces of furniture and items of clothing that you no longer want, this is the time to either have a garage sale or make a donation to charity.  If there are cherished personal possessions you want to keep and take with you to your new home, consider renting storage space for these objects you love.

If there are objects such as chandeliers that you do not want to sell along with the house, remove them and substitute the old ones (that you hopefully kept) so that you do not have to refuse to sell these objects to the potential buyer.

If you have pets, arrange to have them stay at a friend’s house when your home is being shown.  Be sure to remove litter boxes and doggie pillows and clean and spray so that there are no bad odors to turn off your visitors.

There are many factors involved – from  a Las Vegas Real Estate Investor’s prospective – in choosing which single-family home properties would be the most suitable for purchase. Among the most important considerations are what type of purchase arrangement can be negotiated, and who the seller may be, private owner, or bank, urgency to sell, etc.

Among the criteria to be considered in evaluating the property’s cost of purchase and after-purchase expenditures versus ultimate profit potential are the following: Read More

Homeowners Association Board of Directors Elections

This is the time of year when plans must be made for the election of the new Homeowners Association Board of Directors. Property managers are required to supervise the election process from start to finish. They begin by mailing a flyer and Nomination Form to each homeowner informing them that an Annual Election Meeting is currently being scheduled. Those individuals interested in being  candidates are asked to provide relevant information regarding his or her qualifications to serve on the Board and the reasons why they wish to do so.

Terms for Executive Board Members are now allowed to be increased from two to three years. There is no Legislative limitation on number of terms a member may serve. Each HOA must have a minimum of three Board Members with an odd number preferred for tie breaking of votes.

Sometimes there are not enough candidates interested in serving on the Board of Directors and sometimes there is a battle for control of the positions between two differing factions.

The updated procedures for elections now state that if the number of candidates running for the Board is the same – or less than – the number of vacancies, a notice must be sent out to all homeowners by the Executive Board that all those nominated are considered to be elected – unless an owner submits a nomination form within the nomination period – which is thirty days after receiving the notice from the Board.

If another owner indicates interest by submission of an application, a regular election is then held with the usual balloting procedure. If there are no other candidates, it will not be necessary for ballots to be mailed to the community and the previously named candidates will be considered as newly elected Board members thirty days after the closing date of the period of nomination.

When there are sufficient candidates for a ballot, each one may request that the HOA send out to each owner at the association’s expense a candidate informational page listing his or her areas of expertise and experience that will benefit the community.  Often, each HOA will host a Meet the Candidates night supervised by the property manager so that unit owners have the chance to ask each candidate how he or she feels about specific community issues to help them determine for whom to vote.

All ballots that were mailed in to the management company are brought to the meeting by the property manager. These votes, along with ballots that are hand delivered at the Annual Election Meeting, are opened and tallied by an Election Committee in full view of the unit owners. The duly elected Board Members then meet privately, elect officers and preside at the Annual Meeting.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

If you are in need of funding to take advantage of the Las Vegas Real Estate Investment opportunities you are focusing on, and prefer not to go through the time-consuming and rigorous procedures required by traditional institutional lenders, then your only alternatives are either to use your own funds, if sufficient, or to seek out a Las Vegas Private Lender or real estate investment group, and convince them of the feasibility and profitability of financially backing your projects.

First of all, you must gain the confidence of your investors by presenting them with a list of credentials that will convince them of your ethical and financial, credibility, expertise in the art of creative real estate investing, and previous successes.

Secondly, your investor, or investors, will need to evaluate the property or properties you have in mind to purchase. Then, you should certainly have a proposal prepared that will convince these lenders that the investment will be a sound and profitable one.

Once an agreed upon purchase price has been reached with the seller, and accepted by the lender, then an agreement between the investor and the lender as to the rate of interest the repayment will be subject to, and the length of time required to pay back the loan amount, plus interest is set and finalized.

To further boost your investor’s confidence and assurance that they will be as fully protected from loss as possible, the loan amount should not exceed seventy percent of the after repair value of the Las Vegas Property, for example, in the case of a rehab purchase, thus insuring the investors that the project will retain sufficient equity to satisfy the lenders in the event of default.

Additionally, as an example, for a Las Vegas Residential Property purchase, the lender will undoubtedly require a home owner’s insurance policy, a title policy, a first mortgage position, a property appraisal and may additionally require a personally signed and notarized promissory note.

You may be fortunate enough to find investors willing to partner with you in your Las Vegas Real Estate Investment endeavors among your family or friends, your attorney, CPA, or even your doctor or dentist.

Check on line for venture capitalists, private investment groups, talk to real estate entrepreneurs, landlords, etc. But before proposing any real estate investment deal to unknowns, you should investigate them as thoroughly as they will most certainly investigate you.

In order for any real estate investment proposal to be undertaken, absolute trust, credibility, and faith in the ultimate profitability of the venture must be established on all sides.

Ultimately, however, when you find a lender to finance your Las Vegas Real Estate Investment projects, you must have the know-how to get lender financing at reasonable rates in order to fully maximize your project profitability.

Some of the most disappointed people I know are those who, without the knowledge, skills and experience required  to reach their investment goals, have banked upon unproven and unwise “get rich quick” schemes in order to “cash in” on the current glut in Las Vegas distressed properties.

Many of these people are would-be real estate investors who have bought into all the “hype” about how easy it is for ANYONE to get rich quick by buying, and “flipping” distressed Las Vegas Real Estate properties; single-family homes being the ideal.

Unfortunately, many of these people have little or no knowledge of what it really takes to be a successful buyer/seller of real estate, and are often only vaguely familiar with the various terms used to describe properties in distress, or how it is necessary to know the full meaning of these terms in order to devise the proper strategies necessary to profitably acquire these residential or commercial holdings.

For example:

• Las Vegas REOs: REOs or Real Estate Owned Properties can be, and most often are, bank owned (repossessed) properties that had been offered for sale through an auction or trustee sale, did not sell, and reverted back to the first mortgage holder – most often an institutional lender (the bank.) These properties are in actuality lender investments gone bad.

REOs are properties that have been accepted by a lender in lieu of foreclosure. In short, REOs can also refer to ownership of a property held by an individual or corporate entity.

• Las Vegas Short Sales:  In essence, a short sale occurs when a mortgaged property is sold for less than the balance due on the loan, a common occurrence these days.

A short sale is a real estate transaction that can be advantageous to the astute real estate investor, but is a transaction neither the lender or homeowner wants, since they both lose. The lender’s loan has gone bad and the homeowner is a homeowner no longer, has damaged credit, and has lost his investment as well.

Purchasing a foreclosed property requires more than just having purchase money. Not every foreclosure is a good deal. Depending upon a host of circumstances, some properties may be bad investments; extensive damage to the home caused by the former owners, severe flood or structural damage due to natural causes, property location in a blighted area, etc.

Additionally, one must understand the laws unique to the state in which the foreclosed property is located, in order to understand and negotiate the sale in accordance with those laws. Failing to follow the legal guidelines, and not properly preparing the necessary paperwork, could result in fines, lawsuits and possible revocation of the sale.

Finally, it’s important to also understand that there are various reasons, and different strategies required to become a successful investor in Las Vegas Real Estate. Establish your goals; fast turnover, long term investment, rental property, etc. Do your homework, seek advice from credible, knowledgeable sources, and go from there.

There are a number of issues in which a  Las Vegas Property Manager becomes involved when working with a Homeowners Association, issues that involve tact, people skills, communication and thorough knowledge of – in the State of Nevada – NRS 116 – Common Interest Ownership (Uniform Act).  The manager is often called upon to interpret different aspects of NRS 116 to guide the HOA Board of Directors in decision making or to suggest a consultation with the HOA attorney, if necessary.

One situation which frequently causes emotional reactions by homeowners in Las Vegas relates to xeriscaping of grass areas in front of condominium units.  While these areas are actually not owned by each individual homeowner and are considered common elements, those homeowners who prefer retaining the grass feel that a vote should be taken and no changes made without majority decision.

However, Homeowners’ Association Boards believe that planting drought tolerant landscaping saves money and that xeriscaping is strictly a Board decision.

In this matter, the property manager has to put aside his or her own personal preferences and either guide the Board to the appropriate section of NRS 116 or refer them to their attorney for a legal opinion.

The decision almost always causes one faction of the community to be resentful and the manager must help the Board to present the ruling to the homeowners in a tactful manner to avoid creating long lasting hostile feelings among dissenters.

Another often emotional issue relates to removal of one or more of the members of the Board of Directors.  This occurs when either an unpopular decision is made by the board in its entirety or if the actions of one or more officers are found to be offensive by a number of the homeowners in the community.

This is not an action to be taken lightly and requires a good deal of planning by the aggrieved homeowners who must obtain a specified number of signatures on a petition calling for a special meeting for a removal election.  Experts in Las Vegas Residential Property Management have stated that  recall of a board member is usually difficult.

The property manager is responsible for guiding the homeowners through the intricacies of a removal election.  In the latest 2009 update to NRS 116 Community Association information, it has now become easier to remove members of the executive board.

In order to remove a board member, if at least 35% of the voting members (homeowners) vote in favor of recall, then the board member or members are removed.  To be specific, if there are 100 voting members in a community and 35 of these individuals vote – with only 18 homeowners voting in favor of removal, then the recall process is successful.

Las Vegas Residential property management companies provide managers who are assigned to work with several homeowner associations and consequently, must be familiar with the specifics of each HOA Community.

One of the many important responsibilities of the manager is to attend the association meeting which may be held monthly – usually in the evening – and remain for the Executive Board meeting.   This may be held after close of the HOA meeting to possibly meet with homeowners who are in violation of the CC&R’s (Covenants, Conditions and Restrictions) and who have not cured the violation.

Depending on the degree of involvement of  the manager in accordance with the requirements of the Las Vegas HOA Board of Directors, he or she will help guide the direction of the meeting by clarifying legal issues based on association documents and responding to some homeowner questions.  Sometimes managers will have to help maintain order when homeowners respond to emotional issues related to decisions made by the Board.

Some managers take Minutes of the meeting and subsequently provide them to Board members for approval.  The Minutes are then read at the following HOA meeting for comments from homeowners.

Some of the skills necessary to homeowner association managers include:

• Logical problem solving
• Communication ability
• Customer service skills
• Conflict management
• Effective time management
• Group decision making
• Understanding budgets
• Multi task oriented

The manager must be familiar with the association documents and be knowledgeable of  the State of Nevada regulations governing homeowner associations.  He or she should guide the Board in the decision making process so that they are in compliance with State and Federal regulations.

When a problem arises that is beyond the scope of the manager’s expertise, it should be recommended that the association attorney is contacted.

The manager is required to maintain an inventory of all records of each client.  If the relationship between the residential property management company and the client is terminated, the manager will turn over all records to the new Las Vegas management company.

The manager is required to attend classes and obtain ongoing CEU’s (continuing education units) in order to stay current with changes in rules and regulations pertaining to HOA’s including (but not limited to) new developments in law, insurance coverage and accounting principles.

Some residential property management companies offer classes to their staff members and members of their client Boards; State agencies provide training to community mangers, Board members and interested homeowners wishing to be knowledgeable regarding HOA updates.

The manager must be careful to reveal any personal connection with service vendors or professionals to avoid any appearance of inappropriate business dealings and must not accept any gifts which will influence his or her acting in self interest or gain in HOA decision making.

The manager must ensure that financial transactions of a client are current, accurate and properly documented and maintained in compliance with applicable State laws and regulations which govern financial records.

A Las Vegas residential property management company can work with HOAs (Homeowners’ Association) to help the Board of Directors manage the myriad details – both large and small – that are involved in the daily decisions of community life.  Since the Board is responsible for determining the policy of the association, the property managers act as advisers to the Board providing the value of their experience and expertise.

The manager may take on the responsibility of carrying out the directives of the Board which often includes daily operations of the HOA such as:

• Providing routine inspections of the property
• Noting and reporting violations of the CC&R’s (Covenants, Conditions & Restrictions)
• Providing notice of violations to homeowners regarding lack of compliance
• Helping homeowners resolve issues of property violations

Las Vegas Residential property management companies will maintain a list of vendors who are carefully and thoroughly screened to provide a high level of service to the HOA clients.  They can help the association by suggesting and obtaining three required bids from vendors in areas of pool maintenance, landscape gardening, plumbing repair and electrical work.  They also maintain a list of professionals which include attorneys and accountants.

In communities that maintain security services, the management company can provide a list of security companies.  When club houses need to be redecorated, the management company will locate vendors who will paint, wallpaper and install carpeting or new floors.

When emergency repairs are needed, a designated staff member of the property management company can be reached 24/7 to help solve the problem by finding and dispatching the appropriate repair person.

All vendors are required to complete specific forms and attach necessary documentation before being considered an approved vendor for goods and services:

• Independent Contractor Information Form
• Vendor Agreement Disclaimer of Liability Form
• W9 Request for Taxpayer Identification Number
• Secretary of State Trade Name Registration Form
• Liability Insurance  Certificate from vendor’s insurance agent stating minimum liability coverage of $1,000,000
• Certificate of Workers Compensation for company with more than one employee
• If vendor is sole proprietor, an Independent Contract Workers Compensation Indemnity Agreement.

Residential property management companies also provide business and financial services to the HOA.  These financial reports include – on an interim as well as an annual basis:

• Operating budget
• Balance sheet
• Accounts Receivable report
• Bank reconciliation of all accounts
• Cash disbursement report
• Budget comparison report.

Las Vegas Neighborhood Communities that are governed by HOA’s are required to pay a monthly fee for maintenance.  Depending upon the services covered, the fee can be anywhere from the high $xxs to the low to medium $xxxs.

Of course, homeowners may pay these monthly fees  by sending a check to the management company or by paying in person at the company office.  Some companies have arranged to allow homeowners to pay their dues by automatic withdrawal payment.  They provide an ACH form which must be completed and given to the company along with a voided check so that the maintenance fees are conveniently paid each month.

Investing in Las Vegas Single Family Homes

If your real estate investment focus is primarily on the Las Vegas single-family home market, there are a number of options to consider, any of which could prove quite profitable, provided your investment strategies are on target.

• Purchase/rent or resell
• Purchase/repair (fixer-upper)-rent or resell
• Purchase fixer-upper/ sell to renovator as-is
• Lease/option rental
• Purchase/sell to investors

As in any money-making endeavor, the old saying “buy low/sell high” is the ideal scenario for any profitable venture; however, there are few simple money-making scenarios in the Las Vegas real estate investment game, particularly considering current market conditions.

In order to find the most profitable deals, you need to locate motivated sellers, including lenders with an inventory glut of deals gone bad, and adapt your methods to concur with the marketplace.

Since finding the properties that can make you money is the key to your real estate investment success, you have to know where to find the deals most suited to your investment goals, for example: Las Vegas Short sales, foreclosures, “underwater” homeowners, homes for sale due to divorce, death, relocation, etc.; these offer many opportunities for the astute investor to capitalize on.

Don’t forget the MLS. That may seem obvious, but the MLS allows you to quickly evaluate a property to see if it fits your profile of targeted properties. The MLS can be a shortcut to finding the particular kinds of housing that suit your investment strategies best. Check with the county recorder’s office as well to keep up to date on realty transactions.

Network with your business associates, attorneys, Realtors, accountant, etc., even your mailman. Let everyone know that you are in the market to purchase Las Vegas single-family homes. You may be surprised to find that some of your best deals can originate from many an unlikely source.

Another form of generating new business can be from Yellow page ads and flyers targeted at specific neighborhoods which work well in some cases, and not in others. However, you won’t know if they work for you unless you try them.

Once you have found a property or properties of interest, don’t make a move until you have determined the property’s current market value. Seems like a no brainer, but this is where your Realtor comes in. He/she will have access to the up-to-date information you need in order to determine how much you are prepared to pay for the property, as opposed to the asking price.

Once you have concluded a deal, it is imperative that you have given equal thought to formulating effective strategies to attract buyers or renters, in order to generate profits as soon as possible after purchase.

Always keep in mind that reliable information and advice is the foundation upon which every successful real estate venture is based.

Condominiums

Investing in Las Vegas condominiums is no different than any other real estate property investment. Knowledge of current market conditions, working with an experienced, knowledgeable Realtor, and having a real estate attorney and CPA on your team will certainly help to ensure that intelligent investment decisions will be made.

In the recent past, certain cities, such as Miami and Las Vegas, for example, experienced explosive growth in condominium construction, and condo homes were being sold as fast as they were being built, with even pre-construction units being quickly snapped up.

Current market conditions, particularly in these two cities, reflect an entirely different scenario. Despite a glut of willing buyers, and an equal glut of distressed condo units on the market, many selling at “bargain” prices, sales are not overwhelming, and the inventory of unsold units remains high.

Does that mean that investing in Las Vegas condo units as rental investment properties should be avoided, particularly during these difficult economic times? Certainly not! Many of these kinds of investments can still become profitable, if careful planning and forethought are the guidelines used before making a purchase commitment.

Forecasting the future of any investment is never a sure thing, particularly in a downside marketplace, with no firm indications as to when and to what degree an upturn will occur. However, investment knowledge and skills, backed by reliable advisers will certainly maximize the chances of an investor making the right choices.

Condos are still popular with young professionals and retirees, and offer many amenities not available to the average apartment dweller or single-family homeowner, such as workout rooms, spas, swimming pools (sometimes more than one), tennis courts, concierge services, secured parking, building and condo unit security systems, libraries, card rooms, a clubhouse, and, balconies, city,  or mountain views, and more.

Another big plus for many condo dwellers, is they do not have to deal with the many maintenance issues involved in single-family home ownership. Some condos are part of a mixed-use development complex, with retail shops and restaurants on the premises.

Investing in condo conversions, however, are unlikely to offer the same profit potential as complexes designed and built as condominiums. Condo conversions are simply apartment buildings, with units originally rented on a lease basis, and are now tenant owned.

Cosmetic changes, simply painting the premises and possibly landscaping the property may be the only upgrades from apartment complex to a condo conversion the owners are willing to make.

Chances are, the building is an older structure and may have expensive plumbing, electrical, heating, cooling and structural problems in the near future –or sooner.

Overall, although a condo investment may not realize the future value appreciation of a single-family home, they are normally less expensive an investment, and with careful investigation and planning, a good way to leverage your real estate investment dollars.