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Category Archive : Property Management

Hiring a Las Vegas Property Management Professional

When it comes to owning investment real estate in Las Vegas, Nevada it is easy to learn that there are a lot of responsibilities that come along with the job. The more properties you own, whether you are fixing them up to sell them or you are renting them out, you have to have a lot of organization going in order to keep everything in line. With so many laws to watch out for, so many expenses to pay for, and so many people to please, it can be hard to take care of such a job by yourself. This is why developing a relationship with a good Las Vegas Property Manager is a great idea.

By taking advantage of what a property manager can do for you, you will be able to run your real estate investment business in a much smoother manner. When you are looking into such an avenue though, you will want to make sure that you are being honest with yourself in what you are expecting from the person handling your investment properties. The person you hire to work on your team must have experience under his or her belt. Hiring someone with little or no experience is only going to cause you a headache in the end.

There are many people out there offering their services as Las Vegas Property Management professional. Such advertisement can be found in the classifieds, both the online and print versions. Start looking through those and do not forget to write up your own ad in regards to the position you are trying to fill. The sooner you find someone to help you keep everything in line, the more secure your investment will be.

You will also be perceived to be a true professional, which is something that is highly sought after by many people who work for themselves. One word of advice though, you will want to make sure that you scan your applicants very well. This is because the person you hire will have access to your properties and to a lot of your money if they handle such things as rent payments and evictions.

Should I Sell My Las Vegas Home or Rent it?

I have received many emails and phone calls lately with this question. “In your opinion, should I sell my Las Vegas Home or rent it out?” As much as I want to help and give my opinion, my opinion really doesn’t matter.  What matters is that I provide you with all the facts and information that will help you make a decision for what’s best for you and your family. Only you know your true financial situation.

What we do with our clients that have questions like this is break down the Las Vegas Rental Market and the Las Vegas Real Estate Market.

Las Vegas Rental Market:

  • Increase supply of properties for rent
  • Rental Prices have fallen
  • More Tenants have credit issues due to foreclosures
  • If you purchased your home between 2004 – 2007 with 80% to 100% financing, the rent you collect will not cover your mortgage payment.

We are seeing an increased amount of rental inventory which has caused rental prices to drop a bit.  We are also seeing an increased amount of potential tenants with foreclosures on their credit history.  With Las Vegas being an epicenter in the foreclosure market, you can expect many of these previous homeowners entering the rental market.

Las Vegas Real Estate Market

  • Buyer’s Market
  • Most homes on the market for sale are either a REO (Bank owned home) or a short sale.
  • Chances are you owe more on your Las Vegas Home than it is worth if you purchased your Las Vegas home between 2004 – 2007.

Las Vegas Home prices have fallen significantly over the last year and a half due to the amount of foreclosures.  Banks and Lenders have placed these foreclosed homes back on the market and priced them well below market value which has driven down home prices.

Chances are you owe more on your home than it is worth, but you can still sell your Las Vegas Home.  This is called a short sale. A short sale is where the Lender/Bank agrees to take less than you what you owe.

If you would like to keep your Las Vegas Home but can’t afford to keep making the payment, you can always try to get a Loan Modification.  A loan modification is where the Lender agrees to modify your existing terms of your mortgage agreement.  However, before you go and contact your Lender/Bank to look into this option, remember the person you are speaking with is an employee of the Lender/Bank.   Their job is to get the best deal possible for the Lender/Bank, not you.  That’s why we recommend having an Attorney represent you on a Las Vegas Loan Modification.

If you have any questions, please call us at 702.376.7379 or fill out our contact form.

Homes for Rent in Las Vegas

Many people in the Las Vegas Valley have lost their home due to foreclosure and have been forced into the rental market.  With the recent changes to FHA lending guidelines, homeowners whose homes were foreclosed on will not be able to purchase a home for 5 years.  So instead of buying a home in Las Vegas within the next few years, they will be forced to rent a home a little longer than they had thought.

Even though you might look at renting a home as a setback, if you look at it from a different aspect, it could actually be just what you needed.  Majority of the time, the rent that you are paying is much less than what your monthly mortgage payment was and you are no longer responsible for paying home owner association fees.  If you add the savings between the two, this extra money can help pay down some other debts that you may have or save the money for a future down payment on a home.

You also don’t have to worry about fixing items that break or are need of repair, just call the property management firm that is representing the homeowner and they will handle it.

If you are in the market for a rental home, feel free to contact us and we can assist you in finding the right rental home in Las Vegas for you!  We can be reached at 702.376.0088.

Selecting a Las Vegas Property Management Firm

It’s very important that you do your homework when selecting a Las Vegas Property Management Firm to manage your investment property.  Your property manager is responsible for maximizing your cash flow on income producing properties, minimizing vacancies, maintenance, proper tenant screening and so much more!

Here area few questions you should ask a prospective Property Manager to help assist you in choosing a Las Vegas Property Management Firm:

  • How long have you been in business?
  • Are you familiar with the landlord/tenant laws in Nevada?
  • How will we communicate?
  • How will you market my home?
  • How do you qualify a tenant?
  • Do you provide accounting?
  • How do you handle the repairs and maintenance?
  • What are your fees?

The above questions should give you some insight about the property management company that can assist you in your decision on which Las Vegas Property Management Firm will best manage your Las Vegas Investment Property.

Before you make your decision, make sure you give us a call and we will gladly answer the above questions!  We can be reached at 702.376.7379.

Should You Sell Your Las Vegas Home or Rent It?

Las Vegas Home prices have dropped throughout 2008 and the trend could continue through the fall and winter. As more and more foreclosures hit the market, banks will continue to offer these homes at prices below market value in an effort to get them off of their books.  So with that in mind, you have to determine if it’s the right time for you to sell your Las Vegas Home.

If you determine the time is right to sell because of divorce, loss of job, job relocation or any other reason, it’s important to understand the Las Vegas Real Estate Market.

Unless you purchased your home before 2003 or put a substantial amount down, it’s unlikely your home has any equity and is most likely worth less than you owe.

This means, you have two options:

  1. You can pay the difference that you owe at close of escrow
  2. You can attempt to sell your home as a short sale

You have the option of selling your home and paying the difference at close of escrow but that amount could be substantial!  Not only do you have to factor in the difference between the offer amount and what you owe but also have to include real estate commissions, closing costs and taxes.

Selling your home as a short sale is not guaranteed!  A short sale is when your lender agrees to accept an offer for the purchase of your home at a price less than what is currently owed.  A short sale usually requires some type of hardship like divorce, loss of job or job transfer.  A short sale package has to be completed and submitted to your lender for approval and this can take anywhere from 3 weeks to 16 weeks!  Having an experienced Las Vegas Real Estate Agent that specializes in Las Vegas Short Sales is a must if you decide to sell your home as a short sale.

If you can afford to hold off on selling your Las Vegas Home in this market, I highly recommend it!  The Las Vegas Rental Market is doing very well and you have a greater chance of renting your home than selling.  Having an experienced Las Vegas Property Management firm representing you is important.  With so many homeowners losing their home to foreclosure, they are being forced into the rental market.  Completing a credit check is very important to determine the potential credit risk of your tenants.

Obviously your situation will play a key decision on whether you can afford to rent your Las Vegas Home instead of selling it in this real estate market.

Feel free to contact us at 702.376.0088 to discuss your situation.

Las Vegas Property Managment

With home prices declining all across the Las Vegas Valley, it makes it very difficult to sell your home, especially if you don’t have any equity.  Instead of selling your home, what about renting your home?  The Las Vegas Rental Market is doing very well right now with so many Las Vegas residents looking to rent due to the loss of their own home.  So instead of trying to sell your home in this down market, why not rent it out and just sit and wait until the Las Vegas Real Estate Market rebounds?

If you are going to rent out your home, I highly suggest using a Las Vegas Property Management Company to handle the whole process so all you have to do is deposit your check every month.  You could do it on your own but managing a rental takes a lot of work and you can expect to receive phone calls at all times of the day from a tenant with something that needs to be fixed.

If you are looking for a property manager, contact Tony Sena at 702.376.7379