All Forum Posts by: Aleejandro Dela Vega

@Robin Morales I would but downtown is a bit tricky. You need to stay where people think its cool and are bringing the neighborhoods back (Huntridge, John S Park, Westleigh, Beverly Green, some parts of Paradise Palms...).

I would drive that area first and reach out to an agent that goes by “Uncle Jack”. He knows downtown better than most agents in Vegas.

Personally, I would stay away from HOA's, especially masterplans like GVR or Summerlin, which are nice areas but why pay the extra fees if you don't have to imo...

@Brad Bellstedt I appreciate it. The plan as of now is to move money into equities. Of course that will depend on where the market will be when I can make the move... At this point I think it’s ahead of itself but who knows, it depends a lot on how much the Fed is willing to pump in and who they will bailout and such...

@Adiel Gorel

Yes without a doubt we will have a recession and depending were you are in the country will determine how bad you will be affected. Towns and cities that depend on tourism like Las Vegas, Orlando, Miami,... will get hit harder.

@Nikki Closser

That’s terrible. Here in Las Vegas it’s July 24th... for now. Ford (our very left wing AG) might extend that. I wrote him and our governor but I don’t expect to get far.

Unfortunately landlords are easy targets and we are viewed worse and worse in the news and media these days.

@Robin Morales

I own 9 rentals, all near downtown. Rents have been going up till now at a pace of 5-8% per year since 2011. I’ll be unloading a few houses soon since I need to diversify.

@Mikhail Loshkarev

I have a tenant like that and we agreed to $1500 and his deposit back (the property rents for $1300/month). You’re better off making a deal then waiting 6-9 months and/or paying a lawyer.

@Brad Bellstedt

I own 9 rental houses in downtown, all between Sahara/Charleston and Valley View/Maryland PKWy.

I bought them with a total investment of $550k between 2010-2012 and they are worth about $2.45mil today.

I don’t see prices crashing to 2010 levels (which was the true bottom) but I don’t see them going up much for the next two years or so, unless we get a vaccine really quick.

A strong possibility is that people will travel less in the future, stay home more and invest into their own properties which will cause prices to at least be somewhat stable.

However, I think the casino industry will be affected for a long time, probably years, which will cause them not to hire as much and cause ripple effects into the local economy. Who knows how this will affect residential real estate but my guess is that it won’t be positive.

I’m going to unload a few rentals as soon as I’m able to serve notices (which for now, are on hold).

@Morgan Granger

I’ve personally never gotten a dollar extra for putting in windows. It’s not something buyers look at and gleam with envy to have. Kitchens, bathrooms, tile floors, absolutely, but I always pass on windows or HVAC units. Unless they are extremely beat up and you really don’t have the choice of course.

@Erin Dorsey Robinson

I have 9 rentals in Las Vegas, so far 4 tenants have asked for discounts which I was happy to give. My only issue is that two of these tenants are playing hardball now. They made a small partial payment and aren’t communicating at this point. Also one of them isn’t keeping up with their yard like they’re supposed to (pulling weeds and such). We have our hands tied in vegas in the sense that we can’t even give out notices. I’m always understanding and willing to work with tenants but its hard when they start acting this way.

My plan is to terminate their lease as soon as the moratorium is lifted (they are on month to month) and not rent to a service industry person, even if I have to drop the rent a bit, in case we get a second wave in the Fall. I’m also planing to ask future tenants wether they asked for rental forbearance during this period and if so, get the details from their previous landlord if possible.

@Carla Carvalho I’ll try to reply again. For some reason every time I tried, the app crashed. Hopefully ios 12 works better. Yes I do feel that the inventory has increased, especially downtown. It’s not necessarily a bad thing and hopefully will bring buyers back because they didn’t have many nice homes to chose from. I suspect prices will strat leveling off at least in the short term. I don’t see them dropping on a yoy basis but if you have cash, you’ll be able to pick up some deals.