All Forum Posts by: Amelia G

Call around to lenders and ask who can use the rental income for you to qualify. Good luck!

For someone who needs the tenant occupied unit rent to qualify for financing, the amount under market the rent is could be an obstacle.

Mostly the description doesn't highlight the benefits of it being a duplex and the great location. In that market, I'd target owner occupants who could afford to buy in this instance but not otherwise.

How often do you put a place up for rent when under contract but before closing? For example, if your financing requires a one year lease and one of the tenants in a fourplex is month-to-month and doesn't want to sign a lease or is a bad tenant or it is a SFR that is not currently a rental.

Do you find sellers balk at this, either as a contingency that you must succeed in signing a qualified tenant at x price or simply allowing Realtors to show an empty property to prospective tenants?

I work almost entirely with folks coming from outside Nevada, sometimes closing without even looking at places. Different Realtors will have different preferred modes of communication, so ask what someone prefers, select someone whose communication preferences fit your own, and you should get better communication. For example, I prefer email. A buyer emails me what they want in what timeframe and I'll send them listings usually same day, unless maybe they are looking for something which only occasionally becomes available. At a certain point, I'll want to see a preapproval or POF or I'll introduce the buyer to lenders. Hope this helps.

That sounds to me like an older model fridge that just needed to be defrosted. They should be able to locate what they did with your appliance. Have you had disagreements with them before about appliances or did this come out of the blue? In my experience, lots of California landlords do not provide a fridge, but it seems not normal to do what they did.

 Am I misunderstanding the idea that expectation should be expenses are 50% of rent and mortgage payment + profit are the other 50%? I'm having a little trouble getting my head around when that would add up.

Cool. Thanks. I *think* I have mostly actual numbers. Of course, will there will HVAC issues (not something that can usually wait even a day in Vegas for most of the year) is unknown. I'm guessing some of the older properties investors favor in Southern Nevada are likely to need things often, so I might be applying great math for those and finding it does not work for more recent builds. 

You can run afoul of fair housing laws in many states if you try to charge extra for any type of service animal.

So I may be confused on the 50% rule because it just might not work for mid-priced properties in the Las Vegas market or I might be misunderstanding the concept. For example, mortgage/HOA/insurance/taxes on an average mid range house in a B neighborhood are likely to run 1000 to 1800 a month, but double that amount is likely above market for house rentals.

If HOA/insurance/taxes should be included on the expenses part of the equation, double just the mortgage would still be high rent and I can't figure out what folks would be spending big on for maintenance of a property which is not super old or in need of major rehab. I get that sometimes AC breaks or one needs a new water heater, but I'm having trouble getting to any high number for expenses.

I know my local markets extremely well, in terms of changing demographics of renters and what people are comfortable paying and what is available for purchase or rent, but I'm struggling with what should be on my spreadsheet and would love advice on what I'm not thinking of. Thanks!

You might be able to get a response from them, if you let them know your next step is to file a formal complaint with the real estate division. If they are licensed, you should be able to look up their license, and they will not want trouble with the division. If they are not licensed, it sounds like they might be guilty of criminal fraud, in which case, they might have skipped town with your money, not just have done a bad job. I hope it works out for you. Good luck.