All Forum Posts by: Bill B.

If you’re thinking of using a property manager they should take care of that. 

If you’re not, other than any initial rehab Vegas properties don’t really need a handyman, especially an out of state one. With 13 properties I probably need 1-2 ac repairs, 1-2 water heaters per year. Outside of that, they’re really pretty low maintenance. Tile roofs, stucco siding, almost no weather, desert landscaping, and realatively new houses means having a decent plumber covers most of it. 

Allstate costs me less than $600/year per $300k house with 300/300 limits for the umbrella to kick in. They are limited to 6 rentals unless your agent is willing to put in an hour’s worth of work. Mine wrote up a “Business case” to allstate head office about why they should take 6 more from me for a total of 12. Took less than 2 days for approval. 

They’ve covered 2 x $30k claims (toilet supply lines in 2 different houses) with no complaints and no rise in premiums. 

1) yes I would move them to your new lease to avoid any legal changes since the lease they initially signed.

2) I would walk through each unit and ask the tenant if they know of any issues and if there is anything that they need fixed and if there is anything they would like fixed. ( Before you own it.)

3) what you’re looking for is called an estoppel I believe. You want it to include things like how much security deposit is the owner holding, how much rent are they paying, when dos their lease end, what utilities are they responsible, etc. anything the owner declares you want the tenants to say “that’s true”

4&5 are optional. And much less important than 1-3. 

I’ve heard good things about key realty. I’ve used them for property management but never taken any of their classes. 

@Luis Pena

I live right down the street at Craig and Decatur. Somebody needs to fill in some of those empty shopping malls to bring the people back. 

Search this site for “next crash” it almost crashes the website. It exceeds maximum results. 

I’ll start with this example. 

Las Vegas home prices have dropped more than 4% once in its history since becoming a city. But every example of the next great crash is Las Vegas prices will drop back to 2008 prices. 

Prices have dropped “almost nationally” once in our country’s history, it happened 10 years ago so it will probably happen again tomorrow. 

My biggest problem with the crash is coming folks are both the people who have never invested and are basically praying for a crash. And people who have tons invested in the asset that they are predicting is about to crash and aren’t selling any. 

Many people forget that as little as 6 months to a year after the Great Recession, housing crisis, whatever you want to call it, people were already calling for another one. Every stock rally for the last 10 years has been just about to crash. Every dip the sign the bear run is finally over. There are people who still haven’t gotten back in because it’s about to crash.  when I was buying Vegas properties for 70% off the price the year before people were saying it was too risky  like it was about to go to zero.

To be right about a coming crash you have to be right twice, when to get out and when to get back in  if you’re right once you’re worse off then doing nothing  

It’s worse than watching car races for the crashes. It’s praying for the crashes. 

Here’s an easy way to find out you’re not smarter than a banker. Take out $10k from the heloc and return it 25 days later. See if they say thanks for paying off your heloc, we won’t charge you for borrowing our $10k, even though that’s the business we’re in. 

Credit cards have grace period becuase they get more than 1% from the merchant every time you use it. So they’re making 12-24% on their money even when they don’t get to charge you interest. 

Everybody wants to be the expert that predicts the next crash. Cause we all forgot the names of all the people who have been wrong for 5 years. I do love the recency bias of people predicting something that never happened before will certainly happen again. And soon. 

I’ve had good luck with allstate. My agent had to go to the company to get more than 6 rentals covered but I got a very good deal on the rentals, my home and the car. 20% off each policy for having al 3 kinds. My average is just under $600/year on $300k homes with 300/300 limits because of umbrella.

I’ve made 2 x $30k water damage claims (toilet supply liens broke in two different homes a year apart.) they sent service-pro to clear up water and prevent mold. Fixed everything and didn’t increase my rates. They even returned one deductible after suing the supply line manufacturer. 

It’s fine. Grew up there and mom has lived in her house for 50 years. 

Roughest area imho (Brooklyn blvd) is next to the worlds greatest pizza joint you should stop at while looking at properties. 

Rocky Rocco’s.