All Forum Posts by: Dan Mumm

@Stephanie Hardy, I'm a full time Realtor and investor in LV and I agree with the sentiment of the above posts. It just depends on how much you expect with regard to returns. By what criteria are you assessing properties' investment value? 1% rule? What type of financing are you using? Cash?

I'm basically just trying to assess your position - for example, when you state that 3bed/2ba's don't seem to be priced close to low enough to make any profit... I'm assuming you mean you can't find positive cash flow w/ 20% down? 

Here's a basic example with some realistic (ballpark) LV numbers.

$150k SFR.

20% down = $30,000 initial investment.

Mortgage bal = $130,000 @ 5% (conservative) = PITI $796.69

Plus $50 HOA (rough estimate) = $846.69 financing cost per mo.

Rental income of $1250/mo - $846.69 financing cost = $403.31 remaining.

Subtract out property management (10% = $125), vacancy/repair estimate (10% = $125), and you are left with $403.31 - $250 = positive cash flow of $153.31/mo.

153 x 12 = $1836 / $30,000 (initial investment) = 6% ROI. Plus appreciation.

Even after taking out garbage and sewer you would probably still be slightly cash flow positive. $1250 rent on a $150k property is fairly difficult to find but certainly not impossible.

Let me know if you need any help here, I'd be happy to work for you and find you a good positive cash flow in LV.

Hey Phil, I own rental property here and do a lot of work in Summerlin as well. You can see some reviews from other clients and recent sales here:

http://www.zillow.com/profile/dan-mumm/

As far as schools go, Bishop Gorman High School is highly regarded as one of the top schools in the country. This, in combination with Summerlin being one of the fastest growing and high-demand areas of Las Vegas, obviously has an impact on prices. However, if you can find a deal in the surrounding areas (in the Mesa's, Ladera, etc) there are great rental opportunities to be had. Keep in mind that many parts of Summerlin have higher HOA costs (some have 2 HOAs, some SIDs and LIDs) which can really cut into profit if you are not careful.

I have a short sale listing coming up soon with some good rental comps in the Mesa's. Please PM me with any questions or concerns, I would be happy to help you find a great investment opportunity here.

Also - one more note - I guess this issue all stems from the fact that I cannot get a copy of a hotel rental statement. If I could get my hands on one it would essentially answer all of my above questions.

Hi everyone! I'm new to BP. I'm a full time RE agent in Las Vegas doing a good amount of business. I always have enjoyed south Florida and as such am interested in buying a second (vacation) home there. Particularly, I've always enjoyed highrise condos downtown. However, being familiar with the industry, I know SFRs are generally safer and more profitable due to condos astronomical HOA fees and legal issues. Does anyone have advice on buying a highrise unit I could enjoy but also making the best investment possible? Particularly, my question is about hotel rental pools. Does anyone know how much the charge is for hotel property management as a BALLPARK percentage of gross income? I'm familiar with the 50% rule of thumb for net to gross rental income... What would this percentage be using a hotel rental pool instead of a normal PM? I'm assuming it would be a lot higher due to the extra costs associated with renting it daily and also govt hotel tax. I've tried to get specific numbers from hotels with no success. Short term hotel/Airbnb rentals would be my first choice so that I could stay whenever I wanted, but I know this cuts into profitability significantly. Is this a pipe dream? Or do I really just have to do 6-12mo leases.