All Forum Posts by: Lee Zhao

Hello, Las Vegas seller financing homeowners and investors, I am in a process of seller financing a property, and looking for a loan servicing company to handle all the installments, insurance, and taxes to be paid by the buyer. I checked around and found two loan servicing companies in Vegas - US Loan Servicing and WestStar Loan Servicing, but both of them have horrible reviews on Yelp. I am worried and need your advice if you use a loan servicing company. Who are you using now and what has been your experience? What are the most important issues I need to pay special attention to (this is my first seller financing deal)? Is there any other loan servicing in Las Vegas? Any other suggestions related to using a loan servicing?

Your advice and comments would be greatly appreciated. Thank you in advance!

Hi everyone. hope you are doing well in this very difficult time. We are having a very challenging situation that we would like to have your wisdom and experience for solutions.

This is about three tenants living in a big house with 4 bedrooms. Before they moved in a year ago, we did credit and background check - no criminal but very marginal credit scores. We initially declined their applications. But they insisted, telling us they had just got new jobs. We requested them for an extra month rent plus security deposit. A year has passed. They have paid rent on time but one of them left and they used that 

@Jennifer Pauyo, Hi, my broker and I are female agents/investors/property managers in Las Vegas.

@Nick Gann, I think that is a perfect solution, win win!

@Joe Splitrock

I really like the idea, a smarter strategy!

@Amy W.

On raising the late fee you thought about and other people suggested, I would be very cautious about how much you could raise. The State of Nevada just passed a new law on late fee cap: no more than 5% of the rent. Since you already charged her 4.25% of the rent as late fee, check on your state law on what's the cap you can further charge without violating the law.

@ Scott Mac: you may not believe this. Our first tenant who left the unit after two month stay actually worked for police department. The second tenants were two young guys. In either case, we had thought they could have been capable to tackle the situation like I described. But all of them chose to flee instead of confrontation. Our unit was bought just a month before we rented it out. And it is in a very nice community and neighborhood. Yes, sooner or later we have to make a decision on what to do with the unit if the situation is dragging on forever.  

Our neighbor later started threatening the community manager who sent him violation notices. One day our tenants saw a few police come with one having a rifle in his hand. They were looking for him. We immediately advised our tenants to leave or go to their family or friends house. We later on relocated them to another rental we had. This unit has been vacant for 3-4 months now. The HOA and another neighbor filed a lawsuit against him, which could be a long process. We have heard the guy and his month wanted to rent or sell their house. Until then, we cannot rent our unit to anyone just for the sake of safety. A very unfortunate situation.

I totally agree with Nathan G: you cannot discriminate anyone, with kids or without. The best way to avoid this type of problems is to have a better screening system as Nathan details them. And we call them golden rules. As a result, you will have much better qualified tenants.  

We allow tenants to install ceiling fans as long as out of their pocket, good renting history, and of course, the owner's approval.