All Forum Posts by: Michael Robbins

@Bran Scott if you have not already done so I suggest get eyes on the property and see for yourself.  Visit in person to try and gauge the repairs.  Ask your property manager for at least 2-3 estimates on anything over $1,000.  For example, the $2,000 roach issue would be a good place to start.  I would push the managers to get the estimates asap and get the work done asap.  Hesitancy and time are the killer due to vacancy.  

If you purchased the complex under market then maybe sell.  I would re-run sale and rental comps.  Good luck. 

If we are not talking about Luxury homes (under $1M) then I would only go as far as "virtually staging" instead of actually staging the home.  It is important to put a little label on the photos that states "virtually staged."  

The painting is a great idea (so long as nice and bright).  Removing the TV niche can have a valuable impact if the current niche is very small.  For example, I would remove it if you cannot fit at least a 65" TV.  If the niche is large then I probably would not remove it.  I would compare what similar floor plans in the subdivision have done (in removing any walls/niche) and how they performed before pulling the trigger. 

I believe the greatest impact you can have on selling a home and getting top dollar is having the home professionally cleaned.  The home should be so clean that when a potential buyer opens the front door they can smell how clean it is.  

Good luck 

I suggest reaching out to the HOA to ask if there is a "wait list" to enter as a rental property. Sometimes the HOA only allows a percentage of the homes to as rentals. The wait list can be a year or so long so its good to sign up as soon as possible. Going forward, you have 5 calendar days from receipt of the HOA documents, to review and cancel.

You might consider checking out Inspirada (Henderson NV) as they have newer homes and townhomes.  Great parks, community pool, and amenities.  I own and manager some rental properties there.  

If your rent increases reflect the market rate then I suggest stay the course.  Now is a good time (before they sign the renewal) to make it clear that the lease will be followed and that no additional improvements will be made to the unit.  This way the tenants know what to expect and can make an informed decision on how they would like to proceed.  I would not deflect or defer their improvement requests.  

If you are planning to sell very soon then I would go for the fix over the replacement.  Make certain to disclose the recent repair on your seller disclosure forms.  Let buyers decide how much they value a new AC or not in their offer price.  

@Gowtham Natarajan It is impossible to time the market.  I buy or assist my clients in buying (Las Vegas) if the property is a good long-term investment property.  The other factor we look at is being in a position to deal with a down rental market and unexpected repairs.  For example, we make sure to have plenty of reserves.  

@Vishal Amin I suggest always have your own independent home inspection.  They can range $300-800 depending on the property and if there is a pool.  The home inspection will assist you during your due diligence period (assuming you negotiated this in the contract) in finding red flags... ex: roof leaks, evidence of past flood, etc... The inspection will also give you an overview of what to expect in owning the property.  For example, maybe the HVAC is near the end of the life span.  I always highly recommend my clients have home inspection in the Las Vegas and Henderson NV market that I work. 

@Christian Perez if you do decide to jump in the Las Vegas real estate market I would ensure you can hold on to the property if you need to hold it for an extended period of time. If you decide to rent the home focus on having plenty of reserves and a margin of safety between your rental expenses (mortgage, HOA, etc) and the rental income.

@Mikey Liu before making any changes on price I would first visit the rental home to verify the condition is good.  Is it bright and airy or dark?  Does it smell good or bad? Does it present clean?  Is the front and backyard clean or is there debris and overgrown shrubs..... The two primary reasons a home is not renting (or selling for that matter) are price or condition. 

I would also verify the home has been listed in the MLS correctly. I have seen it where a home is located in "Henderson" but the agent/property manager has listed the home as "Las Vegas." In this case, any prospective tenants wanting to live in Henderson may not see your home listed for rent because they are filtering only Henderson homes.