All Forum Posts by: Michael Robbins

@Aren Kern It is difficult to assess the expected market rent without knowing the the specific home.  Even if I was told the subdivision an estimate would be inaccurate since some floor plans are more popular than others.  When studying the market rate I would focus on floor plans (match the square ft of recent rentals if possible).  Also, the upgrades make all the difference.  For example, this summer I purchased a rental property in Green Valley that had a market rate of $1,850-2,000.  I renovated the home to look really cool (blue cabinets etc...) and fetched a rate of $2,500.  

Did you have a written post possession agreement executed?  If so, there is a security deposit section that is typically held with escrow.  The home is to be in the same general condition as when the home inspection was performed.  I would provide pictures from the home inspection that show/prove the before and after.  In the absence of these pictures (or some kind of property condition report) I would not waste any time on it.  

@Alex Castillo the best "short-term" option in Henderson/Las Vegas are fully furnished condominiums where the HOA allows lease terms as short as 30 days. The idea here is to target corporate housing, insurance companies, snowbirds, and those needing to plant their feet in the ground before buying in Vegas. For example, I manage one in Seven Hills area (Henderson) where the current tenant is leasing for 1.5 months while their home is being renovated.

I do not believe solar is worth it at this time.  That may change in the near future but we should know when there are not solar salespeople going around vs homeowners/investors reaching out to solar companies directly.  

I am assisting a client with selling their home in Las Vegas and they are not getting a return on their investment.  In fact, it is knocking other potential buyers out. 

I am hesitant to install solar on my own property.  My view is If I install in 2021 then the 2023 solar panels will come out that completely blow my 2021 panels out of the water.  So then I am stuck with nearly obsolete panels on my house.  

@Amador Abreu I would suggest follow the lease and follow the process.  There could be several reasons for the tenant paying rent.  Once you send the notice, maybe at that time the tenant will return your calls.  When the tenant gets back to you (probably as a result of receiving the pay or quit notice) then you can assess how to proceed.  

I manage properties in Las Vegas and Henderson.  I believe ceiling fans provide for a relatively inexpensive upgrade.  They help with rent but more so with resident retention.  However, all this can be achieved by only placing the ceiling fan in the living room/tv room and the main bedroom.  The second and third bedrooms should only have the light fixture.  If the tenant moves in and wants to install a ceiling fan in the other bedrooms then offer to have it done for a fee.   You select the fan and have it installed by a professional.  When the tenant moves out the fan stays with the property. 

@Don Johnson I would add a ceiling fan in the living room and main bedroom.  I suggest not installing a ceiling fan in the other bedrooms but rather a light fixture.  The paint colors look good.  I would also install laundry doors at the laundry closet.  Best of luck. 

@Robert Reno are you looking to live in the unit as well?  The investors (rental properties) I have recently assisted have put down between 20-25% DP.  It is good to have additional cash so that you can take purchase a rental property that has been renting at below market, put some work into it, and get the higher rent.  

@Connie Wang what do your local laws say about tenants withholding rent/not paying in full? I would inform the tenant that those maintenance items do not justify a reduction in rent according to the lease and local laws (if that is the case). If needs to be made clear, in a professional manner, that everyone (landlord amd tenant) are to follow the lease/laws. Otherwise, this will set the precedent of doing the complete opposite. I am all about customer service gestures, but only after a history of compliance has been established. For example, waiving a late fee as a one time courtesy once every 12 months so long as tenant has had no late payments in the first 6-12 months.

@Johnson Best I would suggest each time you encounter a situation with the tenant (late rent, maintenance requests, lease violations…) to refer to the lease each time and respond accordingly. I think it’s is always important to let the lease be the guide but even more so in a deteriorating situation. For example, the rent is paid late - take excerpts from the lease (as well as updated state guidance regarding covid) and issue proper notices. It’s not always easy, but try and take emotion out of it and whenever the tenant is angry about any situation state that your actions (as well as the tenants) are to be dictated by the lease and state laws.