All Forum Posts by: Michael Robbins

I would focus on 3x gross rent.  But that is only one of many qualifications the tenant must meet.  For example, no unsatisfactory credit, no evictions, owing another community/landlord money, open bankruptcy, must be verifiable income, verifiable rental history over minimum 24 months.... 

@Jaideep Sawhney I personally decided to focus on SFH.

@Jaideep Sawhney I have looked into the Platinum before as an investor and also representing my clients in purchasing.  I found that they break-even best case scenario.  But the last time I reviewed there statements was about 1.5 yrs ago so maybe the numbers are a bit different at this time. 

The Las Vegas market is hot as well.  I still think it is a great rental market and am focusing on areas with great parks nearby, amenities, and homes with excellent floor plans. 

@Alexis York if you decide to purchase a condo I would pay attention to the HOA and what it includes (roof, exterior painting..) and any potential for future special assessments. For example, the HOA might be $200 per month, you buy the condo, and then two months later you find out there will be an additional special assessment of $150 per month for the next year due to roof replacements. When you get a copy of the HOA resale package explore the reserve study. For example, how funded is the HOA (20, 50, 90%...)? And how long before the gates need replaced...etc.

It would also be worth analyzing which floor plan obtains the highest rental rate.  There are floor plans that are more popular than others.  Does second floor or first floor fetch a higher rate?   

@Brandi Beer I would pull up recent leased rentals in your area that have a similar floor-plan/# of bedrooms.  Look for what leased at the highest rate and use that as a model of what needs to be done.  Accent walls and some trim work can have a big impact and are relatively inexpensive to do.  Since you are doing the work yourself you should be able to pay a lot better attention to the details than if you were hiring it all out.  The details can really make a difference on a higher rental rate.  I am in Las Vegas and my rentals fetch a premium.  I believe it is due to all the little upgrades my wife and I include. 

@Daniel Wirtes I have managed large apartment complexes in Las Vegas and Henderson.  I currently manage single family residential properties.  I do not have a fourplex in my portfolio.  If you would like to discuss please reach out anytime.  

@Sang Yi try searching properties for sale that are tenant occupied.  Your real estate agent will be able to filter that criteria.  You might encounter some that are simply on month to month or the lease is up in a few months.  But I would advise to include a provision in your contract to purchase that the house must be vacant before close of escrow. 

@Justin Gomberg I would first confirm with your State laws on the number of days notice must be provided to the tenant before increasing rent.  I would also double check on any rent caps etc... I only know the Henderson and Las Vegas market.

That being said.  It is important to refer to the current lease to determine if rent automatically increases once the lease expires and is on month to month.  For example, once the lease ends the rent goes up by 10% etc... Next, provide a new offer rate for the lease (assuming you want to renew the tenant) and I would also suggest informing the tenant you will be using an updated/new lease.  When I have taken over new accounts I like to use a new lease (not just an addendum) upon renewal.

@Auryana Faramarzi in Las Vegas/Henderson the SFH purchased in the $370s will get you in that range of $1,900-2,150. This depends of course on a variety of factors. To offer one example: I recently purchased a house in Green Valley Ranch for about $350 and will end up investing about $25 in improvements. It should rent out for $2,350.

I think there is still opportunity in purchasing homes with great curb appeal, high rated schools, nearby shopping, amenities, etc.... but need some interior work.  If the renovations are done well then a premium in rent can be had.