All Forum Posts by: Michael Robbins

@Alex Hochberger I suggest place an offer that is based on comparable sales that are not further out than 60 days.  If possible, look at homes sold no longer than 45-30 days ago.  The market is changing and homes that sold in April, May, and June were from a market that we are not longer in.  I am still looking for my investor clients and myself.  I will pay the fair market value.  But if you feel like placing a lower offer its certainly worth a try.  I am seeing some higher price points $600k selling under the asking price.  Homes under $600k are still a bit competitive.  The lower the price point the more competitive.  

@Trenton Mattson when analyzing a condo deal here in Las Vegas and Henderson NV I pay particular attention to the % the association's reserves are funded. For example, if the HOA is only 15% funded and all the exteriors need painting in the next year then it is likely a special assessment will be added to the HOA dues each month. Another big one is receiving a copy of the latest board meeting minutes to grasp what may be in the works with CC&R changes not reflected on the current rules and regulations. For example, a condo development with no rental restrictions found in the CC&Rs but the boards last meeting they started discussing implementing a 12 month minimum lease term...

@Gregorio Villar I think the biggest factor is selecting a market is to focus on the market that you are most familiar with.  Once you have decided on the location then compare the returns (and maintenance cost) on condos vs single-family detached.  I still like Las Vegas and Henderson.  I manage and own some rentals in the Inspriada (Henderson), Green Valley Ranch (Henderson).... I like Inspirada due to the newer homes and all the development that has continued to bring new business, restaurants, and amenities. 

@J Davenport I assist investors with the purchase and management of rental properties.  Feel free to reach out anytime to have a discussion.  The first step would be finding out what you are qualified for in terms of financing/purchase price.  

@Aaron Kim In my opinion the best option is to focus on increasing your credit score and income in order to qualify for a loan on your own.  I would also stay away from creative financing unless it somehow is a way to receive a better interest rate and terms... The best way to engage with a seller is to write an offer. 

@Anna Wang I suggest send the electrician again but also send an appliance company.  I had a similar situation with a dryer sparking and after investigating we found that the dryer had a recall on it for "exploding."  I would pull the model and lookup if there is any recall situation.  

@Bob Weber the $650 estimate does not seem right if they are only replacing the valve.  I suspect if you call around that you will get estimates in the range of $200-350.  Most likely around $350 tops.  I have a few different plumbers. One of which is Jack Dish Plumbing.  

I suggest taking into account which property generates the highest rental rate and compare that to projected future expenses/repairs.  

@Amanda Barnes does your lease agreement specify when the tenants are to turn utilities in their name?  If so, then send a letter and refer to the lease.  

@Kyle Ratzlaff I would keep it simple: follow the lease, state laws, and issue proper notices.  For example, if the rent is due on the 1st then issue the proper notice as soon as your laws allow (pay or quit etc...) without hesitation or discussion.  Follow the process and the letter of the law.