All Forum Posts by: Michael Robbins

Yes I allow pets because at least half of the tenant base has one.  In order to cover myself on potential pet damage to the property I implement:

Pet Deposit or fee $200-500

Pet Rent $25-35 per month

Also, once your tenant moves out you have the right to charge for verifiable damages to the property.  

Something to keep in mind though is if the pet is a service animal you cannot charge for the pet and breed restrictions do not apply.  

@Marty True no worries.  Reach out anytime if you need introductions to the contractors. 

Hi Marty,

I have had good experiences using Nova Interiors for bath remodels, tile, flooring...  I would recommend CertaPro for painting interior and exterior.  If you need any electrical work done Eco Electric is the best.  Hope that helps.  

In my example this is a 2 bed 2 bath 1100sf.  The renovation ran about $10k.  The hoa fees are $250s per month which include water/sewer/trash.  The water/sewer/trash would be billed back to tenant.  The condo community has great amenities (pool, gym...)

Hi Garan. In my opinion there is still opportunity in Vegas to purchase residential rentals and get a good return. The key is finding a fixer upper and renovating to current tenant tastes. For example there are condos in the Henderson area (about 15min from LV strip) that sell for around $220-230k and rent (not fixed up) in the $1200-1300 range. That same condo renovated would fetch $1500-1600. As long as the renovation work is reasonable the ROI would be as well. But of course this all depends on what you would find to be an acceptable return.

Congratulations!  I totally believe that putting in a lot of the work yourself on the first flip is worth the extra time.  Its the best way to know the value of every nut and bolt on future deals.