All Forum Posts by: Michael Robbins

@Christian Bishop what sort of renovations did you have to do on the units?  

It will be interesting to see how rent growth develops in SFR over the next year. Right now, a green valley (henderson) that sells in the $500-550 will rent about $2,750 range. I think the one and two bedrooms condos continue to have the greatest rent growth opportunity in Las Vegas/Henderson.

@Ju Feng Nice houses in a good location are still receiving multiple offers above list price.  At this moment.  The market conditions may change in the near or long term.  Nobody knows.  There are all sorts of analysis and people pulling numbers to justify a theory.  It is all pure speculation.  If you are looking to buy an investment property I would suggest focus on the individual property characteristics such as in demand location, good floor plan, condition of the property...etc.  And only buy if you will not be overly leveraged, plan to keep the property long-term, have a margin of safety between mortgage and potential rent, ..... 

@Anne W. if you are paying the market price then I would walk away from this one.  BUT i would at least try first to sent the seller a "request for repairs or request for credit in lieu of repairs" that reflects all the major work that needs to be done on the property.  It might be worth a shot. 

@Jeff W. if you have not already check with a lender on what you can afford with the $100k down payment.  I specialize in the Vegas/Henderson market.  I have not had success with fourplex and duplexes here but more so with individual condos, townhouses, and single-family detached.  Each individual rental property will have their own unique cashflow.  My suggestion is stick with a market that you are most familiar with vs going after the "market/area/location" with the greatest perceived cash flow.   

@Joshua Dombal have you estimated how much more properties with some backyard upgrades rent for?  If there is an upside in terms of improving the property you might consider installing the artificial turf.  But I would only do so during the current lease if (1) it has been made clear to the tenants that the home was rented "as is."  (2) if the tenants would like to have artificial turn installed they may make a request in writing as the first step.  (3) You as the landlord respond in writing with a clear scope of what is to be installed, the timeline for installation, and an addendum that changes the rental another $50, 100, etc...

Also, if the tenants have pets I would not do it.  

I think it is better to focus on a very local area and specific rental property when assessing a rental property vs making broad assumptions on the rental"market."  Each rental property is an individual business with its own potential, some times hidden value (or hidden money pit).  

@Doug Davis I would have a licensed plumber confirm you do not need the water softener and remove/cap it off.  

@Ruigie BIlaro condos can be good rental properties but when considering one verify if roofs replacements, exterior painting, etc.. are covered by the HOA. Also, when reviewing the HOA resale package pay particular attention to any special assessments and how well funded the HOA is with the their reserves.

Look for property that needs work.  Take the time (or have your Realtor) to actually visit a crappy looking property to see what the deal is.  For example, I had one where nobody wanted the house because it apparently needed a re-plumb (permits were not showing the required plumbing work). Once under contract the plumber verified that the property actually was re-plumbed but the permits were not completed.  Long story short, the buyer ended up closing on the home $20,000 under market. 

@Eric Jackson II are you looking for rental properties?