All Forum Posts by: Michael Robbins

@teo 

@Teo De Las Heras I do not allow guarantors or co-signers.  There are several reasons but one of them is sometimes co-signers believe they are not entirely responsible for the lease.  All applicants must qualify individually with the exception of income that can be combined.  

@Jimmy Vance I would continue to keep documentation (work order requests, etc..) but in particular take a lot of pictures between now and each time it rains. Even videos of the active leak would be beneficial. I think the main focus on your maintenance request to the HOA is if they have scheduled a roofer and are they making best efforts to repair the leak. If best efforts are not being made then tell them your next call is to the NV real estate division. The HOA certainly has direct contact with the board members to get things moving.

I like the lighter color laminate flooring as less dust shows up during showings.  I also paint all my common areas pure white so the home looks bright and airy.  The bedrooms are painted a light gray.  

@Sarah Hoffer I have helped people buy in Lynbrook and Aliante. As part of your search you may want to drive those areas as well. 

@Wesley Vo before placing an offer call (or have your agent call) the hoa to see if they tell you about any rental restrictions.  But be sure to verify the rental restrictions if you end up in contract and receive the hoa resale package.  It is also important to look at how well funded the hoa is.  If the hoa is not property funded with their reserves it can be a red flag on potential special assessments or increase in your hoa dues.  This is especially true with older condo subdivisions.  

@Gordon Hee there are a few options here. You could buy one property at the $1m range or go for two properties at $450-500 each. Each property profile is unique but in general I would say you would have less of a maintenance headache with a newer $450k range rentals. The $1m house that brings in near the $5k will be older. It may be renovated but will still have an old roof, original pool etc.. Also, when you hit the $1m to get the $5k is usually requires a pool to fetch that rent. I would go for two single family detached, about 2,000 sf, built 2012-present. I know of some areas in Henderson where those will rent $2,250-2,600 each. The HOA fees are reasonable. Also, in order to push the rent, buy at $450 each but make some improvements to paint color, maybe refinishing cabinetry, adding some cool features...

@Brian Walters depending on where in Henderson.... but my own rentals the price points are as follows:

Inspirada (West Henderson) single family detached home about 2000sf $430-450,000 rent about $2,300-2,500.  The hoa is only $90m.

Green Valley Ranch $400-450,000 single family detached 1,400-1800sf rent range $1,800-2,500.  The rent you are able to push is largely determined by upgrades.  

The condo market is decent as well. The key there is finding a condo with reasonable HOA dues (some can be about $300+ per month), and verifying the condo development has adequate reserves. If the condo reserves are down it may be a red flag and indication of further hoa increases.

@Anthony Acosta it depends on what sort of short term rental you are considering.  I like the one bedroom furnished units in neighborhoods nearby hospitals, large employers, parks, etc.... The target market are travel RNs, corporate housing, people looking to buy a home, people in the middle of a large renovation,.... The lease terms range from 30 days to 12 months.  All the furnishings included and all the utilities (including cable/internet included).  One example is a one bedroom unit that typically rents about $1,300-1,400 non furnished on 6-12 m lease vs the furnished short term at $2,000-2,400.  

Hi @Sam Shirazi,

I am a local Las Vegas/Henderson property manager.  I have had both good and bad experiences with the HW companies.  If the home is vacant then no problem, we are in a position to explore if the home warranty will offer coverage to something broken in the house.  But if something essential goes out, especially at the wrong time, then there may be no time for the home warranty company.  For example, I had the AC go out during one of our 110 summers and did not have the time to wait for the HW approval process.  The HW will schedule a vendor and then the vendor has a few days to send in the report, and then the home warranty takes time with the approval.  In Las Vegas/Henderson a tenant can potentially try and hold back rent if a repair is not made within two days.   

With all that being said, if you are buying a rental property I suggest get the HW for the first year and then after that drop it.  The first year we are getting to know the property (the inspection is not going to catch everything).  

Hi @Darek Michnicz,

Please reach out anytime if you want to have a conversation on the local Las Vegas/Henderson real estate market.  I can assist with pinpointing rental investment properties.