All Forum Posts by: Phillip Dwyer

@James Phan You're getting a lot of great insight here.  I'm guessing you do well at your career.  If that's the case, I would put most effort into maximizing the earning potential from your career instead of trying to run an airBNB business.  

One thing you have talked about yet is the likelihood that there will be a ton of deferred maintenance on these houses.  I've found that when properties are rented under market for long periods, typically the same landlords are not keeping up on maintenance.  So you'll want to get your eyes on those houses asap to figure out what capital expenses are coming your way. A tenant turnover is the perfect time to get those done and to improve for better rents.  

As someone else mentioned earlier, I'd recommend getting some estate planning done very soon.  It's a lot easier to do now when your mom has her faculties then when it's too late.  

I think I agree with Bill.  I suppose you could sell your primary and buy a smaller primary, but you'd need to calculate the transaction costs to see if it's worth it.  Here's a different thought:  Could you sell your primary here and buy a replacement property in the area you want to move to?  You could rent out the replacement property until you move there in the future.  Meanwhile you could use those rents to offset your costs of being a tenant here.  This would all depend upon the market conditions of the place you want to move.

@Joseph Goode thanks for sharing.  It sounds like they are going to try to make it as restrictive as possible.  

@Joseph Goode Can you post a link to where you read that information?

Are the units houses or part of one apartment  complex?

@Bill B. is correct.  See below:

NRS 118A.260  Disclosure of names and addresses of managers and owners; emergency telephone number; service of process.

1.  The landlord, or any person authorized to enter into a rental agreement on his or her behalf, shall disclose to the tenant in writing at or before the commencement of the tenancy:

(a) The name and address of:

(1) The persons authorized to manage the premises;

(2) A person within this State authorized to act for and on behalf of the landlord for the purpose of service of process and receiving notices and demands; and

(3) The principal or corporate owner.

(b) A telephone number at which a responsible person who resides in the county or within 60 miles of where the premises are located may be called in case of emergency.

2.  The information required to be furnished by this section must be kept current, and this section is enforceable against any successor landlord or manager of the premises.

3.  A party who enters into a rental agreement on behalf of the landlord and fails to comply with this section is an agent of the landlord for purposes of:

(a) Service of process and receiving notices and demands; and

(b) Performing the obligations of the landlord under law and under the rental agreement.

4.  In any action against a landlord which involves his or her rental property, service of process upon the manager of the property or a person described in paragraph (a) of subsection 1 shall be deemed to be service upon the landlord. The obligations of the landlord devolve upon the persons authorized to enter into a rental agreement on his or her behalf.

5.  This section does not limit or remove the liability of an undisclosed landlord.

@Eric Fernwood I'm curious where you're getting your DOM stats for condo rentals. I just did a quick MLS search for leased condos over the past 90 days. The average days on market was 19 days and the median was 11 days.

@Wesley Vo Check with your lender.  You're likely going to need at least 20% down payment.  Most lenders will tell you the numbers look better with 25% down.

@Wesley Vo Condos are different in every market. You need to do your homework like others have suggested, but it doesn't mean that you can't find something that will work for you. Also, HOA fees are likely higher, but they often include things like water and trash service. You can add those as line item charges on a lease to recoup some of those HOA expenses.

@Amanda Thompson you mentioned the property is a town house. Is it attached to other units? Is there a HOA? If there's an HOA, there may likely be animal restrictions within the governing documents of the community. This might be a potential out for you as well.

Otherwise I like @Nathan Gesner's recommendation of petscreening.com.  I've been using it for a few months now, and it works great for verifying ESA's, service animals, ect.