All Forum Posts by: Tiger M.

Watch for an entire new direction for Las Vegas city Short Term Rentals. The two city council members that pushed this new law through are leaving in May, 2019 due to term limits (Thank God for term limits). Bob Coffin sat in a meeting with a client of mine that had paid $20K in application fee for multiple units and Bob said he supported the application. He then voted for the restrictive ban weeks later. Typical politician double speak. The rest of the council was upset by the way this was handled and will be bringing a revision to this that allows people on both sides of this issue to better represented. Which means no cloaked ban. Also, Airbnb has a lobbyist in Carson City that is pushing for a State law that prevents municipalities from restricting a property owners right to rent their property similar to the Arizona law. This fight has only just begun.

This property is accepting back up offers as its currently pending.

Its a mine field, you gotta remember Hotels with big influence don't stand for competition. County has made them illegal,  Clark County short term .  The City requires a Special Use Permit  LV City short term permit and most condo HOA's are disallowing them. Its gotten worse since the shooting. The Ogden downtown just had an HOA meeting to close the door on rentals as they were concerned their building could be used. No comment to knee jerk reactions... North Las Vegas: There is no specific ordinance preventing short-term rentals. However, property owners can't rent out a home without a business license, and such a license wouldn't be granted for a home inside a neighborhood, a city spokesperson said. Henderson: Does not allow short-term rentals for less than 30 days unless the homeowner has a permit. Currently there are no such approved locations in the city.

Its Frustrating to say the least. I use Vacation rentals and love it. It's not impossible here in the city. I have a client that just bought and rehabbed a property to be and AIRBNB downtown. The process was going to be long enough and expensive so we long term rented for him, he received the Special Use Permit and will be moving forward once the tenant leases expire this summer. Its also for sale. 3 units short term approved

Hope that helps. I think the Permitted properties will be a "gold mine" as code enforcement continues to crack down on illegal units.

@Jay Hinrichs makes a great point about the cluster zoning for 4 plexes. The SF has more demand, attracts more stabile and qualified tenants. Inventory is low and we are projected by Moody's to grow by an additional 300,000 over the next 36 months due to job growth so I don't expect that to change anytime soon. Try contacting property managers about current landlords selling, its a great way to get in the door before the masses. 

$2,450,000 and all 27 are studios. Affordable units are in high demand downtown. The master lease is $700 per door, current market is $850-950.

I have trailing 6 month actuals with 6 month pro forma available upon request also

will email shortly

This property has been approved for a short term rental permit. The income and expense information is based on the existing long term tenants and we will have a vacation rental pro forma available soon. The property was fully renovated in 2017 and brought up to code. The improvements were planned for short term rental use adding a hip vibe to the property. The subject is currently fully leased and will transition to short term units as the tenants lease's expire. The walking distance to many of the new downtown developments, restaurants and night life make this a very desired location for quality properties. Email all offers to [email protected]. Showing contingent upon accepted offer. Short term rental approved.

Area Description

Heart of Freemont East Las Vegas! Walking distance to fremont east with so much entertainment, eateries, shopping and so much more! Property improvements included, roofing, windows, insulation, stucco, HVAC, electrical, plumbing and landscaping. The property is fully fenced to create a inner sanctuary for the residents. The property also has off site parking for each unit in both the front and rear. Your research will show that it is next to IMPOSSIBLE to get AirBnb permits from LV and yet this is FULLY permitted for 100% AirBNB 365 days a year. ALL of the remodel was specifically designed for the AirBnb tenants.

This property has been extensively renovated in the past 12 months and is fully code compliant creating a 27 unit furnished boutique apartment. All major systems in the building have been replaced which will reduce maintenance expenses for years to come. This is a true coupon clipper stabilized investment. No vacancy factor with this property and no property management required. Current tenant is under a master lease for 100% of the property. Landlord expenses are tax, insurance and utilities (power, water, sewer, trash, security system internet). Tenant pays for interior cleaning & maintenance and any unit specific utilities (internet, cable). These units are within walking distance to all the Fremont Street restaurants and activities. Surrounding buildings are all occupied multi family buildings, most with extensive waiting lists to get into the area. Master lease rate is discounted below market since there is no vacancy. A potential upside on this project would be to convert to multiple tenants at market rates.