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Mistakes to Avoid When Buying Investment Property in Las Vegas

Are you looking for the right Las Vegas investment property?

Las Vegas, U.S. is a prime location for property investment. Las Vegas boasts a thriving economy with employment growth in technology, construction and the hospitality sector. Out of the city’s population of 2.2 million, 48% are renters. Add the number of tourists (42.3 million visitors in 2016) to the mix and there is no doubt that the city’s rental market is a huge area of opportunity. Las Vegas ranks #6 in job growth with rent rates steadily increasing and vacant days for properties on the market going down.With year round great weather and some very amazing properties available, this region is definitely a property buyer’s market. You can find nice, spacious homes all over the city at very affordable prices.

However, before you jump the gun and make a property investment in Las Vegas, here are some mistakes you should avoid making:

Know The Las Vegas Housing Laws:

Like everywhere else, there are local municipality laws that every buyer should know before making a purchase. You especially need to read the Fair Housing Laws of Las Vegas. Many people believe that once they buy a property in Vegas, they are free to make whatever renovations they want. By reading up the fair housing laws, you will know what your property taxes are, what type of renovations you can make and how much the property tax will go up if you do so. Know all about the housing codes and your rights as a property owner.

Research The Las Vegas Property Market:

housing researchMany people go to Las Vegas and are seduced by the razzmatazz of the place. Most of these people have the means and the funds to buy the first property they see or like. This could be a major mistake. Buying a home in Las Vegas should never be an emergency. You need to make sure you conduct a thorough market research. There are some parts of the city which are posh and others which are not livable. You need to know if the property market in the area that has taken your fancy, is actually viable. If you plan to rent, then you must know if there is a demand for rentals in that particular area. You also need to know if the property is close to basic amenities such as schools, public transportation, grocery stores, supermarkets etc. In addition, you should have some information about the crime rate of that area, safety for children, commute time to and from major destinations and so on.

 

Don’t Rely Too Much On Real Estate Agents:

Many people who want to buy a home just go to a real estate agent. While there is nothing wrong with this approach, the onus is on you to first know what you want. Remember, real estate agents work according to your needs. If you are unclear of what you want, they will not be able to identify all the right options for you. That is why you first need to know which areas are good, how much you can invest, what your long term goals are etc. Real estate agents can do the leg-work but don’t expect them to do the thinking for you as well.

Know Your Investment Budget:

Many people looking to buy a home in Las Vegas never consider the finances. Buying a home is not a cheap undertaking and for most people it is the biggest purchase of their lifetime. It is important for you to know what you can afford, what your credit standing is, how much you will have to borrow etc. There is no point in looking at expensive and amazing properties unless you have first established how much you can afford and what amount you can get approved for by the bank.

Don’t Think Too Big:

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Las Vegas is known for its pomp and beauty and one can easily get carried away with all the glitz and glamor. There are many terrific homes in Las Vegas but you have to be realistic and know what you can afford. Do not forget – you have to pay the mortgage, utilities, property taxes, car licensing, insurance for the home and the car and maintenance of the home. No doubt if you plan to invest in property in Las Vegas, you do have the funds to do so but often, people get carried away and stretch their finances, only to end up losing their homes. In today’s economy, you must have a backup plan in case you get laid off. Rest assured, your banks won’t understand if you can’t make your mortgage payments and and neither will your local municipality if they don’t’ get their property taxes.

Don’t Forget Las Vegas Property Inspections:

Always make sure you get the property inspected before you buy. Initial investment in this initiative could save you thousands of dollars in future repairs and other related issues.

We hope that helps you on your journey to finding the right Las Vegas investment property!

How to Search for the Right Rental Property

Rather than deal with the hassles associated with property ownership, many people choose instead to rent a place to live. No matter your household composition and needs, it is important that you take the time to find the best property to enjoy. After all, you don’t want to invest the time and money into moving only to discover that the new place is not really suitable.

Real Estate Agent Fred Franks of Sellstate Next Generation Realty suggests working with a property management firm is far better than working with a realtor. Mr. Franks states his sole purpose as a real estate agent in Ocala Florida is to help home seekers search for homes for sale in Ocala Fl not rental properties.

However, if you take a bit of time to determine exactly what you need and want beforehand you will be able to focus your search parameters on the places most likely to suit your desires. Among the first things you will need to think about is whether you are interested in renting a single dwelling or one that you will share with others. Although you gain privacy with a rental home in most cases, you will generally be responsible for additional bills such as garbage and water.

Make a list of all of the amenities that you could possibly expect in your price range. Then, you should put them in order from most important to least important. Make sure that you mark the line between the deal breakers and the things that you can live without if necessary. For instance, a couple with no car and a few kids might place greater priority on onsite laundry facilities than a single person with a friend or family member that lets them use the washer whenever necessary. (more…)

Tips for Attracting Millennials to Rent Your Property

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If you own or manage rental property, then it is worth your while to market your property to the millennial generation and here’s why:

Millennials prefer renting over buying and they rent for longer periods of time. (1)

So it stands to reason that this a group you want to appeal to, but how? 

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Tips To Help With The Las Vegas Eviction Process

The worst experience for a landlord is when they have a problematic tenant. Tenants who do not pay rent unless prompted, who violate the rental agreement, who do not care for the property or who disturb their neighbors. When you get a nightmarish tenant such as this, the only sensible recourse may be to evict him or her. But would you go about doing that? Do you simply knock on their door and demand they leave?

Of course not, there are laws you must follow. If that is the case, the eviction may be a protracted, costly and an outrightly taxing process. Especially if you do not adhere to the state’s Eviction Statues. So how can a Las Vegas property owner evict a problematic resident quickly?

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Essential Curb Appeal Tips

If you want your rental property to stand out from the rest in the neighborhood, you must focus on revamping its curb appeal. After all, the house’s exterior is one of the most prominent features that people who pass by your home will see. Fortunately, there are practical and affordable ways of transforming your mundane looking curb into a striking and aesthetically appealing feature to your delight and that of the tenants. Here are a few of those ideas to get you started.

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Day Time Activities in Las Vegas

As a Las Vegas business and property management company, it is our duty to have a deep knowledge of what our beautiful city has to offer. Sin City has plenty of exciting daytime activities. Here is our list of places that anyone who visits Las Vegas or happens to move here should enjoy. 

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Does My Pool Add Value to My Home?

When it comes time to sell, many homeowners wonder how much value a pool adds to their home if they list it as a feature. Unfortunately, there’s no clear-cut answer to this question. A pool can be an attractive selling point if you live in a warm area. However, in colder climates, buyers may not want to deal with the costs of pool maintenance if they can only use it for part of the year. Once you learn about the different factors affecting the value of your pool, you can make an informed decision when selling.

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15 Ways In Which You Can Be a Great Landlord

It is no hidden fact that good landlords have good tenants. This is because your  rental property is basically a business, and the tenants are the customers. Your tenants pay you for a service that they need and you provide. It is in a landlord’s best rentinterest that they keep their tenant for as much time as they can, right?

In general, a landlord spends around 20-40 hours to fill a vacancy on their rental unit. This includes many things, such as advertising, showing, looking at credit reports and applications, and going through the entire process of leasing. Needless to say, it is much better to have a good tenant who keeps renewing their lease.

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Dealing with troubled renters in Summerlin

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Evidently, having a problematic tenant in your Summerlin rental property can cause you to have unwanted headaches. The situation becomes frustrating if you are a Summerlin Nevada landlord, where the statues on landlord-tenant relationships are strict. For instance, the law permits the renter to withhold rent if the landlord fails to make repairs. Evictions which should always be a last resort method are still quite difficult to do. Furthermore, it offers the renter options or defenses with which to challenge an eviction. So how can a Nevada landlord deal with troubled tenants? Here are some tips.

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Important Maintenance Tips For A Property Owner in Summerlin

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As a property owner in Summerlin, it is in your own best interest to take certain concrete and solid measures to enhance the value of your property and keep it well maintained. Not only will it save you money, but it will also bring more attention to your property. Not to mention the fact that it will be good for the environment as well. The waste produced from your house can fill up the landfills and this is something that can be prevented by following the below-mentioned tips and ideas.

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