Las Vegas Real Estate News
Of the 4 pieces of legislation covered in this article, there is only one that is relevant to our investors. Assembly Bill 161, which takes effect July 1, helps combat squatters, who often produce falsified rental documents when confronted by police officers trying to remove them from a home. We have had no problem tossing squatters so this bill is just over kill.
MGM Resorts International has started construction on a nearly $130 million expansion project at its MGM Grand Convention Center. It will add 250,000 square feet for a total of more than 850,000 square feet. The project is scheduled for completion the end of 2018. For some reason this doesn't make sense for a company that religously reports modest earnings. See for yourself - here is their publicized earning report. I am not convinced this company is run well. The good news is that there are plenty of buyers waiting for them to keep screwing up.
Our test property in North Las Vegas made a rediculous amount of money in June. However, we have been reluctant to pitch this to investors for 3 reasons:
- We do not have several months of data to demonstrate to investors as to how exactly how much these earn.
- Las Vegas City council is introducing more legislation to restrict short term rentals.
- North Las Vegas and Henderson are still undecided.
I will keep updating this section every month.
This weeks' Commercial Recommendation.
Las Vegas, NV
Community Strip Center. New roof and new asphalt. There are a lot of vacancies due to poor management. Easy fix. Here is the video.
Price: $987,000 Cap Rate: 4% Property Type:
Retail "mom & pop"
Proven techniques for managing properties. On Sale Now
This book was written to help other property managers and brokers live a comfortable balanced life. While most of the concepts and tips are applicable to folks who want to manage their own properties, the majority of the content is for business owners. This book also applies to small and large operations.