Purchasing a property for an Airbnb.
This is a terrible time to purchase a short term rental in Las Vegas. The environment is brutal! Here are the top reasons you don’t even want to consider it.
- The Market Is Terrible – Californians are climbing all over themselves to pay above list for property. Whenever put up a property for sale, someone from California pays at least 15% over market with cash – appraisals and inspections waived. Craziness. If you want to compete with people who have more money than sense, hit me up and I’ll help you get into a property that won’t cash flow. The best you will be able to eek out of a rental right now is about 3% IF you are lucky and have no repairs. Redfin is predicting a decline in growth.
- You Can’t Get A License – That’s right. Until Clark County comes out with rules, there is really nothing available which qualifies for a license. If you want to run with scissors and run a short term rental without a license, we can help you but you will need to know you will eventually get caught. We do not know when Clark County will issue rules. When they do issue rules, you will know immediately if you are a subscriber. More…
Don’t purchase a short term rental in Las Vegas. When will there be a good time? We will let you know.
Want Your Property Bulldozed to the Ground?
This is what it looks like for investors who don’t properly plan or protect their assets. We have been buying, selling and managing real estate so long we actually get to see what happens to properties that are neglected. The picture above is real. That came from a real client who didn’t pay attention and ignored our advice to get their affairs in order. Unless you are vampire, you will get sick and/or die eventually. Some sooner than later. NOW is the time to get your affairs in order. It takes time and money so just do it now. It will also reduce your exposure to lawsuits. More…
Rent Increases & Inspections
Last year, the government restricted our ability to do inspections so we got a little behind on lease renewals. Generally, we don’t like doing lease renewals with tenants who don’t take care of property. Lawsuits are spawned by naughty tenants who neglect property. Piggy tenants who don’t take care of property cost owners more money in the long run.
We have finally caught up on our inspections and leases. There are a few tenants who don’t meet our standards and will be given 30 day notices. The combination of proprietary screening techniques and high standards has kept our non performing assets to less than 2%. The number of rehabs and evictions have dropped dramatically as well.