Sisolak Strikes Again
Thanksgiving was an opportunity for everyone to give each other Covid. Cases spiked, death’s spiked and Sisolak squeezed business owners and property owners even more. The eviction moratorium has been extended until the end of March!
This means if you have a naughty tenant, there is absolutely nothing we can do until the end of March. It also means we are going to stick to the plan of offering incentives for naughty tenants to leave. We will be placing higher standards for tenant placement for vacant units.
You can suffer through his video here.
It will get worse before it gets better. Property owners who were barely hanging on will probably start giving up. There is no end in site and there is a good chance Sisolak will keep this moratorium going another year.
Real Estate Prices
The only reason why properties are still selling at list price is because there is very little inventory. With the economy tanking and 25% of Nevadan’s unemployed, the bubble will burst.
When will he hit bottom? Probably a few more years. If you look at the last turn, the peak to valley took 5 years. As we approach the bottom, I be increasing the frequency of these broadcasts. Investors who followed our advice in the last recession snapped up properties and made significant profits. We will do it again. Don’t worry, we will let you know when it’s time to buy.
North Las Vegas Now Allows Short Term Rentals
A few weeks ago, North Las Vegas City Council approved short term rental licensing. This is huge for our investors who want to leverage even more money out of their property. Here are the basic rules:
- Ownership must be over a year. This eliminates all newcomers.
- HOA rules have priority. If your property is an HOA, there is a 95% chance you have a 30 day restriction.
- There is a 660 ft distance rule AFTER the first 60 days. This means if you want licensed, you should get it now.
- The cost of the license is $1,000. If you want me to do this for you, it will cost another $300. It’s a pain in the neck.
- Noise monitoring equipment will be required. This is recommended anyway.
Generally, a short term rental nets about 25% more than a regular rental. Short term rentals gross about 3 times rent. However, utility expenses, management and miscellaneous repairs are higher than a normal rental. There is way more than meets the eye on managing these. We charge 12% and $1000 to start it up. If you want to learn more about short term rentals, please read this page first.
We are pleased to announce we have an assistant. Stacy Edgington has experience managing a business and flipping houses. She is sharp as a tack and we are happy she’s on board.