This video has the top mistakes owners make in managing their own properties:
- The owner records the property using their personal address.
- The owner waits until the property is pristine before advertising. There is no benefit to hiding a property until it looks like the Taj Mahal. By waiting around, owners lose at least a half of month’s of rent.
- The owner wants over market rent because they think they will get a better tenant.
- The owner puts earrings on a pig. P
- The owner doesn’t repair a roof or HVAC in a timely fashion.
- The owner doesn’t hide their assets.
- The owner tries to their own screening.
- The owner puts in a friend or family member.
- The owner listens to all the country western songs.
- The owner gives up and just sells the property.
Governor Sisolak $500 Million Housing Initiative
The “Home Means Nevada” program throws money at the cost of living. Here is a classic battle between the haves and the have nots. The program is great for people who rent and don’t have money. He is up for reelection and it is standard procedure for Santa Clause to offer free toys to all the boys and girls. The problem is $500 Million comes from a money printing machine what will eventually fail in a catastrophic way. Taxing the rich makes forces them to move onto other places where capitol is treated with respect. These financial solutions are only temporary. There are thousands of examples of government housing projects that get bulldozed to the ground because they are managed by the government.
The Republican response to this initiative was lame. Investors who own multi family properties are going to suffer. If this is passed and if you own a multi family property, your rents will drop and/or the caliber of tenants will decrease. This will also have a negative impact on investors who cater to low income families. There is a good chance that this initiative or a smaller version of it will pass.
Governor Sisolak is the number one enemy to real estate investors in Nevada. If he is reelected this November, brace yourself for more laws that are tenant friendly. Thanks to him and the legislature, the time it takes to toss a naughty tenant went from 3 weeks to 3 months.
Employment Picking Up
A state report released Thursday indicated Nevada’s job market is approaching pre-recession levels. Las Vegas, at roughly 1 million jobs in January, remains about 25,000 jobs below its February 2020 total, although the valley has 6,000 more non-hotel-casino jobs than there were before the pandemic.
We finally got around to getting a professional to design a new logo.