COVID and Vacant Properties
Thinking of selling? – This is the worst time to sell a property. Prices will free fall for the next several months as people lose their jobs. Open houses are forbidden and buyers are hunkered down until this passes. If you must sell, you should get ahead of the curve and offer the price at 20% less than market. Buyers who can’t pay cash and need a loan are not likely to make it. You don’t want your property tied up while mortgage companies tighten up requirements. Properties currently in escrow are difficult to close now. The market will get much worse before it gets better.
Do you need income? – There are people still committed to essential jobs here in Las Vegas. We place about 3 tenants a week with tenants who have essential jobs and good credit. The key to placing tenants is offering your vacant property for rent at 10%- 15% below market. We can get you an excellent tenant and then you can sell your property after this storm passes. Next year will be much brighter in selling your property.
Is your tenant not paying rent? – If you have a tenant who isn’t paying, you are in for a long ride. There is currently a moratorium on evictions so technically you can’t do anything at the moment. However, some of our tenants have volunteered to leave gracefully or with a modest bribe. Each of these cases are unique so we can’t offer you advice without knowing more about your situation.
Here are the top 8 reasons why investors use Limestone Investments:
- Jim Eagan wrote 2 books on property management (A Fistful of Properties and A Few Properties More) and is often hired by other companies to consult in their operations.
- We advertise vacant properties before they are vacant on over 40 websites.
- Rent collection, owner payments, ledgers and documents are all available online and accessible with any mobile device.
- Maintenance is completed at a fair price with vendor invoices shown to provide complete transparency.
- Owners can quit using our services anytime with no hassles or cancellation fees.
- Reserves are not required as we trust owners will pay us.
- Limestone Investments has rave reviews: Yelp and Google.
- We take care of EVERYTHING: HOA love letters, evictions, major rehabs… You name it, we take care of it.
Long Term Rentals (1 year leases) – We charge $100 to set up your property and 8% per month* to manage it. We recommend that you pay out a commission to the first agent who finds a qualified tenant for your property. That “Bounty” to other agents ranges from $200-$500 depending on the size of the property. This is the most common and well known for property management.
- Rent Collection (electronic / cash)
- Monthly Statements
- Professional Screening
- Robust Marketing
- Sample Contract
- Answers to FAQs…
- * Section 8 tenants have a different rate of 10% per month
Short Term Rentals (30 days or less) – We charge $500 to start up and 10% of the gross income . This includes marketing, scheduling, walkthroughs and managing repairs or cleaning. Cleaning ranges depending on guests.
- Same Day Turnarounds
- Superhost Status (Reviews)
- Multiple Cleaning Crews
- Repairs 24×7
- Licensed (most competitors are not licensed)
More stuff you should know….
Non Exclusive – No long term contracts. You can leave at any time. If you don’t like us, you can leave with no penalties or questions. The purpose of the contract is to nail down terms and state specifically who is paying for what. If you decide you don’t like our services, we will let you out with zero penalties or hassles. Life is too short to be shackled to a disappointed customer.
Rave Reviews – We are constantly improving our systems and offering better services. This is the first page of 6 showing all the Yelp Reviews filtered out by Yelp. In the last 14 years, we received only one negative owner review. There are dozens of bad reviews from people who were not even customers. Yelp does this because we don’t advertise with them.
Fast Customer Service – Multiple phone numbers for emergencies 24×7. We have hundreds of vendors in our data base for quick response. Our vendors are coordinated via the web for accurate information. Our maintenance processes is complete and starts with an automatic call log.
Decades Of Experience – Since 1997, our broker has been managing residential, multi family and commercial properties. He has had a general contractor license, wrote a book on property management and has taken properties from being boarded up to 100% occupancy.
Quick Tenant Placement – Our hungry agents are commission only. Unlike our salaried competitors, we don’t eat unless we find you a tenant. Our online applications are tied into the MLS, Craigslist, Realtor.com and over 50 websites. Your property will have video, photos and a super easy application for tenants to fill out online. We keep those application fees low so we can get as many prospects as possible.
Tenants Pay Or Leave – Tenants can pay online, at 7-Elevens or any CVS pharmacy. If tenants don’t pay, they leave. “Elegant Departures” are the most common form of evictions as “Lock Outs” are used as a last resort. Court appearances are no problem. We eat lawyers for breakfast. This page describes our eviction processes.
Direct Deposits – You receive your money on the 15th of the month electronically. Owners and tenants can login to a tenant portal to see monthly statements.
Annual Inspections – Every year you will get report detailing what we have found at the unit and repairs if necessary.
Multiple Licensed Managers – We have bi-lingual leasing agents to assist those who speak Spanish.
Transparent Accounting – Your monthly statements show you exactly where funds go and for what reason. Our bank accounts are monitored by the Real Estate Division.
1099s – At the end of the year you will get a financial report that includes your P&L statement and your 1099.
HOA Love Letters – We get love letter from an HOA nearly daily. No worries, we take care of those for you. Tenants either correct the issue or we correct the problem and bill the tenant.
Litigation – Unfortunately, this can happen from time to time. The majority of our lawsuits come from multi family properties. The more evil kind are the fraudulent “slip and falls.” Consequently, we discovered the best defense is a joint defense. We require that your insurance company make us “additionally insured.” In the event we get sued, your insurance company will defend both of us. Most insurance companies do not charge extra for this so you may want to consult with your insurance agent. Additionally insured is a mandatory requirement with us.
- $40 Inspections (we recommend annual inspections)
- $100 Lease renewals
- $10 Each recurring bill like power, water, HOA etc. (we prefer you manage your own)
- $26 Admin Fee for each maintenance event and includes:
- Dispatching the vendor
- Verifying the job is complete
- Uploading photos & invoices
- Paying the vendor
- $100 Admin fee for minor rehabs (less than $1000)
- Up to $1000 for major rehabs (up to $10,000)
Eviction Fees – This page covers our eviction process.
- $60 Official notices (7 day pay or quit, 30 Day No Cause, Unlawful Detainers…)
- $200 Summary Eviction filings
- $200 Lockouts
- $300 Court appearances