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Old 04-11-2013, 04:42 PM
 
633 posts, read 861,453 times
Reputation: 837

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Quote:
Originally Posted by NoMoreRJ View Post
A $115K home isn't going to rent for $1575. Maybe 900+ up to $1200 depending on the area but most likely on the lower range.
Agreed. A good rule of thumb is 1% of purchase price EG - a $100,000 house renting for $1,000/month, $150,000 house renting for $1500/month is considered a very good return.

While not always feasible, these are good target numbers.
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Old 04-11-2013, 05:55 PM
 
Location: Las Vegas, NV
202 posts, read 292,097 times
Reputation: 189
Default Topic?

I am not asking about the price at which a house may rent or what's a good return or what people can afford to pay.

Thank you von949 for staying on topic with the VEGAS INC article but I think it's a piece about a new RealtyTrac report with old news.

Will there soon be, or might there already be an oversupply of SFH rentals?
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Old 04-11-2013, 07:08 PM
 
12,973 posts, read 12,149,749 times
Reputation: 5398
Quote:
Originally Posted by lvnyc View Post
I am not asking about the price at which a house may rent or what's a good return or what people can afford to pay.

Thank you von949 for staying on topic with the VEGAS INC article but I think it's a piece about a new RealtyTrac report with old news.

Will there soon be, or might there already be an oversupply of SFH rentals?
You continue to beat the hell out of the dead horse.

SFR rental inventory has declined now for three years. Pricing has remained in a narrow range. It does fluctuate from month to month but does not go anywhere.

Get it through your head...there is no gross change in the rental market for SFRs.
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Old 04-11-2013, 07:47 PM
 
Location: Las Vegas, NV
202 posts, read 292,097 times
Reputation: 189
Quote:
You continue to beat the hell out of the dead horse.
Quote:
Get it through your head…
Cranky.
I'm feeling that way, too.
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Old 04-11-2013, 08:31 PM
 
140 posts, read 110,264 times
Reputation: 236
I got a 2009 2800sqft house in rhodes ranch for 1400 - around the going rate if that help (rent includes the hoa)
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Old 04-11-2013, 10:58 PM
 
Location: The North
4,962 posts, read 8,684,211 times
Reputation: 3832
Quote:
Originally Posted by Laminate7 View Post
I got a 2009 2800sqft house in rhodes ranch for 1400 - around the going rate if that help (rent includes the hoa)
I just rented a 2250sf for $1495 in Rhodes Ranch. I think your rate is rather cheap, seen some 1800-2000sf going for 1400.

What I have noticed though is credit quality is crap right now, I got 5 applications for the place and everyone had scores in the low 600 range and some negative items. My agent said it seems the big money landlords who just got into the game are mostly looking for A credit and those who qualify get rentals at the low end or even below market rate.
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Old 04-12-2013, 09:35 AM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 10,860,880 times
Reputation: 3866
Quote:
Originally Posted by Willy702 View Post
I just rented a 2250sf for $1495 in Rhodes Ranch. I think your rate is rather cheap, seen some 1800-2000sf going for 1400.

What I have noticed though is credit quality is crap right now, I got 5 applications for the place and everyone had scores in the low 600 range and some negative items. My agent said it seems the big money landlords who just got into the game are mostly looking for A credit and those who qualify get rentals at the low end or even below market rate.
What are you mainly looking for? Credit score? Job stability? Rental history?

For the type of rentals I look after, I don't care for the credit rating as much as income stability and criminal history checks(I stay away from convicted arsons). My aunt-in-law rented to a women that hosted private adult web chat date hostings from her home before I moved out her. She had the worst rental history ever along with credit score. But her web site was BOOMING during the mid 2000s. She saved up and purchased a home out in Summerlin. She actually got most of her deposite back(she hired professional cleaners).

Have not really had that kind of luck since that tenant. I rent to a lot of security gaurds, call center workers and those that are unemployed but receive a substantial amount of court ordered child support or S8.

I rented to a MGM employee with perfect FICO, pristine background, great rental history yet he complained that he was not aware of the local area. So he jumped ship early. Even paid the early break lease fee.
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Old 04-12-2013, 12:10 PM
 
12,973 posts, read 12,149,749 times
Reputation: 5398
The rental situation in Las Vegas remains basically unchanged at least as far as SFRs go. That is according to the March data from GLVAR

Inventory continues to drop, volume is up and prices are stable. Inventory has now gone down 4 years in a row and is again dropping at a relatively fast rate.
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Old 04-12-2013, 01:06 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 10,860,880 times
Reputation: 3866
How easy is the convesrion of half-way houses? What approval is needed? Zoning? I spoke to a small time investor that was wanting to do this to a 4plex in a regular neighborhood on the west side. He also stated that he would settle for a "McMansion" style home in the Spring Mountain area to convert. Just came across this which reminded me about it.

(Not sure if anyone is able to click the link since I am logged in)

LoopNet - 13th Apartment Building, Garden/Low-Rise, 211 S. 13th St., Las Vegas, NV

Quote:
THIS IS A VERY WELL MAINTAINED BUILDING IN THE HEART OF DOWNTOWN, CLOSE TO CASINOS WITHIN THE REDEVELOPMENT AREA OF DOWNTOWN LAS VEGAS. ALL UNITS ARE KEPT IN VERY GOOD SHAPE, LONG TERM TENANTS. THE PROPERTY HAS POSSIBILITY OF INCREASED INCOME WITH SECTION 8 OR POSSIBLE HALFWAY HOUSE CONVERSION.
DOWNTOWN REDEVELOPMENT AREA
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Old 04-12-2013, 03:53 PM
 
674 posts, read 755,316 times
Reputation: 429
Those quads seem like a monster headache to me with the type of renters you'll keep even with a higher return. Doesn't seem worth the price you'll pay in tranquility.
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