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Old 01-22-2010, 07:32 PM
 
Location: Fly over country U.S.A.
119 posts, read 168,665 times
Reputation: 75
Default Is this workable: long distance landlord?

I am thinking of moving to the Las Vegas area in the next few years when I retire. I like the direction of home prices now. What I was thinking of doing was buying a home there now at a good price then renting it out until I can come out. I know I could not be a long distance landlord but are there any management companies that would handle the rental for me? Has anyone here done this? I would love to here from any Realtors out there on this subject.
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Old 01-23-2010, 12:35 AM
 
3,423 posts, read 3,703,316 times
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A lot of landlords are long distance and they don't use anyone around here. Just do a good job with the tenants and you won't need to worry much. Ask around for a good person in the things you might need: plumber, clean up/yardwork, handyman, garage door person, etc. Hope you don't need to use any, but when it comes down to it you could do this from any place with a phone about as effectively as someone living down the street.
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Old 01-23-2010, 04:08 AM
 
Location: Here and there, you decide.
9,309 posts, read 13,857,842 times
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Quote:
Originally Posted by Willy702 View Post
A lot of landlords are long distance and they don't use anyone around here. Just do a good job with the tenants and you won't need to worry much. Ask around for a good person in the things you might need: plumber, clean up/yardwork, handyman, garage door person, etc. Hope you don't need to use any, but when it comes down to it you could do this from any place with a phone about as effectively as someone living down the street.
you must not know about the 60 mile law in clark county
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Old 01-23-2010, 08:38 AM
 
Location: North Las Vegas
1,504 posts, read 2,122,540 times
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Right now there is a glut of condo rentals on the market, most displaced home owners that have lost their homes are looking to rent either another sfh or are living with relatives. Currently unemploymet is at 13.1% so finding a qualified renter will be difficult. Airics is correct there is a law that if you live more then 60 miles away you have to have property manager in case a problem should arise.
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Old 01-23-2010, 11:49 AM
 
Location: Fly over country U.S.A.
119 posts, read 168,665 times
Reputation: 75
I didn't know about the 60 mile thing. I would want someone local anyway in case of plumbing etc. problems. I would be getting a single family home for sure. Not interested in a condo. I would actually prefer an outlying area anyway. Somewhere I can spread out a little and fiddle with my cars and motorcycles a bit without having some tight a$$ neighbor complaining about a little noise.
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Old 01-23-2010, 01:34 PM
 
177 posts, read 198,985 times
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I would actually say being a long distance landlord, renting out a condo is better than a single family house if you don't want to hire a property manager. You should establish a good relationship with some local handymen, so in case the situation becomes very urgent you can just simply call them to see if they can go there to fix the problems as soon as possible.

HOA controls the common area outside of your condo. So everything happens outside your condo is HOA's responsiblities. You don't need to worry about landscaping, etc. A good HOA may contact the owner if they suspect something unusual inside or outside your condo. You don't have the same benefit if you own a single family house, and you need to manage everything by yourself.

But of course for long term appreciation a single house is always better than a condo. And it really depends on whether you have a good association or not. So there are always pros and cons.

I don't know about the 60 miles thing also; a lot of landlords and renters don't care also.
And you ask if it is workable for a long distance landlord?

It really depends on how long distance are you. If you live in inland area of Southern California, nothern Arizona, or southern Utah, you may be fine. You are just 4-5 hours away from Las Vegas. You can just make a short trip to Vegas during weekends (or your day offs) in case of emergency that requires your presence. If you live away too far away (i.e. the Bay Area, the Pacific Northwest, or even in the east coast), then forget about it. You need a property manager.


P.S. I lives in las Vegas, but I own a condo in Los Angeles area and a single house in San Diego area.

Last edited by mresort; 01-23-2010 at 01:35 PM.. Reason: correct some typos
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Old 01-24-2010, 10:21 PM
 
3,423 posts, read 3,703,316 times
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Quote:
Originally Posted by 007 license to sell View Post
Right now there is a glut of condo rentals on the market, most displaced home owners that have lost their homes are looking to rent either another sfh or are living with relatives. Currently unemploymet is at 13.1% so finding a qualified renter will be difficult. Airics is correct there is a law that if you live more then 60 miles away you have to have property manager in case a problem should arise.
I know 10 people breaking this law, not exactly being enforced.
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Old 01-25-2010, 06:18 AM
 
3,112 posts, read 4,326,968 times
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There are recent projections of decline in population over the next 5 years in Las Vegas + the unemployment rate. Housing prices aren't likely to significantly increase over the next 5 years, and might drop further, especially in the outlying areas.

You sure you want to do this right now?

The significant factor I can see is if you have the cash, or can save up the cash for a really hefty downpayment or outright purchase.

OTOH if you need a loan, you will need to factor interest rates now vs possibly not having the place rented.
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Old 01-25-2010, 04:40 PM
 
Location: Here and there, you decide.
9,309 posts, read 13,857,842 times
Reputation: 2283
funny thing, and not to take Zillow for more than a grain of salt.. My home in Cleveland down about 5% from last month. My two Vegas homes, up 20-25%.... the point is... people WANT to live here.. imo prices are stable to going up.
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Old 01-26-2010, 01:18 AM
 
3,423 posts, read 3,703,316 times
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Quote:
Originally Posted by airics View Post
you must not know about the 60 mile law in clark county
So who enforces this law? What is the penalty for not complying? I mentioned it to a friend in Arizona who is an "accidental" landlord and he said his agent who found a tenant never mentioned it.
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