[lvoc]

Originally Posted by ScoopLV

What? All those competent property managers? The ones who earn their commission? [/sarcasm]

A realistic picture is far better than a rosy one. I'll put my experience restoring houses which were trashed by tenants up against 150 millennia of "bona-fide rental experience." My realism-colored lenses do not yield nasty surprises. Rose-colored lenses often do.

And I would point out that I generally won't rent to anyone not having a FICO of below 750 and most are above 800.

If however I was a LL trying to make money at it I would not rent these houses nor to this level of people. These homes are too expensive to rent and the rents are way to low. Renting a $350,000 home for $1650 is just not reasonable if you are in it for the money.

You make money on low end houses rented to lower end people. Simply double or triple the return my clients get. But you then have to tightly manage or have someone tightly manage the properties.

[ScoopLV]

Then maybe you should do society a favor and spell out the fact that you're dealing with mid-range houses and tenants with 800+ credit scores.

THAT IS NOT THE EXPERIENCE MOST LANDLORDS IN LAS VEGAS CAN EXPECT.

Most Las Vegas landlords are renting $150-200K houses to people who pay around $1,000 per month in rent. I'd prefer to play in a better ball field. But there just isn't that much play in that particular ball field. People who can afford $2K per month in rent and have an 800+ score are generally going to buy a house -- unless they're short term. And that presents its own set of issues.

The worst rehab jobs I've had to do were for such tenants.

[EA]

I am one of those renters with a sub 600 fico. The only damage I have done to the house is having kids. They touch the walls and make them dirty. Other than that, the house is just as good if not better than when I moved in. I put in decent ceiling fans in all the rooms, so there's that.

If I had an 800 credit score and could afford 2,000 a month there's no way in hell I'd be renting. I'd be in one of the houses next to Scoop.

[lvoc]

Among mature citizens and certain other classes...like poker players and AF members...renting is pretty typical. I have had the discussion with a half dozen seniors and have pointed out that renting is not optimum for them. Many simply say they don't want the hassle of owning a home. Note though on some Sun City properties renting may actually be cost effective. I don't believe it is true elsewhere in Las Vegas.

[boatpi]

I have had rentals in Las Vegas, and NLV, for 9 years. My RE agent and property manager is Nelson Santiago, 702-509-0224. He is with a small firm, RX Realty, so everyone including the owner gets personal service. Many times I recall renters telling me they have stayed in the house because of his personal management.

Move outs kill your profit and several of my houses have renters that have been in the house for over 5 years! No one leaves my houses in 1 year and none of them have all of the walls painted all white.

It is all about personal service and during emergencies like a broken water heater.

I have NEVER found a large company that is available on weekends and can have issues resolved quickly like him.

At $350,000 with that rent your either have a house in poor condition or not so good investment for returns. NO property in Summerlin is a good return on investment, PERIOD.

Some of my examples based on current market value;

1. NLV non gated, 3 BR, 175K value, $1,250 to $1,300 a month. gated areas 3BR, all 3 car garages, worth $210, $1,350.

2. West NLV off of Craig Road at Revere, all tile, single story, value at $200, rent is $1,300.

3. I have two near Rancho and Okey, 3,100 to 3,700 Sq. Feet. Worth $400K-$450K, rent at $2850 and $3,000. Both have pools (4BR), I pay nothing, just taxes and insurance.

Maybe you have a poor property manager or need to re invest in a better rental area.

PM me if you like.

[LVguy]

if the appliance needs to be replaced, the property manager how do they find a new one, I mean price, quality, brand etc. I think they just buy whatever?

I assume it's the same for maintenance, if something breaks they won't check with couple handyman to compare, they would just find whatever in the yellow pages or people they have been working with.

Sounds like property management companies in vegas are horrible, if they don't do their job sufficiently can the landlord be sued also?

best to manage your own I guess

[boatpi]

If appliance needs replacing, I just order at Lowes online and even use the 10% off coupons I get from EBAY. They deliver the next day.

[Robustus]

Originally Posted by Robustus

Sure, it's always possible that might happen, but the interactions have been like night-and-day so far. My current management co is happy to list at higher rents (and has been able to fill it), and is showing me fair comps. McKenna showed me extremely misleading comps (I had an independent realtor give me results also for comparison).

Anyways, the numbers also speak for themselves. McKenna's average tenant stay figures are half what my new mgmt co is, and McKenn'a eviction rate is about 75% higher too, if memory serves.

It's been almost another 3 years, and no problems with my current property manager. For example, I just dealt with an appliance failure and cost to replace (quickly) with a new unit, and get it installed, was entirely reasonable, and I couldn't've done much better myself. Plus all I had to do was make one confirmation via email. I've also been through, I think 2 more tenants since I last posted here, also without issue and with the vacancies filled quickly.

This is all in stark contrast to my experience with McKenna Property Management, which was terrible. I won't belabor the point, but wanted to confirm that in my now 5+yrs of experience with this, McKenna is still BY FAR the worst experience I've had.

[NJ Brazen_3133]

Originally Posted by Robustus

It's been almost another 3 years, and no problems with my current property manager. For example, I just dealt with an appliance failure and cost to replace (quickly) with a new unit, and get it installed, was entirely reasonable, and I couldn't've done much better myself. Plus all I had to do was make one confirmation via email. I've also been through, I think 2 more tenants since I last posted here, also without issue and with the vacancies filled quickly.

This is all in stark contrast to my experience with McKenna Property Management, which was terrible. I won't belabor the point, but wanted to confirm that in my now 5+yrs of experience with this, McKenna is still BY FAR the worst experience I've had.

So who is your current Prop Mgmt?

Also if you turn your property over to third party mgmt, how much control do you relinquish? Like are you able to give final ok on new tenant, or decide what rent, and even choose which vendor to perform work?

[mojavedxer]

Originally Posted by NJ Brazen_3133

So who is your current Prop Mgmt?

Also if you turn your property over to third party mgmt, how much control do you relinquish? Like are you able to give final ok on new tenant, or decide what rent, and even choose which vendor to perform work?

Depends on who you work with. Most will you give you full control and just want a fee to be the middle man and make an out of state rental owner legal using their brokerage license.