[alff]

Hello all!
Ok so we are trying to rent out our property in Vegas. The people that have been interested from the get go have wanted to lower the rent, lower the deposit or avoid paying any deposits at all. It has been very frustrating.
Just needed to vent

Thanks

[pekemom]

As a landlord I find the people who can't come up with the deposit are usually
going to have trouble coming up with the rent or paying on time...
We always have people asking if we will "work with them" on the deposit.

[Donn2390]

I agree with pekemom, if they have that many requests, you don't want them..! You will have a monthly battle to collect the rent.
Bite the bullet, hire a Property Management company. They will charge you a %, but will take all the headaches away.
If you have no experience in being a LL, you are in for a long, hard, learning experience..
Hire a PM...!!

[Packrat1]

First of all make sure your property is in top shape, if it isn't, make it that way then the prospective tenant can't say much.
Also be sure to always run prospective tenants through a background checks ie: Private Investigator or the like. Look for criminal and civil judgements, garnishments, Lawsuits and credit and eviction history. Make them fill out an application and be sure to get both married and maiden names. (Sometimes they will have several) If your place is clean and competitively priced it will rent. Check out various rental website to see what others in your neighborhood are renting for like Realtor.com and the like. There are also property management companies that will do a market survey to figure the going rate but take what they say with a grain of salt. Be sure to get 5 yrs of history on the tenant and really do call the previous landlord if there is one. It takes work but it can be done.

[eventusstultorummagister]

Renters have the upper hand right now. As a renter, during my annual lease renewal, I have successfully negotiated 3 rent reductions in the past 3 years. Good, reliable tenants are hard to come by.

[von949]

Originally Posted by eventusstultorummagister

Renters have the upper hand right now. As a renter, during my annual lease renewal, I have successfully negotiated 3 rent reductions in the past 3 years. Good, reliable tenants are hard to come by.

Yes indeed. My wife, who is a property manager for single family homes and 2 large apartment complexes tells me this all the time. Landlords/investors need to keep up with fair market rates for their type of properties. Since I watch over a couple of investment properties for family members that live out of state, I keep up with whats comparable to the homes on the market. My mother-in-law swears that one of her homes should rent for $1050, but when I do the research, other homes in the same neighborhood go for $800-950. She can only command $1000+ if her homes is the best on the block. Which I can honestly say is not.

[alff]

Thanks for your input everyone. We put for rent at the end of Sept. since then we did lower the price, but everyone that has called has wanted to negotiate the price, oh and they have terrible credit. The property is in great condition, fresh paint and carpet great pool.
Thanks again for the ideas everyone has given me so far.

[PAKSJK]

Whats a description of your property you're trying to rent out? I'm moving out there and I'm undecided if I should buy or rent. For the now I only plan on being in Vegas for 4 or 5 years.

I'm looking at paying no more than $1,400 for rent or mortgage.

[kcoliver]

Where is the property located? That has a large impact on rent. We rented our house out for $100 below what "zillow" said was going rate, and hired a PM. Got full deposit and renter had good credit. But house is in 89129. Also listed it on "rentals.com". Good luck!

[007 license to sell]

Originally Posted by alff

Thanks for your input everyone. We put for rent at the end of Sept. since then we did lower the price, but everyone that has called has wanted to negotiate the price, oh and they have terrible credit. The property is in great condition, fresh paint and carpet great pool.
Thanks again for the ideas everyone has given me so far.

As a landlord you have to know that most of the residents in Las Vegas have bad credit due to various reasons, foreclosures, short sales and job loss's. You have to look past that and look at their job history and debt to income. I have clients that make 6 figuires but due to their bankruptcies and foreclosures they have bad credit. They make good money but chose to let their homes go due to their property being under water.

You didn't say if you live here, just in case you don't there is a Nevada Law that if you live more than 60 miles from the rental you are to have a property manager for the tenant and the law and fire departments to contact as well as the city if there are complaints. Whether you use a licensed property manager or someone you know you need to have one in place.