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Old 02-06-2012, 11:00 AM
 
122 posts, read 270,393 times
Reputation: 127

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I bought a 3br/2ba/pool home in the Summerlin area of Las Vegas in Feb of 2011 for $134k, as an investment/rental. The first tenant skipped out after 2 months, stiffing me for $800. Next tenant only wanted a six month lease, but did pay their rent on time. They vacated on Dec. 31, and since then the home has been on the market---over one month at this point---without even ONE rental applicant. I just got the following bad news info from my property manager:
"We know you are concerned about how long it is taking to rent your property. We are very concerned as well because we do not want our customers unhappy and just like you we do not make any money on a vacant property...the single family home market has drastically slowed down because of the influx of all the new properties put on by the investors. I have been tracking this for some time now."

read the rest at Vegas Rental Market Is In Trouble... Saturation Point?
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Old 02-06-2012, 11:47 AM
 
Location: Sunrise
10,865 posts, read 16,935,191 times
Reputation: 9084
Quote:
Originally Posted by tomfirst View Post
I bought a 3br/2ba/pool home in the Summerlin area of Las Vegas in Feb of 2011 for $134k, as an investment/rental. The first tenant skipped out after 2 months, stiffing me for $800. Next tenant only wanted a six month lease, but did pay their rent on time. They vacated on Dec. 31, and since then the home has been on the market---over one month at this point---without even ONE rental applicant. I just got the following bad news info from my property manager:
"We know you are concerned about how long it is taking to rent your property. We are very concerned as well because we do not want our customers unhappy and just like you we do not make any money on a vacant property...the single family home market has drastically slowed down because of the influx of all the new properties put on by the investors. I have been tracking this for some time now."

read the rest at Vegas Rental Market Is In Trouble... Saturation Point?

You don't mention, do you live here?

If you live and work here, preferably within walking-distance of your rental property, things get much much easier.

If you expected to be able to buy a house in Vegas, manage it from afar, and everything would turn out hunky dory, then sorry, those were unrealistic expectations.

I can get tenants in a matter of hours. But I have thousands of co-workers helping me out.
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Old 02-06-2012, 12:03 PM
 
2,469 posts, read 3,243,490 times
Reputation: 2913
Maybe you need to lower the rent a bit. Do you consider people with bad credit or require a credit check? A lot of people can't pay the deposits. You may just have to be a little more lenient if you really need a tenant sooner rather than later. There is a house on my street that has had a for rent sign out front I want to say for 2 months now?
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Old 02-06-2012, 12:22 PM
 
Location: Sunrise
10,865 posts, read 16,935,191 times
Reputation: 9084
Quote:
Originally Posted by Dltordj View Post
Maybe you need to lower the rent a bit. Do you consider people with bad credit or require a credit check? A lot of people can't pay the deposits. You may just have to be a little more lenient if you really need a tenant sooner rather than later. There is a house on my street that has had a for rent sign out front I want to say for 2 months now?
Then the landlord runs a greater risk of getting tenants who will thoroughly trash the property, just for spite.

There's still a risk, because people with good credit scores who can afford deposits may also thoroughly trash the property. But as landlords become more and more lenient, the renters have less and less to lose if they "Work up a Number Six" on the property.
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Old 02-06-2012, 01:27 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,889,926 times
Reputation: 5050
Quote:
Originally Posted by tomfirst View Post
I bought a 3br/2ba/pool home in the Summerlin area of Las Vegas in Feb of 2011 for $134k, as an investment/rental. The first tenant skipped out after 2 months, stiffing me for $800. Next tenant only wanted a six month lease, but did pay their rent on time. They vacated on Dec. 31, and since then the home has been on the market---over one month at this point---without even ONE rental applicant. I just got the following bad news info from my property manager:
"We know you are concerned about how long it is taking to rent your property. We are very concerned as well because we do not want our customers unhappy and just like you we do not make any money on a vacant property...the single family home market has drastically slowed down because of the influx of all the new properties put on by the investors. I have been tracking this for some time now."

read the rest at Vegas Rental Market Is In Trouble... Saturation Point?
Interesting... Summerlin AREA, not Summerlin might be the problem. My rental is in NLV near Centennial. I've had no problems renting it out for the last 6 years. 3 tenants total but I live around the corner also
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Old 02-06-2012, 02:12 PM
 
390 posts, read 751,772 times
Reputation: 456
I agree with lowering the rent. The entire area around my house is renting for $100 a month more than my property. I required good credit and a pet deposit. Sadly with a pool, this might exclude people with small children. Also with a pool, as an owner, cleaning of the pool and maintenance should be included if you want that pool in good condition. Good luck!
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Old 02-06-2012, 02:27 PM
 
2,180 posts, read 4,521,972 times
Reputation: 1087
I'm not sure I would pick a "higher living standard" areas as my primary rental acquisition. that makes competition for premium customers, extreme.

much better off getting into areas where people NEED rentals.

anyway, good luck with that situation OP.
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Old 02-06-2012, 02:51 PM
 
2,469 posts, read 3,243,490 times
Reputation: 2913
Quote:
Originally Posted by ScoopLV View Post
Then the landlord runs a greater risk of getting tenants who will thoroughly trash the property, just for spite.

There's still a risk, because people with good credit scores who can afford deposits may also thoroughly trash the property. But as landlords become more and more lenient, the renters have less and less to lose if they "Work up a Number Six" on the property.

That is the risk anyone who rents out a property takes. If you want a renter you either give in a little somewhere with the credit check, deposits etc. or wait until the perfect tenant comes along.
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Old 02-06-2012, 02:59 PM
 
Location: Planet Earth
677 posts, read 832,792 times
Reputation: 350
Quote:
Originally Posted by ScoopLV View Post
You don't mention, do you live here?

If you live and work here, preferably within walking-distance of your rental property, things get much much easier.

If you expected to be able to buy a house in Vegas, manage it from afar, and everything would turn out hunky dory, then sorry, those were unrealistic expectations.

I can get tenants in a matter of hours. But I have thousands of co-workers helping me out.
Yes, but he did mention that he has a local property manager actively trying to rent out his property. So it's not like he's trying to rent it out himself from afar.
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Old 02-06-2012, 04:02 PM
 
Location: The Silver State (from the UK)
4,664 posts, read 8,223,078 times
Reputation: 2862
Quote:
Originally Posted by tomfirst View Post
I bought a 3br/2ba/pool home in the Summerlin area of Las Vegas in Feb of 2011 for $134k, as an investment/rental. The first tenant skipped out after 2 months, stiffing me for $800. Next tenant only wanted a six month lease, but did pay their rent on time. They vacated on Dec. 31, and since then the home has been on the market---over one month at this point---without even ONE rental applicant. I just got the following bad news info from my property manager:
"We know you are concerned about how long it is taking to rent your property. We are very concerned as well because we do not want our customers unhappy and just like you we do not make any money on a vacant property...the single family home market has drastically slowed down because of the influx of all the new properties put on by the investors. I have been tracking this for some time now."

read the rest at Vegas Rental Market Is In Trouble... Saturation Point?

How much do you charge for rent??
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