[WestieJeff]

It's already up around 50% off the lows. You shouldn't be asking if it can go much lower, rather how much higher can it go? I'm not saying it can't go higher, it definitely can, but with the fed preparing to raise rates and huge increases we've already seen, I question how much life this bull has left.

Buying a property for a few years to sell is not something I would suggest. You'll need approx 10% in appreciation just to cover your selling costs, that's before you make any profit. Buying an investment property now, I'd want at least a 10 year holding period.

Originally Posted by californiadreamin23

Thanks for all of the info. Bad tenants are bad tenants no matter where you are located. The problem with investing in LA is the market is too high. We need to invest in something and something decent in LA is $750,000 (lower end of decent). Our primary motivation would be to hold the property in Las Vegas for a few years and then resell. The market in Las Vegas looks as if it can't go much lower.

[LVguy]

Originally Posted by ScoopLV

It's not that the tenants are "mostly bad." It's that the bad ones are spectacularly awful. I've fixed a few of my aunt's rental houses. And now I've fixed a couple that I have purchased. It's always the same thing -- drugs, dogs and filth.

Saying these bad tenants live like animals is insulting to animals. They're still a low percentage of the tenant population. But it's worse here than elsewhere. And since Las Vegas is very transient, there is more turnover. That means more chances that the tenants who look good on paper/background/references morph into meth-heads with seven pit bulls.

And then there are the tenants who steal all the appliances, fill the plumbing fixtures full of broken glass and cement and rip the wiring right out of the wall. They ruin all the drywall and spray paint messages all over the broken walls.

The worst one ever was the pair of attorneys who somehow managed to cancel trash pickup (and obtain a minor refund) and then stored almost one year's worth of garbage in the garage. They moved out without notice when the stink became unbearable. That was the last straw for me helping my aunt with her rentals.

My aunt used a property manager to vet her tenants. The property manager was worse than useless because the only thing he provided was a false sense of security and rent collection.

lawyers stored one year of trash in the garage? wow how bad was the cockroach?!?!?! can't imagine that especially they are lawyers.

so horrible tenants and property managers, how do you find decents ones then. Are property managers all like that? just collect rent and mostly talks. gotta find one that you can really trust I guess.

[ScoopLV]

Originally Posted by LVguy

so horrible tenants and property managers, how do you find decents ones then. Are property managers all like that? just collect rent and mostly talks. gotta find one that you can really trust I guess.

I haven't found nor heard of a property manager for SFR long-distance landlords who will lift anything heavier than money.

They collect rent and deposit checks. And if the tenants turn out to be riff-raff who wallow in their own filth, the landlord takes the financial hit and the property manager loses a client. No big deal for the property manager. Plenty of suckers in this town to fleece.

[LVguy]

Originally Posted by mojavedxer

You make it sound so easy. Personally in your case I would not even consider it without factoring the cost/cut of property management. Then its questionable that the investment will yield the potential growth against other current opportunities in the short term as you are proposing. But then that's another matter that can be debated. To answer your question, any of your proposed areas that you posted will be just fine with sufficient demand.

how about areas like Centennial hills, Aliante?


Any suggestions for areas to buy investment condo/house near the strip? Been thinking about getting one that I can stay a night or two if I am too drunk to drive 30 min back. also I can let relatives and friends to stay when they come over, then of course to rent it out and keep it for the long term investment purpose.

Originally Posted by ScoopLV

I haven't found nor heard of a property manager for SFR long-distance landlords who will lift anything heavier than money.

They collect rent and deposit checks. And if the tenants turn out to be riff-raff who wallow in their own filth, the landlord takes the financial hit and the property manager loses a client. No big deal for the property manager. Plenty of suckers in this town to fleece.

I was always wondering about this for property managers, if a fridge or some appliance is broken or any repair is needed, how is the landlord going to know if it was an easy repair or it's really broken. and how do you know if they will pick a quality appliance or they just do whatever that's easiest for them?

I guess best to manage yourself ? hard to find a trustworthy one. How's your aunt doing it, min profit, or a lot of quantity helps

[ScoopLV]

Originally Posted by LVguy

I guess best to manage yourself ? hard to find a trustworthy one. How's your aunt doing it, min profit, or a lot of quantity helps

After the last house trashing I insisted that she only rent to a specific demographic. Hasn't had a problem since.

I generally only rent to my coworkers at the casino. They've already been background and credit checked that way. And they're typically more stable. As long as I know where they work, there is less chance they're going to "work up a number six" on the house.

[LVAllen]

Originally Posted by LVguy

how about areas like Centennial hills, Aliante?

Any suggestions for areas to buy investment condo/house near the strip? Been thinking about getting one that I can stay a night or two if I am too drunk to drive 30 min back. also I can let relatives and friends to stay when they come over, then of course to rent it out and keep it for the long term investment purpose.

You don't see these purposes as being mutually exclusive?

[airics]

Originally Posted by californiadreamin23

I am a California professional who like many other professionals living in Los Angeles, have to save for a few more years to pay $750,000 for a semi decent home in city or valley. My wife and I are curious about investing in property in Las Vegas that we could sell in maybe five years.

Basically, we have the ability to invest in a condo or home in Las Vegas. We would like to purchase a condo in a decent area, fix it up if necessary and then rent it out. Is the rental market decent enough to where we could find a renter to simply cover the mortgage/taxes/HOA fees?

We know enough about the city to pinpoint good areas (Summerlin, just off the Strip, Henderson, Green Valley, Anthem), but is there enough of a demand to where we could find a renter?

We would be looking to purchase a condo/home in the $80,000-$200,000 range.

Thanks.

Who's going to manage it? There are laws regarding this,

[Raiderman]

Originally Posted by LVAllen

You don't see these purposes as being mutually exclusive?

Maybe he can put a "I get to sleep on your couch when I'm drunk" clause in the contract?

[LVguy]

Originally Posted by ScoopLV

After the last house trashing I insisted that she only rent to a specific demographic. Hasn't had a problem since.

I generally only rent to my coworkers at the casino. They've already been background and credit checked that way. And they're typically more stable. As long as I know where they work, there is less chance they're going to "work up a number six" on the house.

sounds good!

Originally Posted by LVAllen

You don't see these purposes as being mutually exclusive?

Depends on the property, could be short term rental

[lvoc]

Scoop has a somewhat jaundiced view of rentals. I do 4 or 5 a year and have a problem in perhaps one in ten. And part of the time the problem is the landlord.

For instance it is not possible to turn off trash collection in Clark County. If the house is occupied the trash will be collected and the bill paid...in the end by a lien against the home. You cannot decline trash service.

With background and financial checks it is rather rare to get a bad tenant. And the worse case is usual just a slob. I do not consider them the worse problem in rentals...that problem is an inability to rent for no apparent reason. Had a lovely little place in Sun City go that way. Rented twice before in under a month...now it sits for 4 months. Reasonably priced but every renter objected to the grassed back yard for a period.

The sort of damage Scoop reports virtually only occurs in foreclosure or short sale situations. I too have seen it but never by a properly vetted renter. You can of course get hit by some crook while vacant...but that is what insurance is for.

There are some reasonably good property managers. You just have to know who they are. I have a couple and probably could produce three or four. And the good ones do a lot more than just collect the rent. One I know had a dispute with his land lord about renting to a couple of college students. LL wanted to do it but the PM convinced him not to...felt the guys were just too likely to trash the place.

You do need a local contact if more than 50 miles away. And I would generally recommend a PM if you are not local. It can be done long distance but you need the right tenant.