[lvmensch]

Originally Posted by WestieJeff

Evictions take longer than three days It's a five day pay or quit and THEN the landord can file for an unlawful detainer which sets up a court case (which needs to be served and scheduled onto a court calendar). If the tenant responds it can push it out further. Once the landlord wins the unlawful detainer then he schedules with the constable for a lockout. Dates are also typically counted in business days not calendar days. Realistically it's closer to 20 calendar days at a minimum and if they fight it, it can be longer, it's fairly easy for the tenant to push it out one or two weeks. If the tenant files BK then it can take months.

This is the "easy" eviction process: http://www.civillawselfhelpcenter.or...nt-of-rent.pdf

I would agree that being a landlord is a business and much simpler than being a proprietor of most businesses. That said, I have a day job and don't want a second one anymore. Not unless it's returning at least 10% (which ain't happening unless appreciation keeps up, which is a gamble) and probably not even then. I like to be able to go on vacation and not worry about a tenant calling me.

The NV LL/tenant law is death on failure to pay. So a tenant who does not pay can almost always be gotten out in 10 days or less. If not failure to pay it becomes a different ball game. A tenant skilled at the game can delay it at least 90 days and if really good much longer. If the tenant can maneuver it into a discrimination case it can easily take a year.

I would also note that it can be a rather simple business if you chose well and take a reasonable profit. The best money is made on slum or close properties. They require active and forceful management. If however you have a nice property in a Sun City you can do fine with virtually no problems. i act as the leasing agent for a half dozen properties. In more than 15 years the worst problem has been a $300 cleanup. There can be weird stuff - a vanished tenant for instance - but they generally resolve without a lot of expense.

I would also note that the properties I lease are lousy investments. Awful low ROI. But virtually all own them outright or with low mortgages and don't care.

[NJ Brazen_3133]

Originally Posted by kcoliver

Yep, I've had a bad tenant as well (funny when you said security guard or stripper, because they were that couple with a baby.) Las Vegas has great laws that protect ....they evict in 3 days after posting. With a business, you must deal with customers that might decide they want to stop payment on a check, or worst decline paying a credit card situation. You pay for credit card machine, and percentages to accept the cards. Then you pay commericial internet, land line if you need. Because it's "earned income" you pay more in income taxes. Not so with rent...passive income. And same for electric, rent costs.



We bought during down turn in economy for cash, if you can't afford a house payment, you usually rent. They have to have a place to live. As a wise realtor told me years ago, rent for $50 below going rent per month but require excellent credit. Also allow pets. Do pets cause damage, yep, but charge a non-refundable pet charge. $200 per pet.

You may still have other rental expenses, but it simply not that much.....(if appliances are covered and you have deposit - their money) how bad could it be.... $3,000, $4,000. ? Holes in the wall can be fixed. Cheap carpet for small house maybe $1,500. If they burn it down, landlords insurance. You make sure vandalism is covered for other things!

Building insurance is always something you have. But why need appliance insurance? Manufacturers guarantee for one year. It hardly even breaks down. By the time it does though, you may as well buy a new one. I have had some bad, bad tenants, and they never broke an appliance. I have had some tenants using incredibly old appliances. Ones that are open burner and have pilot lights. By the time it broke down on its own, it was several years.

[NJ Brazen_3133]

Originally Posted by WestieJeff

Evictions take longer than three days It's a five day pay or quit and THEN the landord can file for an unlawful detainer which sets up a court case (which needs to be served and scheduled onto a court calendar). If the tenant responds it can push it out further. Once the landlord wins the unlawful detainer then he schedules with the constable for a lockout. Dates are also typically counted in business days not calendar days. Realistically it's closer to 20 calendar days at a minimum and if they fight it, it can be longer, it's fairly easy for the tenant to push it out one or two weeks. If the tenant files BK then it can take months.

This is the "easy" eviction process: http://www.civillawselfhelpcenter.or...nt-of-rent.pdf

I would agree that being a landlord is a business and much simpler than being a proprietor of most businesses. That said, I have a day job and don't want a second one anymore. Not unless it's returning at least 10% (which ain't happening unless appreciation keeps up, which is a gamble) and probably not even then. I like to be able to go on vacation and not worry about a tenant calling me.

Originally Posted by lvmensch

The NV LL/tenant law is death on failure to pay. So a tenant who does not pay can almost always be gotten out in 10 days or less. If not failure to pay it becomes a different ball game. A tenant skilled at the game can delay it at least 90 days and if really good much longer. If the tenant can maneuver it into a discrimination case it can easily take a year.

I would also note that it can be a rather simple business if you chose well and take a reasonable profit. The best money is made on slum or close properties. They require active and forceful management. If however you have a nice property in a Sun City you can do fine with virtually no problems. i act as the leasing agent for a half dozen properties. In more than 15 years the worst problem has been a $300 cleanup. There can be weird stuff - a vanished tenant for instance - but they generally resolve without a lot of expense.

I would also note that the properties I lease are lousy investments. Awful low ROI. But virtually all own them outright or with low mortgages and don't care.

Is there anything a tenant can claim, that gives them right to withhold rent? Like can they say repairs need to be done, and will judge enter into a pay as landlord repairs type of schedule?

Discrimination? How do tenants turn into discrimination case? What does landlord have to do to be accused of said crime?

In NYC, in court, the tenants can delay decision by simply saying, "mom died, cant come", "broke my leg, next time", "I have proof I paid, I just left it at home, I bring next date", "I used Moneygram to send rent, but takes time to track it", "I sent via USPS, but failed to deliver, must wait for it to return", etc etc. Some stupid excuses but the courts let it go. The Courts are so backed up, next court dates are 1 to 1.5 months into future.

NYC LL/tenant court is a nightmare for landlords. I have even had to deal with AirBnB cases. But we got a good judge, so did not take as long as expected, but still ruined my vacation plans. I have even had a woman run a brothel out of an apartment. She left on her own though after we threaten legal action. But proving a prostitution ring is practically impossible. The NYPD even told us that.

I just hope my experience in NYC RE can help me elsewhere.

[WVREDLEG]

Originally Posted by NJ Brazen_3133

Owning a rental property is basically owning a business. Now what other kind of business can you start that will have less headaches ?

A restaurant, law office, general contractor, etc etc all have way more stress than owning rental property and most of that stress is in finding enough business weekly.

I say owning rental property is the least stressful of all businesses.

I'm speculating here, but the OP is looking to work as a NP/RN along with their NP spouse--probably the biggest investment of their working hours...hence my advice on this thread--take it or leave it.

[WVREDLEG]

Originally Posted by kcoliver

"Owning a rental property is basically owning a business. Now what other kind of business can you start that will have less headaches ?

A restaurant, law office, general contractor, etc etc all have way more stress than owning rental property and most of that stress is in finding enough business weekly.

I say owning rental property is the least stressful of all businesses."




Totally agree....and insurance, all you need is landlord's insurance and maybe appliance insurance!

And then you sit back and count the cash rollin' in.

[boatpi]

these last posts are right on, count the $$. RE investment is long term, and Vegas is a great place as anyone that has the desire to work can get a job. Low property taxes, insurance, and eviction in less than 15 days.



I have had just one eviction in 10 years. All rent is direct deposit, NO exceptions and in the contract. We have an abundance of qualified tenants here now, better than 5 years ago, and if you treat them right, they will stay for years. I have 2 that have stayed for over 6 years and 1 that has no plans at 3 years and counting.

[airics]

Originally Posted by lvmensch

The NV LL/tenant law is death on failure to pay. So a tenant who does not pay can almost always be gotten out in 10 days or less. If not failure to pay it becomes a different ball game. A tenant skilled at the game can delay it at least 90 days and if really good much longer. If the tenant can maneuver it into a discrimination case it can easily take a year.

I would also note that it can be a rather simple business if you chose well and take a reasonable profit. The best money is made on slum or close properties. They require active and forceful management. If however you have a nice property in a Sun City you can do fine with virtually no problems. i act as the leasing agent for a half dozen properties. In more than 15 years the worst problem has been a $300 cleanup. There can be weird stuff - a vanished tenant for instance - but they generally resolve without a lot of expense.

I would also note that the properties I lease are lousy investments. Awful low ROI. But virtually all own them outright or with low mortgages and don't care.

it was 10 days including the lockout for me... they did not protest it.

[airics]

Originally Posted by boatpi

these last posts are right on, count the $$. RE investment is long term, and Vegas is a great place as anyone that has the desire to work can get a job. Low property taxes, insurance, and eviction in less than 15 days.



I have had just one eviction in 10 years. All rent is direct deposit, NO exceptions and in the contract. We have an abundance of qualified tenants here now, better than 5 years ago, and if you treat them right, they will stay for years. I have 2 that have stayed for over 6 years and 1 that has no plans at 3 years and counting.

I just evicted my 6 year tenant

[kcoliver]

Airics.......why did you evict? Non payment of rent? Wow after 6 years!

[airics]

Originally Posted by kcoliver

Airics.......why did you evict? Non payment of rent? Wow after 6 years!

we moved to Florida, as soon as we moved, the rent stopped...and then they trashed the place...I'm flying my contractors out from here to fix the house...