Why Vegas is one of the best cities to own rental properties.
Hey all!
Just wanted to share this little tidbit with you all, if you are considering this city. For years, I've been trying to find other areas to buy SFR rental properties and have not been able to find any place that puts more money in your pockets than Las vegas, and here's why:
1. No state income tax; meaning you will keep more money in your pocket.
2. Very fast evictions. That's right... Like two-three weeks fast. If your tenant doesn't pay, they are out before the end of the month and you can get the property re-rented quick.
3. Real estate taxes are low. Property laws have changed since the great recession and the county lowered taxes on almost every piece of residential real estate and you will typically pay about .6 -.7% of the purchase price.
4. Landlord insurance is cheap here. on average I pay about $450 per house, per year and some as low as $390.
5. Rents are going up fast. In the last two years I've seen my rents go up by 15-20%. In the downtown area -- Huntridge, John S Park, Westleigh, etc. (which is where I invest) It is difficult to find anything less than $1200 a month. two years age there were plenty of homes for $900.
6. Homes are cheap. If you're patient you can still find a small 3-2 for the mid 100's.
7. Appreciation is very good and seems like will only keep getting better. And we are still roughly 20% from the highs of 2005 so there is still room to grow.
8. Solid job market and low unemployment that will only improve. Sure Vegas is boom or bust but for now, there is nothing signaling even a hint of froth.
9. An abundance of renters meaning you rent out your asset quick.
If you know of other markets that come close or surpass Las Vegas, I would love to hear about them. It has been years that I am trying to find different areas to invest in but so far haven't been able to.