Vegas Short Term Rentals In Trouble

18 Replies | Las Vegas, Nevada

They are talking about keep the existing licenses for people that are currently doing it correctly. Seems like that would increase value to these grandfathered licensees' properties.

Myabe we should pick some of these units up and license them before the ban hits?

I was trying to unarchive a craigslist post the other day and ran into this..

https://www.harmari.com/

They scour craislist, facebook, etc for short term rental adds and built a database. they sell short-term compliance data to cities to find/fine unlicensed STR's. BEWARE! Technology and Artificial Intelligence can get you busted in a heart beat these days :(

Originally posted by @Phillip Dwyer :

@Marty True  Thanks for posting the article.  I wonder what they plan to do to enforce the new rules.  

not sure on the city level.. but at the state level.. I made one comment about wanting to make a loan in vegas 

and I promptly got a letter from the division of finance in NV.. stating that one they see I am NMLS licensed federally but only state licensed in Oregon.. and if I have made any loans in NV I will be sanctioned and fined..  that was one BP post.

now I don't know if someone turned me in or NV follows these things.. I had to get a notarize sworn statement stating that I never did a loan in NV which I did not.. and I will not unless I get properly licensed.

I wonder if the state will go after wholesalers that are violating the real estate licensure laws like they do. ??

But as strong as the hotel industry is here. I suspect they will have a task force out for those doing it illegally.  

@Jay Hinrichs  Wow.  I'm glad to see that they are up on enforcement, but I'm surprised that they are able to do so as in your story.  At this point, I'd shy away from the short term rental game as a business strategy as the regulation trend is not going in the right direction.  

Originally posted by @Phillip Dwyer :

@Jay Hinrichs  Wow.  I'm glad to see that they are up on enforcement, but I'm surprised that they are able to do so as in your story.  At this point, I'd shy away from the short term rental game as a business strategy as the regulation trend is not going in the right direction. 

I bet it would not be out of the realm of possibility if the big hotels actually donated money to help enforcement.. I know if I owned a hotel I sure would.. just like a pollical donation

Originally posted by @Maurice D. :

I was trying to unarchive a craigslist post the other day and ran into this..

https://www.harmari.com/

They scour craislist, facebook, etc for short term rental adds and built a database. they sell short-term compliance data to cities to find/fine unlicensed STR's. BEWARE! Technology and Artificial Intelligence can get you busted in a heart beat these days :(

 Wow this must be an absolutely hated company

Originally posted by @Phillip Dwyer :

@Jay Hinrichs  Wow.  I'm glad to see that they are up on enforcement, but I'm surprised that they are able to do so as in your story.  At this point, I'd shy away from the short term rental game as a business strategy as the regulation trend is not going in the right direction.  

Hey Phillip now that I am in Summerlin are there any meetups you guys do on a regular basis i would not mind meeting some of the locals here. ?  

@Jay Hinrichs I was hosting one for several years in Henderson.  I took a year off in 2018, but I'm thinking of starting it up again in January.  I'll keep you posted for sure.  Meanwhile, if you ever want to talk shop over coffee, lunch, or a beer let me know.

@Jay Hinrichs @Phillip Dwyer @Olivia Hardy

Hey Vegas locals.  @Alexander Felice who was on the podcast a few weeks ago and myself have been meeting up every month to casually talk real estate.  It's grown to 20+ locals.  Super casual.  We usually start with real estate but then segue into the books we're reading, future of real estate, crypto and blockchain's future affect on real estate, and everything else under the sun.

Most of us are good friends and all have different interests in this game so we all have different viewpoints on any questions the group has.  Any one is welcome to join.  We always get together first Sunday of the month. 8am at Einstein's on Decatur and Sahara, but we may be moving somewhere else soon due to the amount of people attending.

Watch for an entire new direction for Las Vegas city Short Term Rentals. The two city council members that pushed this new law through are leaving in May, 2019 due to term limits (Thank God for term limits). Bob Coffin sat in a meeting with a client of mine that had paid $20K in application fee for multiple units and Bob said he supported the application. He then voted for the restrictive ban weeks later. Typical politician double speak. The rest of the council was upset by the way this was handled and will be bringing a revision to this that allows people on both sides of this issue to better represented. Which means no cloaked ban. Also, Airbnb has a lobbyist in Carson City that is pushing for a State law that prevents municipalities from restricting a property owners right to rent their property similar to the Arizona law. This fight has only just begun.