All Forum Posts by: Account Closed

Adding Lakeville, MN to my search too. Looking for a property manager that could help with 3-6 month furnished rentals. Thanks to @Steve Donovan I have the Fox cities covered now. Thanks Steve!

@Jay Hinrichs lots of water in Florida like tropical storms and hurricanes! lol :)

@Steve Donovan Good Morning Steve! Thanks for offering some PM companies. I would like to chat with them if you could pass along some names/emails. I'm going to pass on the cities further south. Part of the reason as I'm less familiar with them but ultimately motivation is more about areas I'm familiar with and would like to show my daughters rather than ROI. I know...not the best investment philosophy but I've already done what I've needed to investment wise in Vegas and now just looking to have fun.

@Andre Crabb thanks for the offer but I will pass. I'm very familiar with the areas I plan to invest in so just looking more to partner with the right property manager/real estate agent.

@Kenneth Rolfe thanks so much. I will connect with Corina. Door County brings back great childhood memories. I've spent a lot of time there.

Best - Heidi

Hello! 

I'm a member of Bigger Pockets and tend to be more active in Las Vegas posts as that is where I've been personally investing for 11 years and I'm also a property manager there. I've recently gotten the urge to invest outside of the sunbelt due to crazy prices, institutional investors and pending water shortages. The great lakes around WI and Upper Peninsula of Michigan (hello Uppers!) are starting to become more and more intriguing to me with all that natural rainfall/snow! 

I'm originally from Milwaukee, WI and know Hales Corners well. I also graduated from the University of Wisconsin Green Bay so looking at opportunities in DePere, Ashwaubenon, Allouez, Howard areas or even Appleton near Lawrence University (my sister went to school there) or surrounding areas. I was also a pharmaceutical rep for Abbott Labs right out of school and know Escanaba, Marquette, Iron Mountain and Houghton/Hancock well.

To be honest Las Vegas has lost it's rental charm! Plus I just read this article and it really makes me think more seriously about water shortages in the sunbelt regions. So here I go on a new adventure...my new motto in "Invest in the Midwest".

I'm looking for a property manager that also does investment/real estate sales. If you fit this bill could you message/connect with me? I'm just starting my research so trying to narrow down which of the cities I listed above I want to seriously consider. 

TIA! 

-Heidi

Quick inventory update for the local Las Vegas market...

SFR = 4016 and Townhomes = 371 and Condo = 552

Total = 4,939....23 days ago this total number was 3,867

Market watch as of 5/29/2022:

New Listing (115)
Back On Market (26)
Price Decrease (55)
Price Increase (10)
Under Contract - Show (27)
Under Contract - No Show (69)
Sold (76)

@Ju Feng to put our market into perspective available homes are up 50% since the low in January 2022. There are now about 4,000 residential units active in our market.

@Bill B. Curious what you think about HOAs ability to amend their CCRs to limit STR. Probably 80% of Las Vegas residential housing is governed by HOAs. Back in August 2020 my guard gated neighborhood passed an amendment to add a lease restriction to our CCRs. The amendment requires a minimum 6-month lease to live here and prohibits short term rentals in the community. We needed 50% of the community to vote in favor of the amendment for it to pass.

The larger investment companies that BTR could have an advantage if more HOAs amend their CCRs to add lease restrictions and limit STRs. 

Regardless the Las Vegas real estate market has been a dream come true for investors. It's been a wild fun ride since 2003/2004...

@David Song I agree that Vegas could be hit harder than other markets . The crazy momentum in our market over the past 18 months is unsustainable IMO. Our track home houses with block wall fences are sticks and stucco in the desert heat. 

There is a local saying that if you last longer than 3 years in Vegas you'll never leave. The next 3 years will be very telling how sustainable our local housing market turns out to be!

@Ju Feng Yes, the detached single family home market is cooling in Las Vegas. Our local MLS homepage has a "market watch" and available inventory has been increasing by about 100 homes per week. Also, the individual investors purchasing detached SFRs with financing have slowed down because the numbers don't make a lot of sense with increased interest rates and Sellers pushing list prices (even with the higher rents).

Currently there are 3867 residential homes/townhomes/condos active in our market. Here's the market watch from our MLS this morning:

New Listing (256)
Back On Market (48)
Price Decrease (115)
Price Increase (17)
Under Contract - Show (61)
Under Contract - No Show (172)

I'm personally seeing more Seller price decreases than increases. Sellers have been testing the higher end of comps but our market is in the process of turning like a big cargo ship. It's not going to be a quick turn but it's already in process of stabilizing and shifting to a more equal Buyer/Seller market.

Institutional investors are still present in our market but most are capped at a $475k purchase price. 

What did you think of our recent wind storms? Most people don't know how windy the desert is in Spring and this Spring was unusually windy. Now the heat is upon us. The monsoons start in July. Welcome to the desert! lol.

If you become serious about purchasing in Las Vegas I highly recommend a roof inspection in addition to a home inspection. Most Buyers are unfamiliar with tile roofs in Vegas. They consist of both tiles and a paper underlayment (felt) and plywood that degrade over a 20-30 year period based on the natural elements of heat, wind and rain. Do some research on roof maintenance and reroofs in Las Vegas and understand the condition/reroof costs before you purchase a home.

Welcome to Vegas! -HJR

@Gage Coffman When we do interior property inspections we inevitably find various lease violations...i.e. extra roommate, unauthorized trampoline, unauthorized pet, etc. Technically these are all lease violations but if they are good Tenants there are creative ways to resolve. For example, to resolve the unauthorized occupant have all parties sign a lease addendum stating the additional occupant is allowed to occupy the premises during the current lease term and rent will increase "X" amount to resolve the lease violation (after your background check). Fyi, SmartMove by TransUnion offers individual landlords a quick and easy way to complete a credit/background/eviction check using the occupant's email address. 

The additional occupant would not be formally added to the lease as a responsible party...rather the lease addendum would just acknowledge him as an occupant that can reside in the home longer than 10 days. Just an idea...no eviction and more rent money in your pocket. A win/win for both sides. This suggestion is based on the Tenant recently passing your screening criteria (assumption is you placed a quality tenant).