All Forum Posts by: John Mano

I feel you about the high HOA fees, it kills the cashflow. I tried looking at townhomes with lower fees but not much in that price range or if there are, they are old and in bad condition which is unappealing to renters. We also looked in an area near Henderson, "Hender-tucky" as the locals call it. I think there's potential there but I prefer to be closer to town.

Hello All,

I'm an investor from out of state and I'm looking into purchasing a property in Vegas to rent out to my cousin who lives there now and then maybe in 5 - 10 yrs use it as a vacation/retirement home for myself.  Currently I'm looking in the Spring Valley and Summerlin area for 3BR/2BA homes and I see there are a few condos in the $160k-170k range.  My goal is to at least break even and maybe even positive cashflow.  Is that realistic given the current rent in those areas?  I have visited Vegas many times, is it fair to say near Summerlin is 'B' neighborhood and southeast Spring Valley is 'B/C' ?  Are there other comparable areas that I should look at?  Thanks.

- John

Good insight, thanks! 

 Wow, sounds like a good resource... thank you!  What do you like the least about using them?

Hello All,

I own several rental properties in South Philly and lower Northeast.  I manage and do most of the repairs myself.  Whenever I go on vacation, I'm always anxious about urgent issues that may come up and I'm not around to check on it.  It would be great if there's a network of people like myself who can serve as backups for each other, similar to when a doctor goes on vacation there's a designated backup doctor in case of emergency.  I'm curious how others handle this circumstance or if there's a network that already exist.  Thanks.

@Andrew K. Thanks for your response.  My cash flow is definitely taking a hit... added costs in insurance, license fees and the consistent increase in property tax, the rental business is getting harder and harder in Philly.  Sorry, just needed to vent.

Currently I have a $2 million liability coverage for the 10 properties combined.  I thinking of replacing that with an umbrella or get $1M on each property.  However I feel I'm getting more protection from an umbrella than just liability from my real estate holdings.  I appreciate any feedback or insight.

If you have one LLC for 10 properties, does it make sense to still get an umbrella policy?

I have a not so desirable tenant who is on month-to-month lease.  I have sent him a certified letter for terminating the lease with 30 days notice that expires Nov 30.  He told me he's unable to move out by Nov 30 and has asked for extension so he can save and look for new place.  If I give him till Jan 1 to move out and make him sign a contract agreeing to it, would this contract be enforceable?  If not, will this contract be useful when I file for eviction?  Do I need to send him another termination letter on Jan 1 with 30 days notice before I can file for eviction?  Thank you for your feedback.