All Forum Posts by: Michael Robbins

@Jeremy Spiegel I recently compared a fourplex deal to that of buying individual condominiums in the 89108 zip.  My finding is that the math works out very similar in terms of cashflow (at least in my one comparison).  One advantage of the fourplex vs four individual condos is you will only have one roof repair and some other common repairs.  I like the four individual condos because it allows for more options (easier to find something built newer than the late 80s) and ability to purchase in a few different locations.  I would be a bit weary on some condo communities because we are the mercy of how well the community is managed.  For example, does the trash get picked up regularly, is there a porter, what about pet waste, etc... I myself manage mostly single family homes and I own a few rental properties (all in Henderson and all single family homes).  I have not ventured out into condos or multifamily.   

@Rich Kniss I just purchased a SFR rental property here in Las Vegas that has the same cigarette smell problem. I ripped out all the floors, baseboards, and window treatments. I hired a remediation company to wash all the walls, ceilings, and basically every surface. I have an HVAC technician cleaning the coils and the ducting. When the house is painted we will use a good primer so no smell seeps out. I am very focused on making sure there is no smell because the worst situation is after renovating, moving in the tenant, I then get a complaint from tenant of cigarette smell.

@Susie Lowe to start with, have your friend contact an attorney here in Las Vegas.  As you may already know, the Las Vegas housing market is very hot right now.  Your friend may be able to sell even with the non-paying tenant in place.  I would of course make sure to disclose to potential buyers that there is a non-paying tenant. 

@Sung Chau if you have a lease, then proceed according to how the lease reads.  If you do not have a lease then lookup your state laws on security deposit procedures, such as allowable deductions, and timing. 

@Jacoby Atako I would suggest not buying a house with a renter in mind.  Life circumstances change for the landlord and the tenant over the course of a rental property investment.  There are two opposing interests and this can make for a confusing situation.  I would buy a rental property that is in a good location, does not have deferred maintenance (unless you can get it under market), excellent floor plan, something you do not mind keeping for the long haul, and of course provides an adequate return.  

@Venu Madhavi the rental market in general is strong in Las Vegas/Henderson.  The rental rate you will obtain gets very specific.  The particular area, exact floor plan, upgrades, quality of the make-ready, and timing.  I like giving my opinion so please feel free to reach out anytime if you would like to discuss. 

@Elizabeth Chang if you are workin with a Realtor then have them pull inventory and recent sales of the specific subdivision/area you are looking at. They will be able to find out amount of EMD most are placing. Make sure to focus on homes in a similar price point. Also, just because the seller is asking for a certain amount for EMD does not mean you have to place that amount. It's all about what is offered on the Residential Purchase Agreement. You have to take into consideration, the competitive market we are in. Lastly, although the contract states you can receive your full EMD if cancelling during due diligence period, etc... keep in mind the seller still has to sign off on the cancellation in order for escrow to release the funds.

@Joshua Castillo its difficult to provide an opinion on all of North Las Vegas.  Even, Henderson has pockets that have more development going on than other parts of Henderson.  I think it gets very specific within the location of North Las Vegas or any other area. You might try going to the city website and looking up any mid to long term development plans.  

@Joshua Castillo  In terms of assessing if the property is a good investment I would also focus on: assessing the location, condition, and age of the investment property.

@Brian Detlefsen Is it a lease violation for the tenants to smoke in or about the premises?  If not, is it a lease violation not to dispose of cigarettes in a safe manner?  If this is not in your lease then I would include it.  Once you have this in your lease you can address specific lease violations that everyone is aware of and be in a position to enforce the lease.  It is important to be fair and in my opinion, the way to be fair is to have these things covered in the lease.