All Forum Posts by: Michael Robbins

I like to approach it as "all applicants will be screened for criminal history."  This terminology should be included in the "qualification acknowledgement form" provided at time of application.  I would focus on the actual criminal records that have been reported, rather than having a conversation with the prospective tenant.  

I would suggest following the lease contract.  This ensures that everyone, current and past tenants, are being treated equally.  Following the lease contract protects you as well.   My answer is "due to fair housing laws" it would be very difficult to make an exception on the rent due date.  Something to consider is developing a policy (preferably in writing) where you will waive one late fee every twelve months.

Many of the Las Vegas/Henderson fourplex units are dated.  I would suggest paying close attention to the maintenance expenses.  

I like charging pet rent.  It is often an overlooked source of revenue in investment properties.  Just keep in mind if you encounter a service animal that pet rent, pet deposit, and breed restrictions are prohibited.  

It depends on which State your rental is in.  In Nevada, the security deposit can be used for past due rent (only if they have moved out), insufficient notice (make sure your lease agreement covers this), reasonable cleaning charges, and repairs/damages.  There must be an itemized accounting and remainder of deposit provided to former tenant within 30 days of the day home was vacated. 

I agree with Kyle Bergren.  The agent needs to put his own skin in the game.  I flip a few homes a year here in Las Vegas and would be happy to discuss your question further.  

I think we are going to see continued rent growth in the next year or two.  There seems to be an endless stream of renters and not nearly enough homes.  Many of the rental homes are still renting below their market rate.  For whats its worth, and I realize this might not be a popular way to look at predicting rent growth, I will share a brief "on the ground" experience.  

Between November 17-30 I decided to work directly with renters looking for homes in the Henderson/Las Vegas area.  I thought it would be a good experiment on measuring the rental pool.  The number of people looking for a $1300-1600 rental was substantial.  Between two properties there were hundreds of leads that came in during only a two week period.  I tried to get through them the best I could and schedule tours.  Most of the time the renter wanted to look at other properties.  I showed around 25 homes during the two week period and every single renters I showed placed an application.  Only one was placed in a home.  What was interesting was that my people who had placed apps did not get denied.  They were just 3rd, 4th, 5th, and 6th in line.  So, multiple applications on every single home.  Many renters are placing apps on properties sign unseen.  

I did an analysis on some of the rental homes my people were applying for and based on my numbers the subject homes were renting for below what their marker rate should be.  Based on my "non-scientific" experiment,  the Vegas market still has much room for rent growth.    

@Kelsey Folger is the $200,000 anticipated selling price based on the home in its current condition or after being renovated?  

If the $200,000 is the improved value of the home then I would think twice.  The reason being there is not really a "margin of safety" of only $40,000.   

If the issue with the stove was not indicated on the inventory and condition form, upon move in, then I would not replace the stove.  If you did not do an inventory and condition upon move in then I would first try and have the stove cleaned, and if that does not do the trick, have it replaced.  

I am not a big fan of betting on appreciation.  My main indicator is on actual cash being generated from property investment.  The local Vegas economy being cash vs capital driven. So far, based on my being on the ground here, I see that as the case.  The rent growth and rental occupancy have been positive.  I am saving cash, limiting debt, but If I see a great deal Ill go for it.