All Forum Posts by: Phillip Dwyer

@Wesley Vo Condos are different in every market. You need to do your homework like others have suggested, but it doesn't mean that you can't find something that will work for you. Also, HOA fees are likely higher, but they often include things like water and trash service. You can add those as line item charges on a lease to recoup some of those HOA expenses.

@Amanda Thompson you mentioned the property is a town house. Is it attached to other units? Is there a HOA? If there's an HOA, there may likely be animal restrictions within the governing documents of the community. This might be a potential out for you as well.

Otherwise I like @Nathan Gesner's recommendation of petscreening.com.  I've been using it for a few months now, and it works great for verifying ESA's, service animals, ect.  

@Christopher Sellar I'd be happy to help.  I've been in the RE game here in Vegas since 2006.  

@Elijah Lopez. Shoot me a pm. I know at least one complex in Desert Shores has rental restrictions. 

That can create chain of title concerns for both a lender and title company that does the lender's title policy.  I recommend talking to a title company now, so they can help you get things corrected.

1 bedroom condos can be a decent place to start. The rehab cost will be less to make it nice. Make sure you read all of the HOA rules, because many have rental restrictions.

@Mary Lopez Did you have a title company record the quit claim deed?  

@Jalen De Leon Cool!  There are some great things about living and investing here:

1.  No state income taxes.  2. Newer housing stock compared to other metros this size.  3. Mostly natural disaster free.  4. Growing economy.

The biggest downside I see at the moment is the water supply issue.  I don't yet know how to quantify it, but it will be something to think about when purchasing.  

@Jalen De Leon Vegas is a popular destination for vets.  Several of my investor clients are vets and many are active service too.  Pricing has gone up a ton, but you can say that about most markets across the country this year.  Do you plan to live here too or just invest here?

Comparing an active rental listing to a renewal is sort of comparing apples to oranges. What if the house were vacant and were being re-rented?  Would you ask market rent? A renewal won't show up as a rent comp, so who knows what the hedge fund's strategy will be on renewals.  Both types of landlords have to weigh the same options when dealing with renewals:  a known tenant vs potentially higher rents with turnover costs.

I do see some landlords get behind the market by doing favors instead of running a business. Then after years go by they wake up and realize they are several hundred dollars below market with maybe thousands in lost income. Much of that lost income could have been reinvested back into the property, but instead it's just lost. That income could have been reinvested in Capex further enhancing the property for tenants and increasing equity for the owner.

All of that said, I'm with you on being concerned about property ownership being concentrated in too few of hands in the future.  It will be interesting to see how this plays out as the market cycles.