All Forum Posts by: Phillip Dwyer

@Pete Panci zoning and building code for ADU's is tricky here. In Henderson, I don't believe you would be allowed to install a kitchen in a "casita", unless the property were zoned for multi units. We don't yet have the density issues that other cities like Portland (where ADU's are quite common) have.

Here's a link to Nevada Landlord Tenant laws:  https://www.leg.state.nv.us/NR...

You also need to keep in mind what the market will bear.  Just because you can charge a fee, doesn't mean that prospective tenants will pay it.  

@Bill B. Got it.  I think you're right:  A lot of people make assumptions based on zero data.  

@Bill B. I'd like your take on why you think "EVERY seller “knows” prices will be higher in a few months".  Is it interest rates?

Las Vegas metro pending sales for SFR in May (2851) were more than February (2791). Buyers are jumping in and supply is down to 2.6 months. June and July should be good, but we'll see how long this lasts.

@Casey Powers Are you seeing inventory declining?  From what I can tell, it looks like things have picked up quite a bit over the last 2 weeks.  A lot of inventory isn't hitting the market for various reasons (lots of renewals, no notices to vacate allowed, no evictions, etc).  I think in the short run there is a supply/demand shift, but this might just be a little blip in the data.

@Jacoby Atako According to Vegas metro MLS stats for the last 7 days, 529 units were leased (closed), 356 units were put in pending status (applications approved), and only 393 new units were listed.

When I take those numbers into account with what Casey Powers mentioned about lease renewals (I'm experiencing similar renewal rates), I assume days on market will start to drop and rents go up.  This may be for just a short snap shot in time, or it could be the trend for the next year or so.  We'll see how it plays out.

Ask about blue light filters too.  I was in a meeting this morning, and someone mentioned use a blue light mechanism on their HVAC system to kill mold and bacteria.  I haven't looked into it yet, but I'm curious on the cost.

@Dale Zanker. In Vegas there are several traditional mobile/manufactured home parks where the park owns all of the lots and the individual homes are either owned by the park owner or possibly the occupant.  In either case, the park owner receives lot rent from the occupant of the home.  As an investor in this scenario (if you're just buying the mobile homes) you're more like a guy flipping cars than a house flipper.  There would be less data overall to base your strategy upon.

There are also manufactured home communities where each individual lot has a separate parcel number.  These lots may be vacant, have some improvements, or have a manufactured home on the property.  If the home is on the property, it can be considered real property only if it meets certain criteria for the foundation and has been properly converted with state/county officials.  In this second type of community, there may be a home owners association.  If there is, it may have rental restrictions (no rentals, only a certain percentage rentals, or lease length rules) or it could even be age-restricted (occupants must be over 55).  

@Dale Zanker The price range you mention has several factors at play.

1.  Is the manufactured home real property or personal property?

2.  Is the lot/real estate part of the sale?

3.  Year built is a big deal here.

4.  Is the property located in an age-restricted or rent restricted community

Those are some of the big questions.  If the manufactured home has been converted to real property, then there are more financing options available to you and the your end buyer.  Keep in mind, many of the repairs will require the vendor to have experience/licensing for manufactured housing.