Investment Properties and Return
Buying Las Vegas investment real estate can be a great way to build wealth within your financial portfolio. What makes it fun for us is that everyone wants a different type of return on their investment. Some investors want high monthly cash flow, others want high appreciation, and others want a tenant who never moves. Other investors want businesses or houses to flip.
We’ve found that no two investors are alike, so think about what you want your money to do. Do you want a high monthly cash flow or a high annual appreciation? Are you ok purchasing a Las Vegas investment property in a lower-income demographic area? Do you want a house with a pool?
The next thing to consider is what type of property you’d like your Las Vegas investment property to be. Options include vacant land, residential rental homes, Hotel-Condominiums, condominiums, AirBnB, and commercial buildings. Each has pros and cons.
Real Estate Management
Next, you need to decide if you will hire property management in Las Vegas. Especially if you are out of state, having property management handle your Las Vegas investment real estate details may be a good investment. Things you should know about Las Vegas property management companies are that THEY WILL:
- Charge fees of approx. 7-10% of the rent each month or a flat fee – Negotiate it!
- Possibly discount their monthly fees when managing multiple investment properties for you
- Charge you for finding a renter, negotiating leases- new and renewals, making repairs, and going to the property
- Collect monthly rents and make automatic deposits for you
- Provide monthly accounting and an annual tax accounting
- Automatically serve 5-day notices and handle evictions
- Attend showings, create lease agreements and do a move-in and move-out walk-through
- Handle renter problems and any necessary repairs
- You decide about larger issues or repairs
- Let you choose the quality of repairs, maintenance, and replacement appliances
- Most companies provide an annual property condition video for you to verify the condition
High-Rise Condos On The Strip
Another option that is becoming very popular with investors is High-Rise Condominiums. With stunning Strip views, lights of the city views, and lovely red-rocked mountain views, a high-rise is very appealing. Businesses and both domestic and foreign investors want in on luxury travel and vacation write-offs.
Some towers have an on-site management company that will rent out units when the owner is not in residence. Buildings that allow this are called Condo-Tels. Investment real estate in these buildings can be owner-occupied or used as a short or long-term rental.
High-Rise Condominiums are prevalent on the Strip, but Downtown Las Vegas, Summerlin, Henderson, and Lake Las Vegas also have high and mid-rise condominiums. Prices range from the mid $200,000’s on South Las Vegas Blvd. and into the millions for the heart of The Strip or the Las Vegas Financial District. Condominiums near UNLV are also great investment real estate.
The Investor Protector- Kurt Grosse
Our Las Vegas Real Estate Team has a unique Buyer’s Agent for your protection. Kurt is a former Nevada Building Engineer who has been in Las Vegas Real Estate with his wife, Terri, for over 25 years. When a client of ours finds a property they like, even if Kurt wasn’t the person showing the property, he looks at it that day for visual flaws before our client writes an offer if needed.
Consider us your offensive and defensive coordinators for Las Vegas. We do everything we can to protect you and your investment. Builders build homes quickly, and mistakes are made all the time.
Homes in the Las Vegas valley can have expansive soil, so a “good deal” may not be a good deal. After 25 years of selling homes, reading the newspaper, and watching zoning meetings, we are also an invaluable knowledge asset for you to have on your team.
2019 Nevada Legislature Changes
2019 Nevada Legislature was not kind to the landlords of Nevada. The first thing in NRS 118 that they changed was to reduce the maximum late charge a landlord can charge to 5%. Another thing is that the tenant’s belongings can be released to them without payment. The 3rd thing was instead of 5 days before filing an eviction notice; it’s now 7 business days.
The 2021 Legislature was not as focused on landlords as it would normally have been. These changes that the Board of Realtors is lobbying for will have to wait until 2023. Despite the 2019 changes, the good news is that in a perfect world, without a tenant appearing in court, they can be out of your property in 3 only weeks. Las Vegas Metropolitan Courts also have a virtual appearance option.
Discover the Difference
Anyone can “show property” or “fill in the blanks” on a contract. We don’t do either
of those things. When we take a client to a property, while they are looking to see if it fits their needs, we are looking for flaws and red flags. Then we tell you and let you make the decision that works best for you. Our goal is to do everything we know how to do to protect you and your investment.
Other Factors That Set Us Apart
- We listen and work to find the perfect property for you
- 25 Years of Knowledge of Builders and Subdivisions
- Knowledge of the city and growth
- We provide our new construction clients with a free home inspection
- Our clients receive weekly construction monitoring by Kurt as their New Construction Home is being built
- Contracts are precise and in our clients‘ best interest.
- You are educated and informed to make the best decisions possible
- WE PROTECT YOU – This is what selling real estate is about for us
New Construction Expertise
If you choose to buy a new construction property, Kurt monitors the construction as your house is being built. We send you pictures every week to see the progress. Also, you know what’s inside the walls if a need ever occurs. Kurt does the framing and delivery walk-through with you or for you. For your protection, we hire the best inspector in town to inspect your brand new home as a gift. Homes are built very quickly in Las Vegas, and they are not built perfectly. We make sure what you can’t see is inspected for you.
Again, anyone can show property; however, we walk through a property looking for signs of trouble. We are looking for water damage, mold, cracks in the walls and ceilings, windows with broken seals, hidden stains on flooring, dry-wall issues, and things that just aren’t right. Illegal room additions are a possible problem, foundation deterioration due to poor drainage or maybe a second-story floor flexes.
We investigate why an odd pipe is sticking out of the wall while you decide if the property suits your needs. Since we are not builders, we note things for professionals to check out if you choose to consider that particular property.
See our Blog on 4 Reasons To Avoid A FSBO if you’re considering buying a house without a local Realtor. Historically, buying investment real estate makes a lot of sense.
Investment Real Estate In 2021
Buying Las Vegas investment real estate in 2021 is a great investment. Getting a brand new home is difficult; however, they are a better value than resale homes right now. With minimal maintenance for 10-20 years, new construction homes are attractive.
New and resale homes can produce positive cash flow since Interest rates fluxuate around 4% for an investor. Rentals in Las Vegas are in high demand so rents are continually going up. During the pandemic, there were many complaints on social media about landlords raising the rent $300 or more a month. Contact us so we can keep our eyes open for you. Also, see our Blog – Tips to buy a house in 2021.
The Team Approach
Because we have a team, we always try to have a team member available to answer your call or show a property. The agents we work with are also skilled and knowledgeable people who will benefit you and your needs. Since we know Las Vegas real estate, we believe you need expert inspectors for every property. Kurt or Terri is a perfect first layer of protection in the chain. Put us and our knowledge on your team today.
If you have any questions or consider purchasing any investment properties in Southern Nevada, give our office a call at 702-750-7599 to talk to us directly. You can always send an email or fill out the form on our sidebar to schedule a consultation. We will never SPAM you,
Protecting You and Your Las Vegas Investment
Kurt and Terri Grosse ~ Realty One Group ~ Las Vegas, Nevada ~ 702- 702-750-7599 Direct Office