Rental Basics in Las Vegas>Question Details

Alifer, Home Owner in Las Vegas, NV

How do you know if you are ready to be a landlord?

Asked by Alifer, Las Vegas, NV Mon Mar 4, 2013

Help the community by answering this question:

Answers

5
Cristine Bullard’s answer
The current market is a challenge. The rental inventory is high and a home may be on the market for a couple of months before a qualified tenant is put in place. Be prepared for potential tenants to negotiate on the rent and the terms of the lease. That said, can you afford to have the home vacant, and be flexible with the terms? Like, paying some of the utilities for the tenat. Many tenants expect to only pay the water, power and gas. Some owners expect the tenant to pay all of the utilities, like sewer and trash and the HOA. Be prepared and flexible!
1 vote Thank Flag Link Tue Mar 5, 2013
BEST ANSWER
Several things that I feel you should ask your self before any large investment

What is my goal? Is it cash flow? long term investment? retirement income?

What is my costs? Is there a mortgage? Taxes, HOA (if any), insurance, Property management fees and maintenance. Will you have a home warranty(always recommended). What is the current condition of the property? Does it need improvements?
And the big one, what is the market pricing of the similar properties.

What entity do you have it in? an LLC? S corp? do you even know what can work for you?

There are many more things to consider. Property ownership is a great way to increase your wealth and it is important to set it up in the beginning and know what you are getting into. If this is your first property, I do suggest a qualified property manager to oversee everything from marketing the property to screening tenants. Many of my clients are retired and live part time out of the country just collecting checks every month.

I can do an evaluation on your property and a cost sheet for your expenses.
Let me know if I can help in any way
James Battaglia
702-361-6994
Realtor, Property Manager
lvhomeproperties.com
Elite Realty
8625 S Eastern Ave
Las Vegas, NV 89123
1 vote Thank Flag Link Mon Mar 4, 2013
If you are ready to be a good tenant, I'll be more than ready to be a landload
0 votes Thank Flag Link Mon Mar 4, 2013
If you have no longer the need for living in the home yourself then I would rent immediately because possitive cash flow is always a good thing.
I am a premitted property manager and I can safely say if you hand over the home to someone like myself you will get more rent which in turn pays my fees and as a result you will have zero hassles and I will handle everything from start to finish and in between.
Renting your home should be a painfree and profitable experience and I can assure both with my help.
0 votes Thank Flag Link Mon Mar 4, 2013
To be a landlord you must first pass the first test to be one.

Test #1

Do you have a property that you can rent?
0 votes Thank Flag Link Mon Mar 4, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer