In answering your questions, I will try not to beg for your business or discredit the knowledge of any other agents or that which you personally already have regarding the Real Estate industry. I will simply try and provide you the information necessary to make a successful decision and guide you in the right direction to secure a sound investment transaction...for, we are an Investment Brokerage.
How difficult it is to manage rental properties in Las Vegas remotely?:
It is very difficult to do this. As one agent described below; there are many factors to consider such as non-payment, nuisance issues, evictions, maintenance, general upkeep, etc. Unless you can "clone" yourself into 2 or 3 different people, this is virtually impossible for you to stay on top of.
Many companies provide 2 types of services (See our options in the link below), Full Service and Flat Rate.
Full Service with most companies entails 10% of the gross income. An advantage to this method is that you can kick back and let THEM deal with all the headaches. The disadvantage to this is that you will get the least amount of cash out of your property. Also, one restriction applies in that Foreign nationals must have a EIN# (See our website for more details concerning this matter).
Flat Rate management refers to a Property Management company generally taking the full 1st months rent. An advantage to this is that they will find your tenant and then they pay you directly. You normally have a choice between using your vendors or theirs to have any repairs done. The major disadvantage to this is that YOU get to have all the fun managing repairs.
With our company, we have an additional 3rd service if you decide to list the property under a Lease/Option program:
With this, we simply charge 50% of the option fee to find a buyer/tenant who wants a lease with an option to purchase your property...no more. This gives you the MAXIMUM cash into your property as your tenants are responsible for most repairs and they pay a monthly premium for the actual "option". In summary, YOU MAKE MORE MONEY.
Under a Lease/Option, you also get better quality tenants with this program because they take care of the home as if it were theirs. There is a very small chance you will lose any money at the end of a lease/option...these are just the facts. Additionally, only about 10% of the tenants we place even wind up exercising the option to purchase. When and if this occurs, we just turn around and list the home again and make more money for you.
1) What area and what type of properties in LV are easy to rent out?
We find that properties located in areas E and F have higher tenant traffic than any others (See map here: http://ifindproperties.com/lvleaseoptions/search_results.php
). Not only do our investors choose this area more than any other, more of our tenant traffic also gravitate to them when seeking a home. This is just our personal experience. It could be due to the lack of high HOA fees, if any at all (meaning, a greater return on your investment "ROI"), recreational parks, and easy access to interstates.
2) If I am not around in LV, can the property manager handle all tenant management activities and maintenance?
Yes and No. Again, different companies have their own methods of handling you and your property. It will depend on the company you choose to use and the program under which you subscribe to (answered above). We have programs that take care of it all and are totally flexible to any suggestions or certain specifics you may need.
3) Is remote landlording very common in LV? How do the remote landlord check the status of their rental properties?
For us, approximately 85% of our investors are mostly from Canada, China, or India (out of over 300 properties we currently have in inventory, only about 7% of them are currently vacant). Additionally, we provide weekly updates to all landlords regarding status to their properties, and even have a security protocol in place, implemented to protect those homes that might remain empty for longer periods than others.
If you would like to search for properties, you are welcome to utilize the INTEGRATED MLS SEARCH on our website:
If you are a current owner of an existing property, be sure to see our video which explains who we are and what we do:
I hope we have covered all bases for you. For any further questions or concerns, please feel free to contact us directly via the info below. We are looking forward to serving your needs...
LV Property Search
Limestone Investments, LLC.