If investor are buying and then renting properties, quality of life and values of homes will decline, how is the city addressing this?

Asked by Love.max09, Las Vegas, NV Mon Feb 18, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Nakia Woodson, Agent, Las Vegas, NV
Mon Feb 18, 2013
When you view a neighborhood, can you tell who a renter is vs a homeowner? Most people renting properties, typically take care of them and treat them as their own. Think about it, if they do not care for the unit, they have to live in this environment. If investors did not purchase it, many of these homes would be vacant. I do agree with your point, however, the city SHOULD make it easier for residents to purchase homes but Las Vegas is not doing that on a large scale. I am personally aware of two programs that assists people in becoming homeowners.

Thanks,

Nakia Woodson
Wardley Real Estate
702-318-1244
NakiaWoodson@yahoo.com
1 vote
Kate Hawks, Agent, Las Vegas, NV
Mon Feb 18, 2013
I'd much prefer to have tenants in a property to help stabilize the neighborhood, than have it lie empty, or have it be so overpriced a Buyer is unable to make the purchase. Renters have garnered a negative reputation, which does not always ring true. There are many, many former homeowners who desperately need a home for their families and are afforded that opportunity because there are quality rentals available to them. We need to stabilize our neighborhoods, not discriminate about who occupies the homes.
1 vote
Dan Rivera, Agent, Henderson, NV
Mon Feb 18, 2013
The quality of life will be far more adversley effected if people have no place to live. Investors form a vital part of our economy and allow for the life blood our economy to get moving again. People that loose their houses need places to rent as do others that can't qualify or choose not to buy. The City will be wise as will the Federal government to stay out of Real Estate.
1 vote
You really did not understand the question nor did you consider people who have stay and weather the storm, hoping home values will rebound and take pride in their communtity. People homes are a major part of their portfolic along with other investments. Yes it is hard right now for most people but still there is a tomoorow. Government does play an important role in people lives,
Flag Mon Feb 18, 2013
Phil Scheinm…, Agent, Las Vegas, NV
Tue Feb 19, 2013
I always crunch numbers and gather the most pressing data when helping investors make these decision and the question is not a high priority in comparison. Sounds like you can use a hand.

Phillip Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net
0 votes
David Cooper, Agent, Los Angeles, CA
Tue Feb 19, 2013
My investment houses with tenants are in better condition than some houses on the same block that have owners.


David Cooper Investments and Property Management
http://www.lasvegaswinner.org 702.499.7037
0 votes
Phil Scheinm…, Agent, Las Vegas, NV
Tue Feb 19, 2013
Please send me an example of one city on the entire planet that doesn't have rentals.

I have lived in NY , L.A., FL. and Mass. and I believe the quality of Life is much better in Las Vegas.

Las Vegas has suffered a major FINANCIAL earthquake & we are finally recovering nicely. Based on

many factors - Las Vegas is a great bet for investors and an awesome bet for families who want to

have a great quality of life. I know many fantasic people who rent. Without them this city would not

nealy have as much Character.


http://www.LAS-VEGAS-REAL-ESTATE-HOME.COM

Phil
0 votes
lvhomeproper…, Agent, Las Vegas, NV
Mon Feb 18, 2013
As a property manager I see a few things that are happening. One is that investors are buying about half the homes that are listed. This is taking those properties that are maybe vacant or in disrepair and getting them either for sale(as a flip) or as a rental.
Second, our city has been hit hard with double digit unemployment, massive layoffs, and a construction industry that all but folded. Most high paying union workers have left the city. With that came people that a) lost there home due to layoffs B) could not afford there mortgage C) filed a bankruptcy to get out from hundreds of thousands of debt.
Now those people that stayed and have worked through this need a place to live. So they rent until there credit is repaired or enough time has passed to qualify for a loan. We are seeing people that where early in the process that are now eligible for home loans.
Several years ago when this started, many streets had multiple vacant homes. Now we dont see that happening as much. Even though we can say that renters dont care and the values go down, I see it as a transition. Better to have some one in the property than vacant. With the HOAs in town, it is still on the owner to make sure the property is taken care of.
As property values increase, the investors will start to sell(maybe to the tenants), and walk away with a nice profit.
I see it with many of our renters that lost there house and are doing what they need to do to buy again. These people are HOMEOWNERS that are just renting. For us, they take great care and pride of where they live.

Great question!

James Battaglia
Elite Realty
Agent/Property Manager
8625 S Eastern Ave
Las Vegas NV 89123
lvhomeproperties.com
702-361-6994
0 votes
David Cooper, Agent, Los Angeles, CA
Mon Feb 18, 2013
I would think the quality of life will improve when people have more money in their pocket to spend when they no longer have to worry about paying a mortgage they can't afford. Home ownership and maintenance when it reaches over 50% of income will stop families from enjoying most recreation activities and lower their standard of living.


David Cooper Investment and Property Management
http://www.lasvegaswinner.org 702.499.7037
0 votes
Dawn Lane, , Las Vegas, NV
Mon Feb 18, 2013
I'm not certain what the plan is . Our non profit organization http://www.hopehomefoundation.org is working with several solutions to this issue . We are currently working with employers on an employer assisted housing program that helps workforce families , the real stakeholders in our communities obtain the dream of homeownership . We provide First time homebuyer education , counseling and downpayment assistance as well as foreclosure prevention programs and rental assistance . The employer can improve his bottom line buy reducing recruiting and retention costs . The community is blessed with a grateful homeowner and it creates a cycle of housing sustainability . All at little or no cost to the employer . The staff moral and productivity increas , illness due to stress is reduced . These programs are widely used in the Chicago area . It isn't a new concept. We have been trying for many years to get through to peoria that this really works . Unfortunately the greed wave is winning . The housing prices have increased by 30% in six months . I'm seeing seller financing coming back and FHA not requiring two appraisals . Agents don't put the homes in the MLS and if they do there are 30 offers . It's 2004 all over again . We've been screaming for years , maybe just not loud enough . Thanks for your question.
0 votes
Thank you for a responsive answer, home ownership is the way to go, so many investors are really interested in keeping communites up, just the dollars they can get from their investment
Flag Mon Feb 18, 2013
Search Advice
Search
Ask our community a question

Email me when…

Learn more