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Rental Basics in Las Vegas : Real Estate Advice

  • All707
  • Local Info69
  • Home Buying304
  • Home Selling35
  • Market Conditions35

Activity 14
Sat Dec 5, 2015
Jaxgmw asked:
I desperately need to find a rental in the Vegas/Henderson area. Im employed and always pay my bills on time. My budget is $1,000, but Id like to be around the $700-$800 area. The only thing…
0 votes 0 Answers Share Flag
Sat May 30, 2015
Karen Peyton answered:
Yes, Realtors assist with property rentals. To find an agent in the area you want to live, use the tab at the top of the page.
0 votes 1 answer Share Flag
Wed Jan 28, 2015
fosterkicks99 answered:
Fire extinguishers are something that everyone should have. Even if you are in a small apartment, you still want to protect yourself from a potential fire. It is better to be safe then sorry. Plus if you have it, then Murphy's Law is that nothing will happen to make you use it.
http://www.localfire.com.au/services.php
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Fri Jul 26, 2013
Cheryl Lockhart answered:
Yes you can. By your question I can't tell if you are the renter or the owner. The answer would be different if you were to sell it. As a Broker and property manager should you have additional questions please feel free to call/e-mail and I would be happy to guide you through the process.


Cheryl Lockhart
702-735-1181
lockhartcheryl75@gmail.com
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0 votes 4 answers Share Flag
Mon May 13, 2013
R.C. Fowler answered:
You want to buy but you also want to rent? Get yourself a Realtor to represent you. A lot of rentals ask you to bring the application in person to their office. They want to see you. First impressions..............If you come prepared with ALL the info that will be needed by the property manager you will have a distinct advantage.

Rob Fowler, GRI
Sellstate Deluxe Realty
robsrelv@gmail.com
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0 votes 6 answers Share Flag
Tue Mar 19, 2013
Suzie Marquardt answered:
If you are new at being a landlord I would google information to educate yourself on the laws that govern what the rules of the road are and what you can and cannot say to potential renters. I would also suggest that you follow all the procedures to pull a credits report on any potential renters. The credit report is a good tool to learn a great deal about a persons financial habits. Finding a good property management company can be a blessing for most people. Many homeowners are just not cut out to be landlords. I am always available to answer your questions.
Thank You
Suzie Marquardt
Fahrnyteam@yahoo.com
www.FastNevadaShortSales.com
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Sun Mar 17, 2013
Cristine Bullard answered:
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! ... more
1 vote 5 answers Share Flag
Sun Mar 17, 2013
Rena Levy answered:
Lenders look at the gross monthly income and monthly debts like car payments, credit card, personal/student loans, child support and etc. Its called Loan to Value .

Depending on the type of loan applied, for instance owner occupied FHA loan,FHA loan requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the bank and the FHA calculate the borrower's debt-to-income ratio.

How much can that ratio be? According to the FHA official site, "The FHA allows you to use 29% of your income towards housing costs and 41% towards housing expenses and other long-term debt."

Those percentages should be examined side-by-side with the debt-to-income requirements of a conventional home loan. In many cases the borrower gets only 28% of the income to put toward housing, and 36% of the income to put towards housing expenses and other debts.

Example:
1) MORTGAGE PAYMENT EXPENSE TO EFFECTIVE INCOME

Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, mortgage insurance premium, homeowners' dues, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 31%. See the following example:


Total amount of new house payment: $750

Borrower's gross monthly income (including spouse, if married): $2,850

Divide total house payment by gross monthly income: $750/$2,850

Debt to income ratio: 26.32%


2) TOTAL FIXED PAYMENT TO EFFECTIVE INCOME

Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, mortgage insurance premium, homeowners' dues, etc.) and all recurring monthly revolving and installment debt (car loans, personal loans, student loans, credit cards, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 43%. See the following example:


Total amount of new house payment: $750

Total amount of monthly recurring debt: $400

Total amount of monthly debt: $1,150

Borrower's gross monthly income (including spouse, if married): $2,850

Divide total monthly debt by gross monthly income: $1,150/$2,850

Debt to income ratio: 40.35%

If you need to qualify for a loan contact me at 702-612-7099 or email at rena@cvegashomes.com

Rena Levy
Broker/Associate
Certified Intentional Property Specialist
702-900-4330
Rena @cvegashomes.com
... more
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Mon Mar 4, 2013
lvhomeproperties answered:
If you rent a home that is in a short sale, it is VERY important that you have a lease that is valid. That of course varies but if you have a contract that is signed by you and the owner that gives you some protection.

As Frank said, short sales can take many months. And once they are closed, the new owner can give you a new lease( once yours expires) or if the buyer is going to move in, you have UP to 90 days. I cant stress it enough, if you have a lease that is in writing by both parties, thats the only way it helps you. If not, they can give you a 3 day notice to quit.

I dont know if you have open communication with the owner or property management company, if so, I would think they would let you know about the final sale date of the home and if it is an investor or owner occupied.
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Tue Jun 5, 2012
David Cooper answered:
You can really tell the real estate agents from the experienced real estate investors by their economic theory to the "rental" market price, and the "home selling": market price.
The independant professional property management companies that have been around for awhile know the difference. And their fees are miniscule compared to the value of having my properties fully rented and fully maintained, worryfree for over a decade.

The right professional management company will get this rented at the right price, which does not necessarily mean the lowest price.

David Cooper Investor with a Buyers Agent License at Since 1917 Realty 702-499-7037
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0 votes 23 answers Share Flag
Tue Jun 5, 2012
Mark Fleysher answered:
Check out this Occupancy Rate Map:

http://www.sellstatesignature.com/las-vegas-buying-real-estate-101/clark-county-las-vegas-maps/#Anchor5
0 votes 5 answers Share Flag
Tue Jun 5, 2012
Donna Hodge answered:
Hi Eddie,

You do not need a permit, but may need a waiver you plan to rent a single-family residence for a non-conforming use. For example, the property is zoned residential, but the person who wants to rent has an in-home computer repair business. That would be a non-conforming use, and would require a waiver, but not a permit. Another no-no in most jurisdictions is renting the home for less than 30 days, or for "party house" use. Dawn's examples below of non-allowable uses are very good.

If the home is located in a HOA, the HOA rules may govern rentals. If the home is a condominium, the association may limit the number of rentals in the complex to maintain quality of life and to meet government standards for originating loans. We haven't seen a complex in years that has less than the maximum number of rentals. However, there are some complexes that do not have rental restrictions.

Generally, if you're planning to rent a home to someone who is planning to live in it as a home, there is no problem. But if in an association, you must check with them.

Regards,
Mike Pristow, Donna Hodge & Associates
Keller Williams Realty
702-604-1001
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0 votes 7 answers Share Flag
Tue Jun 5, 2012
Raina Musser answered:
Vacation Rentals are good to have furnished. If you are looking for a year lease, advertise both ways, most likely will need to remove the furniture. Lots of variables with this situation. Great question! Raina Musser ... more
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Fri Jul 1, 2011
Mark Fleysher answered:
It's very difficult to give someone a specific amount for utilities, as everyone is different.

In fact, there was a recent law passed requiring the analysis of utilties during the sale of a home... everyone eneded up waiving this, and the law was soon after taken back.

It really depends on YOU.
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