I 'm about to buy a condo in a community in Las Vegas . How quickly find someone to rent ?

Asked by Eugénie Dossou Amoussou, Las Vegas, NV Thu Jun 14, 2012

I have a LLC company in Maryland. My purpose is to buy homes in 4 choosen locations of the States and then after put them in rental.
I am looking for advices to rent quickly my first Condo.

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pete, Home Buyer, Las Vegas, NV
Wed Feb 25, 2015
The main reasons you will not get someone to rent it quickly is the rent is too high or you had a lazy real estate agent who wouldn't take pictures of the inside of the property.

Also, make sure you research property management companies. Most are bad. I have seen many nice properties go for months before being rented due to stupid leases.
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Chad Roberts, Agent, Henderson, NV
Mon Aug 26, 2013
The timeline to have a property rented would depend on various factors:
-location of the property
-price of the rental
-proximity to attractive amenities
-successful marketing
-HOA rules

It may be in your best interest to do your research and find a reputable and successful property management company. They can assist with the contract, background checks, marketing, maintenance, and other facets of property management.

Chad Roberts
Realty One Group
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Cheryl Lockh…, Agent, Las Vegas, NV
Mon Aug 19, 2013
If you already in escrow check make sure you can rent it by calling the management company. Then have someone do a rental survey so you know what to charge. If you have never managed a property before I would suggest you use a licensed property manager such as myself until you get this down! It can be very confusing and you will want to make sure you follow the laws governing rental property.

Good luck.
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Carolyn Dahan, Agent, San Diego, CA
Thu Jun 14, 2012
Hi Eugenie,
Rentals in Las Vegas move quickly. If you decide to use a property management company, they will market your rental for you. If you want to manage it on your own, you will need to advertise, screen tenants and show your home to prospective tenants yourself. The condos that rent the quickest are the ones that are freshly painted and are clean. I would be happy to discuss how to get your condo rented quickly.
Thank you,
Carolyn Dahan
Prudential Americana Group
(702) 250-2739
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Steve Matthe…, Agent, North Las Vegas, NV
Thu Jun 14, 2012
Hello again Eugenie,

I got a little focused on part of the question, but failed to answer the main part which was, "How long will it take top find someone to rent?". The answer is simple; the amount of time it takes to find a tenant is commensurate with the amount of rent and more precisely the percentage of the current market rate that you ask for rent. If the "Fair" market rent is $850 per month, and you ask $900, you may never rent it. If you ask $825, it will likely rent within a few days of hitting the market. "Fair market" is determined by a number of factors, including:
Location (which includes shopping , schools, transportation), neighborhood amenities (such as pool, spa, workout room, etc.) and unit amenities (such as microwave, appliances, closet space, etc.), size, and condition.

Of course this also depends on how you expose your condo to the market. If you put flyers on telephone poles, don't count on much result. If you use Craig's list, or a property manager, it will rent fairly quickly.

So, to recap, if you are over market, it could take weeks or months.... and that is rent you will never recover. If you charge slightly under fair market, it should rent within days.

Best wishes, and thanks for reading.

Steve Matthews
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Steve Matthe…, Agent, North Las Vegas, NV
Thu Jun 14, 2012
Hello Eugenie,

There was a good point made about needing to check your HOA rules with regard to rentals. If you already own the unit, you may be disappointed to find that you cannot rent it out. And if you do rent it outside those rules and regs of the HOA, you could be fined and even foreclosed on. The reason for Condo HOAs restricting rentals is simple. When owner occupancy drops below, 50% buyers can no longer get FHA (and in many cases - conventional) financing. Beginning in 2009, FHA made an exception to owner-occupancy rules by allowing HOAs to exclude units that are vacant or owned by banks (foreclosed) from the calculation of this percentage. So, you want to be sure that your HOA knows about and compensates for this 2009 FHA exception.

I take exception to the comment that you are required to have a local "responsible person", IE: licensed property manager. That would suggest that you cannot be an absentee owner/landlord and MUST hire a property manager or have a brother-in-law who will handle your property for you. Of course, unless he is a part owner, that would make him an unlicensed property manager, which is illegal in the State of Nevada. To the best of my knowledge, this local "responsible person" rule is just not factual. You have the right to own and (if allowed by your HOA) to rent, collect rents, and manage your own property. You are the "responsible person" regardless of where you live, and therefor liable for anything that happens in the course of renting your condo. It stands to reason that a Corporation cannot manage the property unless they designate a "Responsible person" to handle the property. What constitutes "Local" anyway? 10 miles away. Within 50 miles? Within 250 miles? If I am wrong in this regard, I hope someone will show me the NRS statute that refers to this "Local" requirement.

Anyway, do check with your HOA with regard to their rental policy and the percentage of owner occupants (including the exceptions I mentioned above), and best of luck.

Thanks for reading.

Steve Matthews
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Sean Marshall, Agent, Las Vegas, NV
Thu Jun 14, 2012
3 factors:
-Is it attractive
-List price

I am a a residential property manager and we have a great management team. We have high quality service and competitive prices. http://www.marshallstearns.com
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Chris Miller, Agent, Las Vegas, NV
Thu Jun 14, 2012
Finding renters is easy when the marketing is done properly. the challenge is finding the right agent or property manager to help you through this process. Given that you are form out of state you should hire a property manager, like myself, that can assist you with finding a location that has a low vacancy. Then setting the rental agreement up in a way that is appealing to would be tenant's. (Monthly rent, which expenses are part of the rent, etc.) If you haven't found someone to work with yet give me a call and feel free to check out my website. http://www.VegasMiller.com (702) 885-1569. Good Luck! Chris...
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Jeff Wallenf…, , Las Vegas, NV
Thu Jun 14, 2012
Be sure to read the HOA rules before closing! Many have restrictions on rentals. Also keep in mind that as an out-of-state owner, you will be required by state law to have a local "responsible person" -- that means a licensed property manager for all practical purposes.

Last week our MLS had 5160 available rentals and 2773 new leases signed in the last 30 days. Choose the right location and price it right, and it should move quickly. Pick a poor location or price the rent too high, and it will sit for months.
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Myra Gouger, Agent, Las Vegas, NV
Thu Jun 14, 2012
It depends on who is looking. It might take a day or it might take 3 months. You will find that if you bought a single family home that it will rent faster. On the other hand, if you have to carry it for a while, you have very insignificant carrying costs with the HOA. Some condos have HOA costs of $175 a month or more. These fees can go up all the time if the condos need painting or new roofs. Myra Gouger / Realty ONE Group / 702-858-9311
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