Welcome to the premier resource for Las Vegas investors looking to generate wealth through real estate. Whether you already own a property and need management help or you need assistance to get started, you have found the right place.
If you are considering renting out your home and need some advice on how to get started, Investopedia has listed 5 tips to get you started in the right direction:
1. Understand The Responsibility Involved
Although the benefits of renting can be great and numerous, acting as a landlord also takes great responsibility. If you decide to handle this responsibility on your own, you will need to stay on top of repairs, maintenance, rent collection, home inspections, tenant communication, and so much more.
2. Prepare Your Home
Your home should always be thoroughly cleaned and prepared before it hits the market. You will need to consider whether you will be offering appliances in the home and if so, the condition of the appliances. You will want to highlight the best, most appealing features when marketing your home (such as granite counters, stainless appliances, vaulted ceilings, upgraded flooring, etc.). It is also helpful to know that late spring and early summer seasons typically see the highest rates of activity in the rental market.
3. Hire Professionals
Working with professionals who know local tax laws and property rules is the best way to protect yourself and your investment. You'll want to know what rental expenses are deductible on your taxes and the limit of those deductions. It is also imperative to work with someone who is highly knowledgeable about landlord-tenant laws and governing rules for local communities. A Licensed Property Manager should know all of this, and should be fully prepared to get your property marketed and leased as soon as possible.
4. Set A Competitive Price
Your Property Manager can also determine the best price for your rental home. Typically, comparable properties in the neighborhood and local community are used to determine a strong and competitive price.
5. Screen Tenants Carefully
Not only do you want to find a tenant who pays the rent on time, you also want a tenant who keeps your home in good condition and follows the rules set by the community. Credit history, rental history, and income all play an important role in approving prospective tenants. An experienced Property Manager will screen a tenant for all of these items and will be very detailed when selecting a tenant for your home.
Mall construction and renovation activity are flying high in the Vegas Valley right now. The Las Vegas Premium Outlets-North have also joined in the mix, following the new Downtown Summerlin Project as well as the expansions taking place at the Fashion Show mall and the Galleria at Sunset.
The Las Vegas Premium Outlets-North is especially popular with foreign tourists, often seen arriving by bus, tax, or limo. With nearly every storefront occupied (99-percent), the downtown mall sees thousands of visitors and locals shopping for discounts every day.
Management for the outlet has decided to build 34 more stores and expand a parking garage, offering visitors a greater shopping experience and an additional 780 parking spots. This is the mall's second expansion project since opening a decade ago at 255,000 square feet. Today, the outlet is settled on a much larger space of 535,000 square feet and will only grow larger with their new 150,000 square-foot expansion in the works (expected completion by May 2015).
According to Freddie Mac's weekly survey, the average rate for a 30-year loan has stood at a low of 4.1% over the past two weeks. This is the lowest level that average 30-year mortgage rates have reached since June 2013. For average 15-year fixed mortgages, the average rate is currently at 3.24%.
The government's stimulus program has successfully provided a steady market for mortgages. The Federal Reserve has been purchasing Treasury Bonds and mortgage-backed securities for years, keeping borrowing costs low for prospective home buyers. The Reserve has recently cut back on its purchases and plans to end the buying program entirely in October. This will effectively reduce the demand for mortgage bonds and eventually cause rates to climb.
A recent report from the National Association of Realtors also shows the housing market has had a strong summer with sales of existing homes rising 2.4% in July. Stronger job growth, a larger inventory of homes, and slowly climbing home prices have boosted activity on the market. These conditions are expected to provide a solid foundation for homes sales in the fall.
Fashion Show mall has announced plans to set up five new restaurants on the exterior plaza of its shopping center that runs along Las Vegas Boulevard. Construction for the 22,000 square foot redevelopment and expansion plan is expected to begin early next year and reach final completion by winter 2015.
More specifically, the addition will include three full service restaurants and two bistro-sized eateries with outdoor seating, as well as six retail kiosks, an elevator at the main parking level, and a "cloud bar" with a floating oval roof above glass walls.
Fashion Show Senior Marketing Manager Janet LaFevre said they are now in the bidding for contractors. "This is our opportunity to do something new and fresh and I'm excited to bring this forth," she told the LVRJ. After speaking of the Fashion Show's survival from the economic downtown LaFevre further commented, "Retail in the city is back with a vengeance."