11261 Sandrone Ave, Las Vegas, NV 89138 | Zillow
** Extra ** - The property has 4-7 showings a week, which we understand is a respectable number. He was also in "almost contract" several times during this period. That's why we didn't think we were far from the right price.
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Hi, we need the help of the experts here - we purchased an investment property in Las Vegas (we live here) which on the face of it is a very solid investment - 4 bedrooms, a small pool, renovated to a relatively high standard, the neighborhood is one of the best in the city. Walking distance (but not too close) to Zion 10 schools, walking distance to a huge green park (again, not too close). The goal was to purchase the property, enjoy it as a yielding property while real estate prices continue to rise here in Vegas. We purchased the house for $400K with 80% financing. According to the comps we received from the Realtor and independent inspections, the house can be rented for about $2400 per month, which generates a return for us which scrapes off the 10% on the amount we invested.
As beautiful as the numbers are, it's been 3-4 months for the property to be empty. A week after we posted, we received an application that we approved and breezed at the last minute (our agent had not yet taken a financial guarantee at the time he was bribing), since there were a few others who were interested in putting an application and probably disappeared and since his name (about 3-4 applicants) was all fucked his way. Fucked at the level of criminal records, scams, debts to a number of different entities, Evictions, and all the beautiful things we don't like in our home.
We bought our first home in a neighborhood that is considered one of the best to serve as an anchor, relatively stable rental prices, high quality tenants, etc.
We thought it might be the price, we lowered the rent by $ 2 beats by 3-100. It did not generate any more interest nor did we ever receive a feedback or request from interested people to lower the rent. In addition, when we click down the rental price, the agent firmly argues that it is not a matter of price and does not need to be lowered. It's hard for us to believe that this is due to what 6% of the extra $ 100 he will receive per month on management.
We took a number of different people and showed them the house, just to see if we were missing out on anything, in the neighborhood, at home, in the surrounding area but everyone thought like us (and like the agent who accompanied us) that it was a quality property to rent at a high price.
So now I'll be a little more focused on my questions:
1. In your experience, does the agent who represents us for rent (and management below) have a part in the fact that the house is not rented? To our knowledge he publishes it in mls and from this moment he just needs to get applications and try just not to smuggle them. He is also with us in the same interest of accommodating the property as soon as possible. So we wonder if replacing a realtor or will it just generate additional expenses, will waste time because even in that way he has no big part in the chances of success?
2. Please direct us to additional points that can explain why the property is not leased, things we missed, did not know, etc.
This is the property of interest:
https://www.zillow.com/…/11261-Sandrone-Ave-…/55462137_zpid/
Thank you!
11261 Sandrone Ave, Las Vegas, NV 89138 | Zillow
11261 Sandrone Ave, Las Vegas, NV 89138-7503 is a single-family home listed for rent at $ 2,300 / mo. The 2,101 sq. ft. home is a 4 bed, 2.5 bath property. Find 24 photos of the 11261 Sandrone Ave home on Zillow. View more property details, sales history and Zestimate data on Zillow.
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In my experience in Vegas, I went through the same things that you mentioned, the Vegas tenant market on the face, as you mention they come from filling appliance and then cutting, recommending that you apply for appliance 8 and publish at a regular, you can locally check any time you properly save on the house, once it's home with Chances are you will find a tenant who will pay 4-2000 rent through Secession 2200, like me I bought big new properties that everyone would like to live in. Another thing I came across quite a few tenants who pay for a few months in time and after a few months have to chase after them, Money from the state which guarantees you a timely rental
1. We are in the middle of a school year, and a holiday period, the rental market is very calm now.
2 High Rents will filter you tenants and, on the other hand, takes time to find a tenant.
The 3 that it is in mls is not enough. Only realtors see the MLS.
Prospective tenants look at advertising sites like CRAIGSLIST, local sites and apps, and so on.
In such a situation, you should check with management companies that work in your neighborhood about rent levels and finding renters at this time of year.
If there are good schools it means that you are most likely to find a family who lives in the home, no one to go through the middle of a school year.
Make sure again that the house is optimized for the little things that make a property a home that attracts families.
While a bit far from the Strip, is Airbnb not an option?
As someone who was thinking of investing in Vegas, this is exactly what I balked at. On the one hand, you want to invest in a good neighborhood with good schools, on the other hand... this is Vegas. If it's a family with regular jobs, they can probably buy a house themselves and won't have to rent. And if they are not what I described then it is very likely that Vegas will get a lot of shady people.
I did not invest in the end of Bogas because of this concern despite the favorable prices.
The median cost of buying a house in Bogas is around $ 270,000 so maybe not that much to rent for a house that cost $ 400,000, it seems to suit a family with children who want the children to go to good schools, just have to find the right family, maybe it's just a matter of time. I'm from the other side of Nevada (Reno) and the prices are much more expensive, a house leased at 2,500 costs around half a million if not more, it's a completely different market to Mugas but 2,400 sounds a lot to me of 400,000 I'd ask to see a neighborhood comps and decide on the next step by The numbers. By the way, I would also prefer a management company to start with, understand your rationale. Successfully!
It seems to be a neighborhood of good schools and it may be that you just fell for a time when the market is dead.
Generally in all of USA during these months real estate markets are few and especially in good school neighborhoods that most residents are families with children who simply do not move in the middle of this year during the summer
Price… The point is to lower every 14 to 21 days as long as the property stands until a tenant arrives .. Do not leave a long period at the same price
Do next to a test to see how fast it returns and how it goes
Sometimes a pool is a disadvantage for families with young children (afraid of being drowned and such) maybe worth arranging some sort of fence safety or something (know about California but maybe it's a section there too)
From experience with management companies recently- I would give up on the pleasure if you are mainly near if it is good families and put in my pocket mostly some 2-3 handyman who can fix things
Sometimes there is crappy luck, in the end it passes but winter and especially holidays are a difficult time so take air
Good dialect?
Price is always the thing !!!!
If you live there why you need management, it seems like it's just spread, I'd talk to another agent.
If you put in street easy
It will send to all famous sites. Don't know how for you in New York it costs 4 $ per day
A few questions to understand the full picture.
1. How did you reach the ROE of 10%? 2. Have you checked with 3-4 Property Managers what is the market price for renting such a property in this neighborhood?
When was the property purchased?
Several points to think about: 1-Where does the agent advertise? There are always several sites and you need to know them all. 2 - What is the agent's experience in renting and is he available for all inquiries? 3 - Ask to see a rental price calculator. 4 - The season of the year, we have passed the summer that people pass with children. 5- Annie sees a for rent sign in front of the house. I would look for another agent and ask for comps details and find out where exactly he will advertise. The house looks good. For example: I have a house for sale, it was not published on an important realtor's website and even those who do OH do not mention it in the system, and of course no one comes. The landlord does not know this.
I would contact the agent and ask him any questions. Strangely, he claims the price is okay and should not be lowered on the one hand and on the other hand he cannot rent it. What's his explanation for that? I would ask him for updated comps for the neighborhood and also try to find out with those who ran away (politely of course) what their feedback was and why they didn't sign a contract with you at the end
… ..The broker takes them 6% monthly management fee.
Although Zilo is not 100 percent reliable, it seems that the price you are asking for is almost 400 $ above the average price in the neighborhood.
Hi, the property looks great in the photos. Do not know the area but live in Los Angeles (can not believe I pay the same rent here for a pizza two-room apartment…). Anyway my advice is:
Do not lower rent, on the contrary) raise the rent. Higher rental attracts higher quality renters. I'm usually in favor of a fair rental but if the current price is appealing to serious and unlucky people it means you have to filter them already from the advertising stage. Cost $ 200 and see what happens. Again, this is just a suggestion to try ..
Post to neighborhood Facebook groups. If it's near a school you can reach nice families.
Substitute Agent. I submitted a bid as a tenant for an apartment that had been empty for months and the pistons and management company was so lazy in managing the property that it just stood empty. It was a great apartment for no reason not to be rented in minutes ..
This agent is good, but not always enough. Join renters' Facebook groups and other apps, and post there. I advertise all my assets in parallel with the brokers and they get the commission anyway. While this is the work of the agent, your interest is clear