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Is this time to sell?

Discussion in 'Living in Sin (City that is)' started by 8Summer8, Jul 14, 2014.

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  1. 8Summer8

    8Summer8 Tourist

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    Hi everyone

    This is my first post and glad to have found this forum. We bought a house in LV 2012 with the thought of retiring there in 5/6 years. The house has been managing by a property management company since the purchase. I don't know if it's our 'luck' or what but we've had 2 tenants so far and both broke their leases with more than 6 months to go as well caused enough damages to the house exceeded their security deposits. With the increase in housing value, is this time to sell and buy it when we are ready to move? Our house is in Summerlin.
     
  2. Joe

    Joe VIP Whale

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    We bought a home and moved there in 2008. We then sold it in 2010 and moved out. If you are still set on retiring there, imo I wouldn't sell and rebuy later. Summerlin is a nice area and I don't see home prices dropping unless they run out of water.:evillaugh Maybe you just had a bad run with those two tenants.
     
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  3. JohnnyD

    JohnnyD Tourist

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    Hi,
    I am looking to purchase a house for rental also in the summerlin area. What did u do when they broke the lease? What kind of damage? How much did u pay for house?
     
  4. NeonAndBeach

    NeonAndBeach Tourist

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    The market is still soft and low. I wouldn't sell now unless I had a gun to my head.

    With all of the construction and tourism numbers up, housing prices will soon follow. Your yearly gain in appreciation and the rent you take in should out-gain what you are out for damage repairs.
     
  5. nostresshere

    nostresshere Mr. Anti Debit Card

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    Welcome aboard.

    Though there are some rather "smart" folks here, I personalyl would not be asking for advice for one of the largest financial decisions in your life here. There must be a number of local folks in the business that give considerably more "factual" advice.

    Good luck.
     
    Last edited: Jul 14, 2014
  6. 8Summer8

    8Summer8 Tourist

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    thanks for all your comments. I appreciate getting some local pov, it's not the same as reading 'news' in print. We certainly hope we'll have better luck with next tenant.

    JohnnyD - we paid about $90/sq ft in early 2012, way before the market turned. we offered our first tenant a 2 months rent to break the lease (8 months left) and they refused. Damages including marks on the walls, broken toilet seats, sliding door slider, vertical blinds, garbage backyard and in garage..... The second tenant literally just moved first and called the property management co. There was nothing the property management co. can do since they moved. As a landlord ou have to prepare to deal with these issues even with a property management co. handling your property.
     
  7. TomTWI

    TomTWI High-Roller

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    I think home prices are still climbing. If you still plan to retire in Vegas I would hold on to it for the time being. I might get a new management company. Doesn't sound like they are doing a good job screening tenants.

    I have a two bed condo we bought three years ago. I keep close tabs on property values and I feel it's still a good investment.

    TomTWI
     
  8. ncfatcat

    ncfatcat Low-Roller

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    Find a better property management company
     
  9. hammie

    hammie VIP Whale

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    Fire the management company,what are the odds that they picked two deadbeats? Is your rent priced to market or is it higher? You need to document the damage and get your management company to help you file a claim against the vermin that destroyed property, get a judgement, this can't be their first rodeo. Stuff happens, job loss, divorce, etc. but there is no reason to be destructive. I had a rental property and had a bad tenant, left the place a mess. I called in an insurance adjustor and ended up filing a claim and received $1,200 of or the damage.
     
  10. LolaDoggie

    LolaDoggie VIP Whale

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    I would look into a new property management company before selling at this time.
     
  11. 8Summer8

    8Summer8 Tourist

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    Change property management co is certainly on our mind. It is however not that easy to find a good one. We already checked with a couple friends and it seems theirs are just ok also . Maybe it really could be down to how they screen tenants - agent not experienced enough? I already deal with several different people in that office over last 2-1/2 years.

    With regards to first tenant's damages, we spoke to insurance co. and they said they were all 'cosmetic', not covered under basic landlord insurance. I should probably look into what other coverages there are for landlords. We sent the bills to a collection agency which we may not see any $.

    Our rent in Summerlin is priced to market. The property management co. ran comp and recommend a rent, as far as i know rental terms are also standard, nothing out of ordinary.

    Thanks everyone for your input.
     
  12. Joe

    Joe VIP Whale

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    Time to replace a toilet seat, 30 minutes or less plus labor. $100
    Marks on the wall-gallon of paint or two, plus painter, $400?
    Sliding door, not sure what the problem is there.?
    Blinds,depends on how many rooms, but for one room and labor. $300?

    Garbage cleanup in backyard and garage- 2 hrs maybe at $15 per hour. Maybe a dumpster needed? Add another $150?

    Worst case, you are looking at less than $1,000, right? I wouldn't sell, but as others have said, I would change management companies.
     
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  13. thekillers

    thekillers Low-Roller

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    I'll buy it! :)
    Trying to convince the wife to buy a place in Vegas...
     
  14. 8Summer8

    8Summer8 Tourist

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    I noticed my reply is not in. I probably didn't to save.

    Joe - you are so right on the cost. I'm so out of touch with repair costs and always surprise how high for those miscellaneous repairs can be. With so many rentals in Las Vegas I guess it created another industry for handyman.
     
  15. 8Summer8

    8Summer8 Tourist

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    It's best to spend some quality time before making the decision.

    Thanks all for your input/suggestions.
     
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