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Renting house out in North Las Vegas

Discussion in 'Living in Sin (City that is)' started by tominiowa, Dec 23, 2014.

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  1. tominiowa

    tominiowa High-Roller

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    Think I will hold off selling house in North Las Vegas as offers haven't came in and I believe market will be better later.
    Starting in Jan I am going to try to rent it out myself instead of using a rental agency that would cost around $800- $1000.
    My plan is to advertise it on Craig's List. I know it has downside but seems many people look there.
    Anyone got another suggestion on other places to advertise or look for potential tenant? I know the MLS Rental that
    agents look at is good but they want paid to show it and I am trying to be frugal. Besides paying them to show it they also want paid to
    put it on the listing. I can rent it out $100/ month less doing it myself than paying them. Plus no guarentees the tenant would be any
    better.

    Thanks for the advice
     
  2. bucac_tau

    bucac_tau Tourist

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    I have had nothing but great experiences as a renter from vrbo.com. I have rented dozens of homes from North to South Vegas as well as the Mammoth and Big Bear areas in California.
     
  3. tominiowa

    tominiowa High-Roller

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    Checked the link out and it appears to be for vacation homes. What I have is a family home for rent year round and not furnished.
    Thanks for the thought though.
     
  4. JennJenn

    JennJenn Low-Roller

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    Try and use Zillow.com as well.

    We own a rental and Michigan and used craiglist. While there were some crazies who inquired, we signed a 3 year lease with the people who are living there now.
     
  5. sandybeachbar

    sandybeachbar Low-Roller

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    I would be very careful if you are renting a property and not in the same location to look after it.
    I am a property manager of both my own rentals. as well as looking after a few others. While I do use Craigslist and other such sites, I investigate the people applying very carefully. A thorough background search of course as well as checking all references very carefully ( very easy to give friends and family cell info etc) I go so far as checking what the interior of their car looks like, having found from experience that if Mc donalds wrappers are strewn thru the car floor ,chances are that their house looks similar. I let them know in advance I am a landlord they do not want to mess wih btu I am fair and if they are good tenants I am a GREAT landlord

    Been doing this since 1998 and can honestly say(knock on wood) I have never had a bad tenant.

    A good rental company should do what you wish and 100.00 may not be that much to pay for piece of mind.
     
  6. tominiowa

    tominiowa High-Roller

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    I haven't found a rental company that only charges $100. Closer to $1000 I have found. Do you know some who charge so little?
    I will look into Zillow. I have managed 4 rentals in Vegas from Iowa for almost 5 years now and have never missed a month rent yet. I have
    all but once returned 100% deposit. I found that you need to be proactive by furnishing pool service and have a landscaper show
    up once a month to avoid those small HOA letters and requests. Plus my weekly pool guy is kind of my eyes on the property. My houses
    rent from $1400-$1600 a month which helps weed out the tenants that seem to be more problems.

    You are correct that looking at a prospects car is a good way to judge them as cleanliness for your house. Dirty car equals dirty house.
    I have also found a 40# dog does less damage than a 40# kid. So I welcome pets in my houses esp dogs. Cats not so much.
     
  7. sandybeachbar

    sandybeachbar Low-Roller

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    I am the same way about the dogs. ..and the cats lol

    It sounds like you know exactly what you are doing though and the 100.00 was in your previous post 100.00 less than what you now get by doing it yourself.

    Good luck!
     
  8. tominiowa

    tominiowa High-Roller

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    Sorry, I thought the poster meant 100 to rent it out, I now see he meant $100/month the management company wants.
    Thanks for pointing that out to me.

    4 houses at 100/month for one year is $4800. Still seems stiff to me. But I am sure it would be worth it if a person
    wants to avoid the headaches tenants sometimes bring.
     
    Last edited: Dec 26, 2014
  9. azbob

    azbob Low-Roller

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    Thought I had a rental lead for you, but it fell through. I'll keep you in mind in case I hear of someone with a need....I have good holiday season.
     
  10. tominiowa

    tominiowa High-Roller

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    Thanks Azbob, I will take any leads a person has. The listing ends Jan 15 so I will put on Craig's list after Jan 5.
    Always interesting to see initial response
     
  11. 8Summer8

    8Summer8 Tourist

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    Hi

    I own a property in Summerlin but it's managed by a PM. They general charge 8-10% of rent to manage it for you. My friends who manage their own property prefer pay a one time fees to realtor to rent it out for them, less hassles and no results from craigslist. I've heard some list rental through 'realtor' web site but have no personal experience. good luck.
     
  12. tominiowa

    tominiowa High-Roller

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    Update: I listed the house on craig's list around Jan 12 and have lots of response. Of course you get those who inquire who have no money
    and had a few who wanted it several months down the road. But the response has been much more than anticipated. I have shown the house
    probably to 6 different prospects and have 2 who want it. Probably will finalize rent today with one for Feb 1 move in. Have several others who
    I have put on hold till I decide on 2 potential renters,

    So I guess I would say the rental market is stronger than I thought and I will get $50/month more than I got prior. Granted I have spent time showing the
    house but the $800 I saved renting it out myself versus using a rental agency has turned out as a good paying PT job.
     
  13. tominiowa

    tominiowa High-Roller

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    Last update: got one year lease with 2) 40 year old non drinker, non smokers single guys with good jobs. Probably just a 1 year tenant though as one plans on purchase
    of house later, Had another sec 8 application but this seemed much easier than dealing with gov't and their rules and paperwork. ? though, how does a person get the gov't to
    pay 100% of a $1500 rent for a house with pool, but yet drive a 2012 Charger that they bought new and yet not work? Great country
     
  14. hammie

    hammie VIP Whale

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    A single parent of a son and daughter who works for cash?

    Re: your new tenants, do you use a service to check the credit, tenant history and background? I had a rental property for a few years and asked prospective tenants fill out an application and pay for a background check.
     
  15. tominiowa

    tominiowa High-Roller

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    I have them sign a paper that allows my banker to run a credit check report for me, plus if I feel the need I call previous landlords and employers.
    I seem to be able to judge people pretty well when I meet them, one reason I rather rent out myself versus using management companies, but
    it does take time.

    she admitted she gets cash from her 3 dad's of her sons when needed but no set child support. said she was unemployed
     
  16. sandybeachbar

    sandybeachbar Low-Roller

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    Good Job!!! Good luck!
     
  17. NickyDim

    NickyDim VIP Whale

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    Glad you found tenants, and great you got your price too! I hope they turn out to be as good of tenants as we luck into having. Never late, never a complaint, and the old guy who rents from me even takes care of small repairs himself.
     
  18. themightydude

    themightydude High-Roller

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    My mom has several rental houses..when she first started out she was open to renting to HUD. However she always had issues with the people that she rented to. The only good part was she was guaranteed payment from the government but it wasn't worth the hassle of dealing with any of it, the people always seemed to leave the house in a complete mess when they left, and the last straw was call from the police department at 2:00 AM in the morning saying that they had a meth bust at one of her houses that she had rented out to some a HUD family.

    Not saying all Hud / Sec 8 people are like that, just seems like the majority.
     
  19. Packrat1

    Packrat1 Tourist

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    Hopefully it does work out that would be great.

    I am a landlord also with a couple of homes in Henderson. If by chance it doesn't work out, don't let the tenants make excuses why the rent didn't get paid on time. Begin eviction preceedings immediately when they are late not 2 months down the road. There are several firms one being the NMI ie the Eviction Queen, and the Eviction King (separate company) if the tenant doesn't pay promptly send the 5 day pay or quit notice. I had NMI send one of those and my tenant became a model tenant after that as he knew I meant business.

    Be sure also to have a clause in the contract that allows inspection of the property every so often and also only allows people on the lease to live there.

    If you have a pool be sure he is your eyes and ears regarding the property. Regarding the pool, I write a clause that states that the tenant is not allowed to tamper with the pool or sprinkler settings. This keeps them from shutting off stuff to save money and killing your plants and messing up your pool. Also pay the garbage bill yourself and charge the renter for it in their monthly rent. If your tenant does not pay the garbage they will put a lien on your home. I know it happened to me and was a pain to get it removed. Also when they move out don't give them any of their security deposit until you have checked to see if they have paid their utilities in full.

    If you allow pets be very specific, and put them into the contract by name, breed, size, etc, and write that no additional animals will be allowed. Include a good size pet deposit too.
     
  20. chitownjohn

    chitownjohn High-Roller

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    Just to play devils advocate .... I'm sure there are some savvy renters that prefer renting through a sole proprietor (vs management company) knowing the sole proprietor doesn't have the deep pockets and/or expertise to pursue evictions and legal proceedings.

    Hope everything works out!
     
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