Henderson and Las Vegas, Nevada Home Owner Articles

Are you a homeowner in Las Vegas or Henderson, Nevada? Enjoy home owner tips for renting your property.

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What should your rental property include?

Hand trucks with household and kitchen appliances in warehouse

In previous articles, we discussed the importance of having a clean and maintained property to attract a qualified tenant. In addition, what should you include to help maximize your rent and make your rental attractive?

Some landlord’s don’t want to add anything more than the basic necessities, working to limit expenses. And that is understandable. Owning a rental property is about generating rent income and cost prevention. Nonetheless, there are some items that add value and make a property attractive to qualified tenants, allowing it to rent quicker. Those items are appliances.

When it comes to appliances, most tenants typically need them. Granted, some may have their own refrigerator, washer or dryer. However, most don’t typically carry those around. Therefore, it is best to have a property equipped with them. A refrigerator, range/oven, microwave/vent hood, dishwasher, washer and dryer are typical appliances that are expected and can lead to the property leasing faster at a competitive rent.

When you purchase an investment property, you may notice that the range/oven, microwave and dishwasher are already in, however, the refrigerator, washer and dryer are not. What can you do? You may be able to wait on those until you find a qualified tenant. If a tenant happens to have their own and wishes to use them, you can choose to allow that. Otherwise, be prepared to place an order at your local home improvement store. Don’t forget to allow time for delivery so that the appliances can get in on time. Not having them on the day the tenants take possession can postpone a move in and/or reduce your rent income, adding cost, lost rent and a stressful situation. Since most tenants will request them, you may choose to get ahead of the curve.

Be a proactive landlord. View your rental property as an investment rather than a quick buck to be made. Have the essentials to make a rental property successful and profitable.

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The Nevada Eviction Process – What Should You Know?

This article discusses the eviction process generally and does not include COVID-19 directives. For details related to COVID-19 directives, visit What You Need to Know About Owning a Rental Property During COVID-19

Nevada has long been known as a state where evictions can be completed relatively quickly. In the last couple of years, however, certain provisions changed some. Nonetheless, the eviction process is still shorter and less complicated than other states.

For non payment of rent, for example, it all starts with a 7 day notice to pay rent or quit, which effectively puts a tenant on notice that rent is due. This step leads to a filing for an eviction with the courts which in turn leads to a constable evicting a tenant from the property. On average, the entire process can take about 30 days.

Of course, there are certain things that can prolong the process and call for additional court appearances. For example, a tenant may file a response with the court. They may object to the eviction for various reasons. That in turn will prolong the process and the case will need to be heard by a judge.

So, what is good practice to avoid complications with evictions?

1. Have a proper lease agreement. A lease that is in accordance with Nevada law will stipulate the requirements of leasing the home. This in turn will prove beneficial when having to deal with an eviction.

2. Ensure that as a landlord, your in compliance with Nevada law as well. Ensuring your property is in habitable condition, for example, can prevent an eviction all together. It is important to realize that as a landlord, you have obligations related to the property also that that can contribute to an eviction.

3. Don’t take an eviction into your own hands. Follow the proper procedure in accordance with Nevada law and know that you cannot complete an eviction on your own.

By having a maintained property, well written lease that complies with Nevada law and a good relationship with your tenants, many evictions can be avoided all together.

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The Best Window Coverings For A Rental!

There are a dime and a dozen window coverings available for your home. All you need to do is walk into your local home improvement store. From stock blinds to custom fitting shutters, the selection is endless. So, what should you choose for your rental home? A lot will depend on the type of rental home. A higher priced rental property may warrant more than basic mini blinds to complement any luxury features. But that is really up to you as a rental property owner!

MINI BLINDS
Mini blinds come in various styles and material choices. Some are plastic, vinyl or aluminum. Pricing is very reasonable, starting at just a few dollars. Its the most popular choice among homeowners as a result. However, keep the following in mind when choosing this option. Plastic and vinyl mini blinds, once damaged, typically have to be replaced all together. The gears inside are tedious to work on and hiring someone can be cost prohibitive. If a slat is cracked or broken, it will be nearly impossible to replace it. Aluminum blinds are higher priced and while slats tend not to crack or break, they can bend, which is a more common issue since they can have that tendency and is usually difficult to repair it properly. Installing mini blinds is most cost effective if you do it yourself. Once a blind company or handyman is hired, your cost goes up. At that point, you may want to consider upgrading. Mini blinds can last 2-5 years on average.

FAUX WOOD BLINDS
Faux wood blinds have gained popularity in recent years. Slats are typically 2″ in width and made to resemble wood blinds, with many being textured. They come with a decent sized rail at the top and can be operated using strings or a wand. They are fairly durable and the slats, though made of a PVC / vinyl material, are thicker and more resistant to breaking. They cost more as a result, averaging about 20-40% over mini blinds. However, they can last an average of 5-10 years.

SHUTTERS
Shutters are a beautiful addition to any home. Of course, they can be costly. Even entry level shutters can cost a pretty penny. However, shutters are durable, though they can have a flaw – the staples that hold the shutters together to the rod that allows you to open and close them can, in time, fall out. However, shutters can have many good years of use. Shutters are available in wood or PVC material and in a variety of colors.

DRAPES
Drapes are also an option that is affordable. Of course, drapes require the purchase of a rod that is hung over a window. Depending on the size and style, the rod can surpass the cost of the drapes themselves! However, many times an average rod is affordable and decent drapes can equal the cost of mini blinds. Drapes can be durable. However, they also get dusty and require cleaning, adding to the maintenance factor over blinds. Additionally, because many drapes have specific designs, it can create a theme that may or may not go well for all renters. The best theme is neutral for a rental property.

Yes, window coverings add privacy but also create style. Depending on your budget, there is a choice out there for you!

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Las Vegas Real Estate Market Up…Again! New Record Set!

The Las Vegas real estate market continues to be on fire amidst a pandemic. Buyers are willing to pay more for a home as inventory remains tight and interest rates low. The average sold price of a single family home during August 2020 was $335,000 while condo’s averaged $185,000, another new record for the Las Vegas area (source: Las Vegas Realtors)

Though unemployment remains high and the economy slow in recovering, with many directives in place to mitigate the spread of the coronavirus but restricting economic growth, demand from individuals with savings and stable employment is keeping the real estate market alive and thriving. This scenario also goes to show market stability. How long will this trend continue? That is difficult to predict, as many factors go into keeping real estate alive and healthy. However, economic recovery from pandemic restrictions will be key.

We hope to see the pandemic get under control soon and as a result, positive developments in the economic sector.

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4 Ways to Deal with HOA Violations!

Its no secret – the complaints are out there! Both homeowners and tenants agree – HOA violations can be a hassle, especially when they seem to arrive consistently for an endless amount of reasons; trash cans left out, a weed in a yard, paint that is faded, items left outside and more! It can be exhausting and even nerve wrecking to see a letter in the mail from your homeowner’s association. You can sense it’s another violation. So, what should you know and what can you do?

Here’s what to know: When a neighborhood is first planned and developed, with the intention of having rules and regulations, documents are created to establish the community rules through the builder / developer. The builder will eventually relinquish control to the community itself. Elected board of directors are established (through a vote of homeowners) and a HOA management company is typically hired to enforce the rules and regulations. That’s how it all starts at the beginning.

So, the rules for the community are established well in advance. As a result, when you get an HOA violation for, as an example, weeds in your yard, this rule was most likely established by the builder! Now it is enforced by the HOA management company, who is hired for…rule and regulation enforcement. Of course, the diligence to enforce the rules by one HOA management company compared to another will vary some. While the board of directors can alter the rules or add new ones, most stay fairly intact.

As a homeowner, prior to purchasing a home, you are presented with the community rules and regulations during your due diligence period in order to review them to see if they are acceptable to you. If they are accepted, then the rules will pertain to you and your property.

If you begin to receive violations, there are a few things you can do – depending on the situation.

  • First, if the violation is for a basic infraction, it would be in your best interest to resolve it quickly. Unresolved HOA violations can lead to a second notice and fines! Respond back to the HOA that it was resolved and even present photo proof.
  • If the violation seems to be mistaken, be sure to respond to the HOA as well. Indicate your position to the HOA violation and even present a photo to show you are in compliance.
  • If the violation is for a costly improvement, such as faded exterior paint and repainting the home is the cure, communicate with the HOA if you need extra time or experiencing a financial difficulty. Communication is key to having a good working relationship.
  • Finally, if a matter is serious, you have the option of discussing it with the board of directors during one of their meetings. Be sure to communicate with the HOA management company in that regard.

While HOA violations can be perceived as a nuisance, they are designed to protect property values and maintain the appearance of a neighborhood. In the end, they were established beforehand and are now simply being enforced. Compliance as well as communication is key to developing and maintaining a positive working relationship.

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What is a Property Manager?

An effective property manager is a risk manager for your most valuable investment

What is a property manager? Is it:

1. Someone who collects rent?

2. Someone who leases your home?

3. Someone who manages your rental property?

Anyone of the above answers is correct, however, all three combined really describe what the job description of a property manager involve. Even more so, a property manager can be described as your risk manager for a rental property. How so?

Property managers are usually hired because a property owner either doesn’t have time, know how or resources to effectively manage their property. So, they hire a property manager. But, not all property managers are created equal. Not all are effective risk managers – minimizing the risk that exists in the property management world. For example, not all property managers screen tenants thoroughly. What can this mean? An unqualified tenant can lead to unpaid rent, property damage and evictions. Proper risk management will mean evaluating a tenants qualifications and looking after the owners interests, advising the owner of the risks and looking for a qualified tenant.

Even after a qualified tenant is found, risk management continues. For example, move in and move out walk through inspections allow you to hold a tenant responsible for damages that may have occurred. Periodic property inspections help gauge how a property is being maintained during a tenancy and action can be taken for issues or problems, even if it is normal wear and tear since small problems can become costly ones without proper oversight. And effective bookkeeping and accounting can keep rent payments flowing on time without any issues.

It is clear to see that a property manager is more than a rent collector or a leasing agent. They are an integral part of your most costly investment. So, it is best to choose wisely and to look for more than the least expensive one. It is best to have a property manager that has the skills and expertise to keep your investment occupied, maintained and preserved.

Contributed by Nicklin Property Management

Las Vegas, Henderson Property Management

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How to simplify your life – get out of debt!

Simplifying your life can give you more time for what you enjoy

Many people dream about the day they get out of debt. The day they pay off their credit cards. The day they pay off their car. The day they pay off their house. Financial self help books abound in advice on how to get rid of debt. Yet, the truth is, Americans are consistently in debt. Why the desire to be debt free?

Most realize that having no to little debt means they can semi or completely retire, reduce their work load and spend more time with their loved ones. However, it seems with each passing year, more and more Americans acquire more debt. They trade out their nearly paid off cars for new ones. They up-size to a newer and bigger home. They make large purchases on impulse, charging them to credit cards. Even when some have cash available, they end up spending it on comforts and luxuries. While each person can make their own decisions, if your goal is to simplify your life, work less and even retire early, getting out of debt is a key piece to the puzzle. How can you do that?

First, be reasonable with your purchases. Evaluate if you actually need something. Is it a necessity or a luxury? Don’t buy on impulse. Wait a few days after thinking about a purchase to see if you still feel the same way. You might be surprised.

Second, see if you can keep that car that you have nearly paid off. If your car is still running well and you’ve been maintaining it, be weary of clever marketing tactics! Remember, a new car loan is typically for 60 months or more – yes, that’s 5 years! Some even allow for 72 or 84 months – 6 or 7 years! These are significant debts to think about carefully!

Finally, a house payment is the biggest expense that someone can take on. If you have a house payment, you can do a few things. First, see if refinancing can save you money due to lower interest rates. Can you refinance with a 15 year loan? Can you make additional principle payments to help pay your house off faster?

Remember, the more debt you have, the more you are subject to economic changes. Loss or reduction of income can seriously affect if you can meet your obligations. Additionally, if you plan on working less, retiring or simply having more time, getting out of debt is something to consider.

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