|
| Las Vegas Houses for Sale > Condo Rental in Las Vegas |
Tips for Making Money
with a Condo Rental in Las Vegas
Making Money with Las Vegas Condo Rentals Isn't Easy But
Can Be Doable If You Follow a Proven Rental Property Game Plan
"We couldn't help but notice," said Kaylee Hunter, "that people were pouring into the area. Every week it seemed we had visitors at church who had just got here from out East, or Michigan or some other God-forsaken part of the country. We started thinking that a condo rental in Las Vegas might be the way to go."
|
|
"We thought Las Vegas rental properties would be a way to help people with a place to live. And give us a place to recycle some of the profits we had made in the stock market," Hunter added. "That and the fact condominiums cost less than houses made Las Vegas condo rentals appealing to us. " "Still making money with Las Vegas rental property isn't necessarily a slam dunk. Here are some things we've learned along the way." Shop around for the financing. "See if you can't find a hungry mortgage broker willing to make a sweet deal," advised Hunter. "They're out there." |
Don't call from the condo listings Las Vegas yourself. Work with a buyers broker. Regular real estate agents legally work for the seller. A buyers broker works for you. Doesn't cost any more either. Their fee still comes from the split of commissions. But this arrangement can work in your favor when buying a Las Vegas condo to rent out.
Set up a separate checking account for each condo rental in Las Vegas you own. Save all receipts for anything. And find a knowledgeable CPA to help you with minimizing your taxable income.
Set aside 10% of gross receipts for repairs. Hunter said "With our Las Vegas rental properties we have to fix nothing for months. Then there seems to be a flurry of things that fall apart."
Speaking of which if you aren't exactly Bob Vila find a handy man who is. One who can fix plumbing, smaller electrical problems and so forth.
Finally, and most important, remember it's better to have the condo sit vacant than occupied by a tenant who isn't paying rent. "Yeah you want to screen tenants very carefully," said Kaylee knowingly. "Check and double check their references. Evictions from any condo rental in Las Vegas are hard on you and your wallet."
|
|
All Rights Reserved 2006 - 2007
Las Vegas Condos
» Las Vegas Condos
» Las Vegas Condo
» Condos In Las Vegas
Down Town Las Vegas Condos
» Condos For Sale in Las Vegas
» Condo Listings Las Vegas