People are moving into the Valley every day. They all need a place to live. That makes Las Vegas condo rentals sound like an appealing proposition doesn’t it?
If you’re thinking of becoming a landlord here are some tips for making it with Las Vegas rental property.
Before you buy any Las Vegas condo expecting to use it as a rental make sure you’re allowed to rent it. Say what? Well, would it surprise you to learn that many condo complexes have a limit on the number of units that can be rented out? And if they have reached that maximum they won’t let you rent yours? Which could put a real crimp in your plans of becoming a landlord before you even got started.
Assuming that’s not a problem what else do prospective owners of Las Vegas condo rentals need to know?
Above all else be very picky with your tenant selection. Don’t accept the first person who comes along who can cover the security deposit and first month’s rent. It’s much easier to do the proper reference checks to prevent a bad tenant plumbing company from moving into your Las Vegas rental property than it is to evict them.
Have a local attorney review your lease to make sure you’re not exposing yourself to some costly problem down the road.
Develop a list of emergency contacts who can take care of the inevitable problems that will crop up. That would include a plumber, electrician, and a handy man. By the way it pays to be somewhat handy yourself. If you can fix even little things you won’t have to contact those on your list for every little maintenance issue that comes up with your Las Vegas condo rental.
To that end, put aside 10% of each month’s rent to fund future repairs.
For tax purposes set up a separate bank account for your rental business. Save every receipt for anything involving your Las Vegas rental property. And hook up with a qualified tax accountant who can advise you on what’s deductible and what’s not.
If you can do this (and more) and end up with a 15% return on investment when it’s all said and done, congratulations. You’ve done better than most owners of Las Vegas condo rentals.