What Should You Replace in A Rental Property After Purchasing It?

Are you planning on buying a new rental property in San Diego, Las Vegas or Phoenix? If so, like many owners you most likely are eager to get that property rented quickly right? This is totally understandable but, there are things that should be replaced in your new rental property if you want to ensure that you won’t have any problems with that property in the future.

Replace the Locks

Always replace the locks after buying a new rental property regardless if the former owner claims they were changed recently or not because you just don’t know how many people had access to that property in the past and may have created their own key.

If the locks are in good condition you can save them and use them again in the future changing the locks on the next property that you buy.

Change the Toilets

Another important thing to change after buying a new rental property is the toilets because a leaky toilet can easily cause unseen damage to your rental property and thousands of dollars in repair costs so it’s best to replace them now so that you can have confidence that there won’t be any leaks going forward.

 

Get Rid of Old Outlets

Regardless of the age of the home, you should always get rid of old outlets because those outlets can potentially pose a fire hazard and it’s better to replace them now before your new tenants move in.

Swap Out Those Old Light Bulbs

Last of all, but most important, if your rental property has light fixtures you shouldn’t think twice about changing those light bulbs. Getting rid of those bulbs will save you the hassle of having to get called from your tenants whenever they need a light bulb changed unless you’ve instructed them to change the light bulbs themselves.

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At GoldenWest Management we specialize in full-service property management and can save you the time, money and hassle of managing your properties yourself. To learn more about the services we can offer you contact us today at (866) 545-5303 or click here to connect with us online.

What Are the Most Cost-Effective Renovations to Make to Your Rental Property?

By GoldenWest Management

Are you planning on renovating your rental property in 2018? If so, like most owners you probably want to choose the most cost-effective renovations, correct?

In this article, we will break down which renovations you should choose for your rental property.

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Freshen Up the Paint

It doesn’t matter if you own a single-family home, condo, or town home, one of the most cost-effective renovations that you can make to your rental property is to update the paint.

When choosing new paint, it’s best to specifically choose neutral colors because sticking with a neutral color palate will resonate with a wider group of potential tenants compared to painting each room in your rental your favorite colors.

Thankfully, just about everyone can paint a house so you can keep your costs low by painting your rental property yourself. GWM recommend you use a professional for warranty purposes.

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Choose New Flooring

With more people preferring hardwood floors over carpeting and vinyl flooring these days you should consider changing the flooring in your rental property to all wood flooring.

Wood flooring has a classic look that never goes out of style, it’s also durable and very easy to clean for any tenant, especially those tenants who have small children or pets.

Engineering hardwood is also cost effective and it’s possible to buy flooring for as little as $1.59 / sqft. GWM recommend you use a professional for warranty purposes.

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Improve Kitchens and Bathrooms

Since kitchens and bathrooms are two areas where everyone spends the most time you should focus on renovating these two areas of your rental property.

In both the kitchen and bathroom, you should focus on refinishing or repainting cabinetry, replacing old sinks and faucets and adding new knobs and handles to completely update the look of both rooms.

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To learn more about which renovations you should make to your rental property or to learn more about our property management services contact us today (866) 545-5303 or click here.

What’s Happening with The Las Vegas Rental Market?

By GoldenWest Management

Spring is here and with the weather quickly warming up across the country it’s a great time to take a look at what’s happening in the Las Vegas Rental Market.

Average Rent

As of April 2018, renters are paying an average rent of $992 for an apartment in the Las Vegas area. (Source – Rent Jungle)

The average rent in Las Vegas has increased by 6/15% in the last year and it’s currently holding steady.

For a one-bedroom apartment in Vegas, you can expect to pay $844 per month while a two-bedroom apartment is going to cost you about $1008 per month.

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Cost of Living In Las Vegas

One of the great things about living in Las Vegas is that it still remains one of the most affordable cities to live in the United States.

It costs about 30% less living in Las Vegas compared to other higher priced cities like New York or the San Francisco Bay Area. (Source – Numbeo)

Las Vegas Jobs

The average age of a Las Vegas area resident is 37 and even though tourism and hospitality are two of the biggest industries in the area, Las Vegas is seeing more technology companies relocating here.

Major companies from Dell to startups like AppBus all have a presence in Las Vegas because more data centers have been built here in recent years and Vegas continues to be a top destination for technology conferences in the United States.

Is Las Vegas a Safe City?

Like any renter, you may be wondering if Las Vegas is a safe city? The answer to this question is yes.

There is an increased police “presence” in Vegas due to the city being a major entertainment destination so you can expect to enjoy a safe environment regardless if you’re at home, work or enjoying a night out.

Search for Rentals In Las Vegas

To search for rentals in Las Vegas contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online

Tips for Selecting Your First Rental Property

By GoldenWest Management

Are you planning on buying your first rental property?

Now is a great time to buy a rental property thanks to low mortgage interest rates and demand for rental properties especially in cities like San Diego, Phoenix, and Las Vegas.

Since more people are investing in rental properties for the first time this article, we will share with you several tips you can use to successfully purchase your first rental property.

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Make Sure Your Ready to Invest in Rental Properties

Although your family members, co-workers, and accountant may be advising you to invest in rental properties you have to make sure that you’re really ready to invest in rentals.

Owning Real Estate means that you will be responsible for paying landlord insurance and property taxes and unless you hire a property management company you will be responsible for things like tenant selection/placement, rent collection and more.

 

Yes, owning rental property is a smart investment thanks to benefits like current income, appreciation, equity and tax right offs but if you’re not ready for the responsibilities which come with being an owner you should be ready to hire a property management company after purchasing a rental or hold off on buying a rental property for a few years.

If you’re ready to invest in rental properties but aren’t sure if you’re sure investing in a property out of state is a smart move, you should stick with investing in a rental in your area because you know what’s happening economically, who’s hiring and the advantages of living there compared to purchasing property that’s out of state.

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Determine the Specifics

Before choosing a rental property it’s important to first determine the specifics of what you’re searching for in a rental property including the location that you want to own a rental, because in most cities rental properties that are located close to downtown or close to colleges will rent for more money than rentals in suburban areas.

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Investigate the Area Where the Rental Is Located

You should also verify if the area where you plan on buying a rental property has many rentals or not because if a neighborhood is primarily owner occupied this could mean that it might be more difficult to have a rental property there versus owning a home in an area that’s primarily renter occupied.

If you’re not familiar with the neighborhood or area, take the time to drive there to meet with homeowners, landlords (if possible) and people who live in the area to determine what it will be like for renters if you were to purchase a rental property there.

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Get Your Budget Ready

Since prices for Real Estate in many cities have reached all-time highs you should set your budget before you start searching for rentals because in this real estate climate it’s very easy for any buyer or first-time investor to overspend.

It’s also important to save at least 20% or more for a down payment because lender requirements are much more stringent with rental properties and the investment rate on a rental property will be higher so you will have to think about that as well.

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Avoid Fixer Upper Properties

Yes, most people are talking about investing in fixer-upper properties these days the reality is that fixer upper properties can be costly (unless you know what you’re doing) so it’s best to avoid them and purchase rental properties that are in as close to the move-in condition as possible.

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Create A List of Properties

Once you know the specifics of the property you’re searching for, and you’ve set your budget, you should next create a list of properties that match your criteria because this will help you to simplify your search especially when you use online tools to find suitable rental properties.

Some criteria that you should consider applying to your search for rental properties include:

Bedrooms – The single-family home, condo, or duplex should have at least 3 bedrooms.

Bathrooms – 2 bathrooms are recommended.

Square Feet – Home should have no less than 1200 square feet.

Age – The property shouldn’t be older than 25 years old since renovation or demo may be required to remove potentially hazardous materials like Radon, Asbestos or Lead Paint that may be on the property.

Rent – Search online or speak with a property manager to determine the market rent for the area where you are buying a rental property.

Cap Rate – We recommend looking for rentals that offer a 4% cap rate or better (cap rates and gross multipliers are important).

HOA – Check the HOA rules and regulations for the community where you plan on buying a rental property because some communities are very strict and will even go as far as placing you on a waiting list until you can rent your home.

Garage – In today’s rental market it doesn’t matter if a property has a garage or not.

Renovation – Know how much it’s going to cost to make renovations in the property, especially in the kitchen or bathroom, because you may be able to rent a property for $80 to $90 more per month if it has recently remodeled kitchen or bathroom.

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Be Ready for Screening Tenants

Once you’ve purchased your first rental property the real work has only just begun since you have to be ready to screen tenants and this should include reviewing their credit score, work history, criminal history and financial history.

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Save Time and Money with Property Management

Buying a rental property in Las Vegas, Phoenix or San Diego?

Each city has major differences in terms of average rents and requirements for owning rental property.

Once you find the right rental property don’t attempt to manage it yourself, save the time, money and hassle of managing rental properties by hiring our experienced and professional property management team.

Contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

Property Manager in Las Vegas

Need a Property Manager in Las Vegas to manage your portfolio of rental properties for you? If so, there’s nobody better to work with than GoldenWest Management, contact us today by calling (702) 685-7696 or click here to connect with us online.

What Services Can our Property Manager In Las Vegas Offer You?

At GoldenWest Management we specialize in all aspects of property management including tenant selection, tenant placement, rent collection, maintenance, customer service and so much more.

If you’re tired of managing your rental property yourself, and want to save the time commitment, money and hassle of dealing with your tenants, handling maintenance issues, or repairs at your rental property now is the right time to choose our property management team to manage Las Vegas rental property for you.

How Much Does Property Management Cost?

Concerned about how much a Property Manager in Las Vegas will cost? The good news is that property management costs a lot less than you think, and our property management team will help you two make more money in the long term because, customer service issues will be handled immediately when they occur, maintenance issues will be resolved and you will be paid on time every single month.

To learn more about our Property Manager in Las Vegas Service, contact us today by calling (702) 685-7696 or click here to connect with us online.

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2017 Rental Market Trends to Watch Out For

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By GoldenWest Management

There’s no denying that 2016 was another great year to own rental property in the United States, especially in cities like San Diego, Phoenix and Las Vegas where we saw strong rent growth but the big question many owners have is what will 2017 hold?

In this article, we will provide you with a breakdown of what you can expect from the rental market in 2017 so you can tailor your plans (if needed) and be ready for changes to the market.

Rent Growth Is Projected to Continue in The West Coast

Although rent growth is slowing in some cities in the United States like St. Louis MO, thanks to recent data from Zillow we know that rent prices are projected to continue growing in the West Coast, especially in cities like San Diego, where rents are projected to grow by 4.7 percent, and in Phoenix where rents are projected to grow by 4.6 percent.

More Millennials Are Expected to Buy This Year Instead of Rent

During the recent “Great Recession”, many Millennials were faced with declaring bankruptcy and saw huge damage to their credit scores. With bankruptcy lasting on a credit score for up to 10 years, many Millennials who were formally in “credit hell” are finally seeing their credit scores get back on track to pre-recession levels and will be thinking about buying homes this year instead of renting.

Even though fewer Millennials will be renting than in years past, the rental market as a whole is projected to grow through 2025, while homeownership is expected to decline to 60.8 percent, the lowest level it’s been since the Eisenhower Administration (1953-1961).

2017 Will Be the Year for You to Make Renovations to Your Rental Property

If you’ve been thinking about making renovations to your rental property, 2017 should be the year for you to do it because thanks to recent changes in immigration policy from the Trump Administration we know that the labor market is getting tighter than in years past and fewer laborers are coming to the United States from countries like Mexico.

With fewer laborers on the market than before, skilled workers have been charging more, and this means that if you’ve been thinking about making renovations to your rental property you should make them soon or face even higher labor costs once you do finally make those renovations.

Get Property Management Here

Do you own rental properties in San Diego, Phoenix or Las Vegas? If so, contact GoldenWest Management for a property management quote by calling us at (866) 545-5303 or click here to connect with us online.

5 Ways to Fill Your Vacant Las Vegas Rental Property FAST

 

By GoldenWest Management

Searching for effective ways to fill your vacant Las Vegas Rental Property fast? If so, you’ve come to the right place!

There’s nothing worse than having a vacant rental property, especially if you have done everything you can think of to make your rental property as attractive as possible to potential renters, thankfully you can get it filled fast by following these tips.

Tip #1 – Double Check Your Rent

Although most landlords have gradually increased rents on tenants at their Las Vegas Rental Properties over the last two years, the reality is that not every rental property qualifies for a rent increase and before asking for more money for rent you should do a comparable analysis of other rentals in Las Vegas to make sure that potential sticker shock of your rental isn’t scaring away potential tenants.

Tip #2 – Improve the Ad for Your Las Vegas Rental Property

You may be an experienced landlord but the reality is that if the ad for your Las Vegas Renal Property doesn’t have an appealing ad with a great headline, awesome photos, or lots of information about amenities, availability, and location, your ad may be creating more questions than answers for potential tenants.

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Tip #3 – Bring Your Unit Up to Date

When was the last time you brought your rental property up to date? If it was two presidents ago then you should invest the time and money into updating things like appliances, carpeting, paint and other cosmetics to make your home, townhome, condo or apartment more appealing to potential renters.

Tip #4 – Think About Allowing Pets

Yes, you may have been against allowing pets at your Las Vegas Rental Property in the past but the reality is that allowing pets may open up your rental property to a large pool of prospective renters who also own pets and are searching for the right rental property.

Tip #5 – Ask Your Current Tenants for Referrals

Do you have one or more tenants at your Las Vegas Rental Properties who have been renting from you for one year or longer? If so, you shouldn’t hesitate to ask them for referrals because they may have friends with similar personalities as them who are searching for rentals in the Las Vegas area.

Get Las Vegas Property Management Here

For affordable and reliable property management for your Las Vegas Rental Property contact GoldenWest Management today by calling us at (702) 685-7696 or click here to connect with us online.

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Las Vegas Property Manager

Modern Colorful Apartment

Do you need a Las Vegas property manager to professionally manage your portfolio of Las Vegas Rental Properties? If so, contact GoldenWest Management today by calling us at (702) 685-7696 or click here to connect with us online.

Your Las Vegas Property Manager

Located at 6720 Via Austi Parkway, Suite 170 in Las Vegas, GoldenWest Management specializes in full-service property management including tenant screening, tenant placement, rent collection, maintenance and so much more,

Our full service property management team will save you the time, money and hassle of managing your rental property yourself so you can focus on spending more time with your family, growing your portfolio of rental properties, and enjoying more ROI from your rentals since you no longer will have to be involved in the day-to-day aspects of property management.

Property Management Brings Peace Of Mind

Tired of managing your rental properties yourself? When you hire GoldenWest Management to professionally manage your rental properties you can have confidence that our team of professional Las Vegas property managers will manage your rental properties for you so you can focus on spending more time on growing your portfolio of rental properties and doing the things that you love.

More people are moving to Las Vegas than ever before and you’re going to need professional property management if you want to capitalize on the demand for rental properties in this area while growing your portfolio of rentals.

Learn more about the services we can offer you by calling us at (702) 685-7696 or click here to connect with us online.

Tips for Winterizing Your Las Vegas Rental Property

Las Vegas Rental Property

By Goldenwest Management

LAS VEGAS, NV. – Fall is officially here and even though the days are still warm, the nights are starting to cool down fast, and if you own Las Vegas Rental Property now is a great time for you to winterize your property by following these tips.

#1 – Change the Furnace Filter

Changing the furnace filter at your Las Vegas Rental Property is by far one of the most important things you should do since a dirty air filter will restrict the flow of air from your furnace and this will not only increase your tenant’s energy demand, it will also make your furnace work harder.

To increase the energy efficiency of the furnace at your Las Vegas Rental Property you should consider switching to an electrostatic filter, or permanent filter, because both of these filters are better at trapping pollen from entering a rental property, stopping mold growth, and keeping your tenants from illness during the winter.

Replacing the filter on the furnace at your Las Vegas Rental Property will cost you anywhere from $5 to $30 depending on the type of filter you use. Another great ideas is to call an experienced HVAC professional and spend $50-$75 so they can do a thorough diagnostic of your furnace to make sure that it’s running correctly. In addition to a quick tune up, they usually will replace your air filter at no cost.

#2 – Got Ceiling Fans? Make Sure They Are Switched To Reverse

If your Las Vegas Rental Property has ceiling fans, you should have them cleaned and then switched to reverse. Locate the small switch located on the base of the fan and flip it to the opposite setting. Doing this will circulate air towards the ceiling and then back down to the living space, making the rental warmer and effectively lower your tenant’s energy bills during the winter by 10 percent or more!

#3 – Winterize Your Air Conditioner

Although some people may use their air conditioners during the winter in Las Vegas, most will not use them again until the spring or summer of next year. To ensure that your air conditioner or chillar works great next year you should have it winterized now by draining any water or fluid from the lines so it doesn’t build up and freeze during the winter months.

Winter is also a great time to replace air conditioners too so if you’ve been thinking about replacing the AC at your Las Vegas Rental Property you should replace it within the coming months because not only will it be a tax write off, you can also qualify for tax credits and reimbursements from the Federal Government.

#4 – Check Your Roof and Gutters

Yes, even though we don’t get much rain in Las Vegas during the year, winter is another story, and it’s possible that we may have the occasional downpour, so now is also a good time to winterize the roof on your Las Vegas Rental Property by checking for tile or shingles that need to be replaced. You should also inspect the gutters on your rental home as well and remove any leaves or debris that have built up during the year.

Now is also a great time of year to make sure your tenants renters insurance policies are still active, and you should also confirm that you have adequate insurance covering your Las Vegas rental property too.

Get Property Management for Your Las Vegas Rental Property

For professional property management for your Las Vegas Rental Property contact Goldenwest Management today by calling us at (702) 685-7696 or click here to connect with us online.

What Is Considered “Normal Wear and Tear” in Las Vegas Rental Property?

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By Goldenwest Management

LAS VEGAS, NV. – If you’ve owned Las Vegas rental property for any length of time you know that the security deposit return can often be a headache. Some property owners will do everything they can to keep as much of the security deposit as possible citing “wear and tear” but, what exactly is “normal” wear and tear?

In this article, we will break down wear and tear so you will know how to address this issue with your tenant after they have moved out of your Las Vegas Rental Property.
Defining Wear And Tear

Thanks to uslegal.com we know that normal wear and tear can be defined as deterioration that’s unavoidable and has come from normal use in a rental property.

Nevada Landlord Tenant law (NRS 118A.110) 

NRS 118A.100 “Landlord” defined. … NRS 118A.110 “Normal wear” defined. “Normal wear” means that deterioration which occurs without negligence, carelessness or abuse of the premises, equipment or chattels by the tenant, a member of the tenant’s household or other person on the premises with the tenant’s consent.

When thinking about normal wear and tear some examples might include paint that is has chipped away from the walls, carpeting that needs cleaning or normal holes in the walls from tenants hanging pictures, shelves etc.

Nail holes (not load bearing screws); minor scrapes and scratches; minor chips in tile or wood; minor fraying or track patterns in a carpet.

Normal Wear And Tear vs. Abnormal Wear And Tear

Normal wear and tear, or unavoidable deterioration, is to be expected, especially when you consider that an average tenant will be renting from you for an average of 12 months.
Each state has a “calculator” to cover what percentage of damage for things such as painting and flooring a Tenant would be responsible after living at a property for a certain period of time (obviously the longer you live there, the less percentage you could feasibly be responsible). In addition contratary to popular belief, you can’t paint your whole house or change all your carpets (I know they won’t match perfectly) based off damage to a different section/area in the home.

Abnormal wear and tear can be anything from an obvious hole that your tenant kicked in the wall, broken windows, broken fixtures, oil stains on the carpets, cigarette burns, or broken window coverings.

Work With Your Tenant, Not Against Them

It’s obvious to clearly define what normal wear and tear are and if you’re serious about maintaining a great relationship with your tenant from start to finish you should take pictures of the rental property before they move in and afterwards so they are aware of the impact that they’ve left on your Las Vegas Rental Property.

What matters is proper documentation – We can’t work things out as landlord and tenants if we don’t have a solid foundation for what the condition of the property was like at the time of move-in. Landlord – when was the last time the home was painted? Flooring was changed? Did both Tenant and landlord take photos or at least fill out a MIWT form at the beginning of lease? Understanding the definition of “normal wear and tear” and then applying this to a Move-out inspection that has already documented a significant (or not) change to the home from move-in is what is necessary for both parties to reach common ground.

Get Property Management for Your Las Vegas Rental Property

For professional property management for your Las Vegas Rental Property contact Goldenwest Management today by calling us at (702) 685-7696 or click here to connect with us online.