How To Get Started With Buying Las Vegas Rental Property

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A Step By Step Guide by GoldenWest Management, Inc

Investing in Las Vegas Rental Property is one of the best ways for you to begin to build wealth and establish long term cash flow for your family.

If you’re thinking about buying an Investment Property for the first time here’s how you get started with buying your first property in a step-by-step process.

Step 1 – Do Your “Homework” First Before Buying

Competition in Las Vegas is fierce among rentals…Its important to ask yourself these questions:

  • Where do you want to purchase a rental property?
  • What type of rental do you want to buy and why?
  • Which neighborhood do you want to purchase a rental property in?
  • What is the average rent in the neighborhood where you want to buy a rental?
  • What is the return on investment (ROI) you can expect from your rental property?

Step 2 – Get Financing For Your Rental Property

Contact a lender or mortgage broker to get pre-approved for a mortgage loan.

Make sure you speak with at least 2 or 3 lenders or mortgage brokers since mortgage interest rates are the lowest they’ve been in decades and you will be able to get an excellent mortgage interest rates.

Keep in mind that many condo developments will not allow all types of financing, and often only accept cash offers due to loan restrictions.

Step 3 – Create A Plan And Stick With It

Once you know the rental you want to purchase it’s important to create a plan to start searching for rental properties which match your search criteria and not get distracted by other properties which don’t match what you’re searching for in a rental.

Many people fall for homes which have big yard spaces or nice kitchens but then forget to stick with their budgets and if they are unable to rent their Las Vegas Rentals out they end up getting stuck with paying a second mortgage payment for a home they are not even living in.

Step 4 – Hire a Las Vegas Property Management Company

Last of all, but most important, hire a Property Manager to professionally manage your rental property. Do it before you close escrow so they can help market and guide your fix-up questions before you have to start paying the mortgage.

This step will save you the time, money and hassle of having to manage your rental on your own and it will ultimately free up your time to focus on buying another rental and growing your portfolio.

Learn more about how GoldenWest Management, Inc can help you by clicking here to connect with us online or by calling: (702) 685-7696.

Las Vegas, Nevada Rental Property – 3 Tips For Increasing The Value Of Your Single Family Home

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By Jayson Yoss

Las Vegas, Nevada – So you want to renovate your Las Vegas, Nevada Rental Property but aren’t sure what renovations you should make to your single family home.

There’s no denying that the Real Estate market is changing, and the renovations property owners were making to their homes last year are not always the same as those in demand this year. In Today’s post we will share with you 3 tips you can use to increase the value of your single family home.

Tip #1 – Make Your Home More Energy Efficient

 In 2015 most renters are not just searching for a home which has 3 bedrooms, 2 bathrooms and plenty of square feet, they are searching for rental homes which are energy efficient and environmentally friendly as well.

You should consider adding energy efficient windows, low flow water faucets and one or more dual flush water closets to your home because, this will help your rental property to be more energy efficient, while helping your renter to save money as they lower their carbon footprint at the same time.

You also have to point out these cost saving features to your Tenant. If you show them that they are saving $80 per month in their electric bill, they want to choose your home over a comparable property down the street.

#2 – Kitchens and Bathrooms – Your money maker

We all know that most people spend a lot of time in their kitchens for everything besides just cooking this is why you should renovate the kitchen for your Vegas Home. But not everyone wants to spend $25,000 on upgrades so here are some good pointers:

  • Back splash – you may not change the counter, but a nice back splash will make your kitchen “pop.”
  • Upgrade the lighting – recessed lights, drop lights, but whatever you do get rid of those old fluorescent light fixtures. You can even get bold and go with contrasting color pendant lights.
  • Accessorize – Add new knobs, handles, hinges wherever possible. For the bathroom, picture frame mirrors are the new trend and give you multiple options for later changes or upgrades.

#3 – Finish the Garage

Unlike in years past when the typical search criteria for a Las Vegas rental property didn’t mention anything garages except how many spaces, now you need to set your home apart.

Get rid of those unfinished walls; add a small set of cabinets, and if epoxy your garage floor. It is a cost effective way to set your home apart and make the renter who “loves her car” or “needs a space for tools and storage” to know that your house is “the one.”

Get More Las Vegas, Nevada Rental Property Tips Here

Speak with our team of experienced property managers about renting your Las Vegas Nevada Rental property, contact Goldenwest Management today by clicking here or calling us at (702) 685-7696.