Should You Sell or Rent the Las Vegas Rental Property You Inherited?

Should You Sell or Rent the Las Vegas Rental Property You Inherited? - Article Banner

Inheriting a property in Las Vegas is one of the easiest ways to set yourself up as a real estate investor. You can begin earning money on that home without making much of an investment yourself. 

Or, you can sell the home and make some money. The Las Vegas real estate market is hot, and if you have no interest in holding onto the asset for the long term, it may seem like a more attractive option to sell the home and move on. 

There are a few immediate details you’ll need to take care of while you weigh your options. 

For example, did you inherit this property on your own or do you own it with other people? If you’re not the only decision-maker, you’ll have to pull everyone together and decide what to do. 

If you’re on your own, though, you basically have three options. You can live in the property yourself. You can sell it. Or, you can rent it out. 

You likely already have a home of your own and no immediate plans to move. So, you’ll have to decide if it’s better to rent or sell. Ultimately, the decisions will come down to a few things:

  • Your current financial status
  • Your future financial goals
  • The condition of the property
  • The strength of the local sales and rental market
  • Whether you want to be a landlord

Maybe you’re emotionally connected to the property. It could be a house you once lived in yourself. Those emotions are going to influence your decision, too. 

As Las Vegas property managers and real estate experts, we’re always advising people who aren’t sure what to do with a property that they have no intention of living in. 

Here are some of the things to think through as you decide whether it’s better to sell the property or rent it out.

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How to Determine if a Las Vegas Rental Property Is a Good Investment?

How to Determine if a Las Vegas Rental Property Is a Good Investment - Article Banner

You’ve made a good decision if you’ve decided to invest in Las Vegas rental property. In this market, the rents are climbing, there’s a large pool of qualified tenants, and home values are rising. It’s a competitive market, but the home prices in Las Vegas are still attractive, especially compared to other U.S. cities.

To have a profitable investment experience, however, you have to buy the right property.

How do you know if a potential opportunity is a good investment?

That will depend on several things, starting with your own investment goals.

You’ll have to work around the current market trends and the local tenant demands when you’re selecting a good investment property. While the right acquisition will depend on why you’re investing and what you’re hoping to achieve, several things will tell you right away whether a property you’re considering has good rental investment potential.

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5 Most Important Steps in the Property Management Process

effective property management processes

What steps are most important when it comes to the property management process? There are many property management tips and tricks, but these 5 steps are the most important for a successful rental investment. Tenant screening, repairs and maintenance, vacancy marketing, lease agreement, and rent collection.

Strawberry Realty – Providing Credit Reporting in 2022

Reporting tenant rent payments to credit bureaus

LAS VEGAS, NEVADA December 30th, 2021

Beginning in early 2022, Strawberry Realty – Property Management in Las Vegas will provide a credit reporting service that reflects rental payments made by tenants. This integration will be provided for all clients and tenants automatically.

With this new system in place, Strawberry Property Management Las Vegas will report tenant rent payments to credit reporting agencies such as TransUnion and Equifax. Tenants do not need to opt into this service; it’s set to be provided beginning in the New Year to every resident renting a home from the Las Vegas property management company.

This program will report both positive and negative payment patterns. It will also report any unpaid debt owed by tenants who moved out.

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Best Practices When Tenant Screening your Las Vegas Residents

Best Practices When Tenant Screening your Las Vegas Residents - article banner

Placing tenants is one of your most critical responsibilities when you have a Las Vegas rental property. You want to make sure you’re placing a tenant who is responsible, reliable, and likely to pay rent and maintain your property. Tenants who haven’t been screened properly can be risky. They may pay rent late or not at all. They may damage your home or break your lease. 

Put together a tenant screening process that allows you to get a good understanding of who you’re welcoming into your investment home. Here are some of our best practices when we’re screening residents for our owners and investors. 

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How to Avoid Long Term Vacancies | Las Vegas Property Management Tips

How to Avoid Long Term Vacancies as a landlord

A vacant rental home is risky for owners and investors in Las Vegas. You’re not earning any income, and you’re also putting your investment at risk. Unoccupied properties can be targets for thieves an vandals. On top of losing rental income, you’re also required to pay out-of-pocket for turnover expenses. Those can be expensive, especially if a lot of work is needed to repair your property for the rental market.

What Owners Need to Know about Nevada’s Updated Landlord/Tenant Laws

Nevada’s Updated Landlord/Tenant Laws

When you’re renting out your property in Nevada, you need to stay on top of the rental laws that dictate how you manage your property and your tenant. Sometimes, the changes can be head-spinning. 

Why property managers won’t use your handyman

Cheap vendors cause more problems and cost landlords more money

Many rental property owners want a property manager to use the landlord’s vendors for repairs or cleaning. That typically causes more problems and expense. Here we explain why property managers don’t want to use your handyman or cleaners.

Do You Have to Evict Your Tenant? Why You Should Hire a Professional Las Vegas Management Company

Do You Have to Evict Your Tenant - article banner

Evictions have been difficult over the course of the pandemic. The federal moratorium has made it nearly impossible for Las Vegas rental property owners to remove tenants who cannot pay their rent.  However, that eviction moratorium is coming to an end, and federal courts have recently struck down the ban on evictions. If you have … Read more

What Nevada Landlords Need to Know About the New Law AB486

What to Know About the New Law AB486 - article banner

The Nevada State Legislature recently passed Assembly Bill 486, which protects tenants from being evicted under a specific set of circumstances, until June 2023. This expiration date conveniently lines up with the next state legislative session.

What this means for Nevada landlords is,

  • Eviction for nonpayment of rent is much more difficult.
  • Nevada landlords cannot use a “no-cause” eviction if the tenant is in default of rent at the time the notice is served.
  • Tenants may not be evicted for nonpayment in Nevada if:
    • they have a pending application for rental assistance
    • the landlord refuses to accept the rental assistance
    • the landlord refuses to cooperate with a rental assistance program

It is important to note that AB 486 is not applicable to serious nuisance issues, unlawful subletting, unlawful business activities, foreclosure, commercial evictions, or in case of extreme lease violations like drug violations or property damage. It is applicable only in case of nonpayment.

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