Should You Invest in Home Staging?

On August 31, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Should You Invest in Home Staging? “If you are selling a Las Vegas home this fall, engage a Las Vegas staging professional to make your house look its best.” If cost weren’t a factor, most everyone would agree with that advice. But is staging really worth the price? Can staging in Las Vegas actually help […]

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Should You Invest in Home Staging?

“If you are selling a Las Vegas home this fall, engage a Las Vegas staging professional to make your house look its best.”

If cost weren’t a factor, most everyone would agree with that advice. But is staging really worth the price? Can staging in Las Vegas actually help you sell your home? Of course, without being able to predict the future, a definitive answer isn’t possible. But there are at least three convincing reasons why a Las Vegas home seller should at least consider making the investment:

Money

A recent study by a leading national real estate company found that staged homes sold for over 6% more than did unstaged homes. We’re used to seeing this kind of statistic offered by staging professionals themselves, but this time it’s confirmed by a less-interested source. One reason could be that a staged home feels like more than an empty box. A Las Vegas staged home can help buyers to imagine themselves living in the home. The result is higher perceived value—the key to more motivated offers.

Time

The same study showed that staged homes sold twice as quickly as their non-staged counterparts. Well-executed staging can subtly communicate the kind of professionalism that instills trust: these people know what they’re doing. Chalk the swifter sales up to eager buyers whose sales resistance is lowered by the staged home environment.

The Online Factor

Imagine this: You are comparing two online listings for homes. Although they have similar features in the same price range, one seems sterile and empty, the other well-maintained and impeccably designed. Which home would you want to buy? With the prevalence of online listings, it’s becoming more and more important to have a photogenic home—one staged to draw attention to features like fireplaces, or that showcases kitchens or beautiful windows. These features might otherwise fade into the woodwork if they lack the bit of furniture and the few artistic touches designed to draw the eye.

By personalizing what would otherwise feel like empty space, a well-staged home can appeal to the emotional side of buyers, inviting them to imagine their life in your home. And a staged home is obviously well-kept—an important cue that will help it stand out in a crowded market.

Whether you decide to stage the home yourself or invest in a Las Vegas staging professional, the evidence is clear: a staged home is more likely to become a sold home. If you will be listing your home this fall, why not contact me today for information on reputable home staging companies? I can also offer a host of other current marketing ideas to put a ‘sold’ sign in front of your property!

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

Las Vegas Home Sales Ramp Up for a Bustling Fall Market

On August 29, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Las Vegas Home Sales Ramp Up for a Bustling Fall Market With summer drawing to a close (say it isn’t so!), it’s time to cast an eye towards the prospects for this year’s fall home sales market. Fall can be a great time to list a home, but it can be especially opportune for luxury […]

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Las Vegas Home Sales Ramp Up for a Bustling Fall Market

With summer drawing to a close (say it isn’t so!), it’s time to cast an eye towards the prospects for this year’s fall home sales market. Fall can be a great time to list a home, but it can be especially opportune for luxury home sales in Las Vegas. It’s a season that traditionally brings out serious buyers—those looking to find a home and complete the move before the holidays. If you are selling a property that falls into the luxury home category, before you roll up your sleeves and get to work in earnest, here are some broad-brush pointers real estate writers cite most often:

Make Sure You Work With the Right Agent

Before you even begin other preparations, you can make the most efficient use of your time by first being sure you have recruited the right agent. Aim for a professional who has earned a reputation for successful luxury home sales in Las Vegas. A solid portfolio is the best demonstration that you’ve identified someone with the know-how (and the right contacts) that so often make the difference in luxury home sales.

Details Matter

Even more than with an average listing, Las Vegas luxury home sales depend on every detail being well handled. Don’t just have the windows cleaned—scour the screens, too. Don’t just put out a vase of flowers in the dining room—where tasteful, think about placing them by the beds; in the bathrooms, too. Make sure the entryway is always clear at every showing. In short, sell the dream of the picture-perfect luxury home. By treating every detail with care, you validate your luxury-level asking price!

Highlight Features

You know your property best—which gives you valuable insight into the features that make your home a standout. Make a list of additions, enhancements and luxury touches you have added, and other elements that would make any new owner proud. Where is the light most magical? When do the gardens burst with color? Your agent can determine which details will have the most impact in the each of the marketing media.

Know What to Expect

With luxury home sales, it’s a good idea to always keep the nature of the market in mind. Luxury home sales in Las Vegas can happen quickly, but more often than with an average property, success can take a little longer. A good agent will let you know how long similar homes have taken to sell in your price range—it’s useful background knowledge. Most often, the key to luxury home sales is the quality of showings rather than the quantity.

If you’d care to hear more about what we can expect for this fall’s luxury home sales in Las Vegas, contact me today. I’ll be happy to share an up-to-the-minute market analysis—the best way to project the outlook for the upcoming market.

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

Las Vegas Residents’ Credit Scores Could Improve Under FICO 9

On August 24, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Las Vegas Residents’ Credit Scores Could Improve Under FICO 9 For any Las Vegas resident who has ever been stymied by seemingly arbitrary (or, put another way, nutty) lowering of his or her all-important credit score, next month’s beginning rollout of Fair Isaac’s new credit score model should be welcome news. It will be known […]

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Las Vegas Residents’ Credit Scores Could Improve Under FICO 9

For any Las Vegas resident who has ever been stymied by seemingly arbitrary (or, put another way, nutty) lowering of his or her all-important credit score, next month’s beginning rollout of Fair Isaac’s new credit score model should be welcome news. It will be known as “FICO 9”—and promises to correct a few of the previous model’s inadequacies.

Why now? It’s been six years since San Jose’s Fair Isaac Co. last tinkered with their credit score methodology. Hmmmm…it’s been six years, too since the financial crisis of 2007-08, which Wikipedia correctly describes as “a major global recession characterized by various systemic imbalances…including high levels of household debt…”

You might expect that the accuracy of many a Las Vegas credit score could have been thrown off-kilter during the crisis—if not throughout the painfully slow recovery that’s followed. If, for example, someone is laid off, then suffers a sudden medical emergency, a formerly spotless credit history would be seriously distorted. Add in regulatory pressure on the banks, and many truly responsible individuals could suffer unfairly. As The Wall Street Journal summarized in a recent article: “Since the recession, many lenders have approved only the best borrowers, usually those with few or no blemishes on their credit report.”

Keep in mind that the whole purpose of a FICO credit score is to help lenders predict the likelihood that an individual will repay a debt. Lenders pay for accuracy in credit scores—and last year they bought 10 billion of them!

BUT…because of two specific problem areas, the scores gradually were becoming less reliable as predictors. First, there was the fact that once a bill was sent to collection, it showed as a black mark—one that could lower a credit score by as much as 100 points—even after it was paid. For as long as seven years after it was paid! So FICO 9 will not penalize borrowers with a collection on their report once no balance remains.

Then there was a problem with medical debt scoring. According to WSJ, as of last month, more than 64 million consumers had a medical collection on their credit report. That would account for many a Las Vegas credit score being adversely affected—sometimes even when it had been an insurance company which rejected the charge…and sometimes when the consumer wasn’t even notified of the situation! Worse yet, when a Consumer Financial Protection Bureau report came out in May, it found that many borrowers’ credit scores weren’t being raised even after they repaid such a debt. FICO 9 will count medical debt sent to collections as less important than other kinds of debt.

The new scoring changes are expected to ease access to loans—Las Vegas mortgage loans included—without materially raising the risk exposure to lenders. But if history is any indicator, wholesale rejoicing may have to hold off for a while, because mortgage lenders can be slow to adopt changes in credit scoring.

Nevertheless, if you are soon to start looking for a new Las Vegas home, I’d recommend checking your current credit report to be sure all is accurate. Then call me!

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

Las Vegas Virtual Tours Can Be Shot with Your Own iPhone

On August 24, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Las Vegas Virtual Tours Can Be Shot with Your Own iPhone A newly-updated NAR survey confirms that 51% of agents with smartphones use iPhones. This fact is hardly startling, since these phones have been such a boon to the real estate business. Today’s agent can use apps to quickly scan and electronically sign documents, instantly […]

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Las Vegas Virtual Tours Can Be Shot with Your Own iPhone

A newly-updated NAR survey confirms that 51% of agents with smartphones use iPhones. This fact is hardly startling, since these phones have been such a boon to the real estate business. Today’s agent can use apps to quickly scan and electronically sign documents, instantly get property details for clients, access key boxes—it’s almost hard to remember how we got along before!

But what about the 9% of homeowners who choose to go the FSBO (For Sale by Owner) route? As many a do-it-yourself home seller has learned, just planting a sign in the front yard does not constitute much of a marketing campaign. For those who will be selling a Las Vegas home this fall, creating a virtual tour is an all-but-indispensable way to take advantage of all an iPhone has to offer. For anyone who would like to shoot a virtual tour as a market aid, here’s the lay of the land:

· A Las Vegas virtual tour doesn’t need to be an all-out professional Hollywood production. You can keep matters as simple as possible using nothing more than your iPhone’s camera.

· More ambitious self-producers can invest in devices like the GoPano. This attaches to your phone: its curved mirror collects light and streams it into the camera as you walk. The free app converts the image into a moving scene which allows viewers to pan in any direction.

· If your Las Vegas virtual tour will be assembled without any add-on equipment, it’s still possible to meld your photos into panoramas using one of the many apps devised for that purpose. Just make sure the results meet your quality standards—not all apps are created equal.

· Follow the conventional tips for video shooting: in motion, walk slowly, keeping the iPhone as steady as possible. For stills, an iPhone tripod is a valuable addition. Not only does it prevent hand motion blurring; it also allows you to rotate the camera for a 360-degree view.

· Free or low-cost apps allow you to assemble your virtual tour from stills and video. Search for “real estate virtual tours” in the app store for a comprehensive list. Look for apps that have high ratings—especially those that score well on the ‘user-friendly’ scale. You can also find services through the app store that will take your uploaded images and create the tour for you.

· After you have made your Las Vegas virtual tour, if at all possible, preview the result on an iPhone, iPad, PC, and an Android device. It’s an unfortunate fact that a virtual tour that plays well on one device does not necessarily display the same way on the others. If you used an app to create panoramas, you should definitely watch it on a PC before releasing it to be sure the image quality is adequate on a larger screen.

Virtual tours in Las Vegas listings are just one part of an effective Las Vegas real estate marketing effort. Of course, the easiest way to have a professional-looking production is to forget about FSBO altogether and just call me! After all, it’s my full-time job to create and assemble a comprehensive marketing plan that gets your home sold for top dollar.

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

 

Las Vegas Foreclosed Home Market Echoes National Trend

On August 22, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Las Vegas Foreclosed Home Market Echoes National Trend If you’ve been following foreclosure news, you already suspect that cashing in on foreclosed home opportunities in Las Vegas must be getting more difficult. According to CoreLogic’s Insights report at the end of last month, foreclosure inventory across the nation had dropped 35% from a year earlier. […]

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Las Vegas Foreclosed Home Market Echoes National Trend

If you’ve been following foreclosure news, you already suspect that cashing in on foreclosed home opportunities in Las Vegas must be getting more difficult. According to CoreLogic’s Insights report at the end of last month, foreclosure inventory across the nation had dropped 35% from a year earlier. Whenever the number of available bank-owned homes shrinks, the tighter market produces some predictable results: the best deals are usually snatched up quickly with multiple offers and/or higher-than-asking prices, while questionable deals—foreclosed homes priced over market or requiring too many dollars in repairs—seem to predominate.

If you are investigating the market for foreclosed homes in Las Vegas, that doesn’t mean you will have to settle for a dubious acquisition. It does mean that you should plan to do some tough-minded calculating (with a freshly sharpened pencil)!

If you are newly interested in buying a foreclosed home in Las Vegas (and some good ones are still coming onto the market), experienced foreclosed home buyers tend to agree on some basic precepts:

1. Factor in All Costs

A very low price tag on a Las Vegas foreclosed home is a tempting opportunity—and a signal that you’ll need to do more than the usual amount of investigating. Especially in a tight market, a price that’s lower than expected often signals a high degree of disrepair that will require a great many improvements—ones the previous owners weren’t able to make. Such a deal can still be worthwhile, but requires doing the research to determine what kind of time and money it will take to make the place livable.

2. Offer Your Best

Whenever the foreclosure market tightens, the properly priced offerings begin to sell quickly. If so, when you find a foreclosure you know is one you want, be prepared to write your best offer earlier rather than later. If the home is attractively priced, it’s risky to go in low, hoping to nudge the banks’ price lower. It will be worth spending the time to double-check the comps and fine-tune your initial offer. If you don’t, it is increasingly likely that someone else will.

3. Work with a Specialist

Since all real estate agents don’t have the same amount of experience, if you’re looking to purchase a Las Vegas foreclosed home, there’s no substitute for working with someone who is well-versed in these specific transactions. Not only will an experienced agent be able to help you identify prospective buys, but dealing with the bank to successfully nab a foreclosed home isn’t always a cut-and-dried process. It may take more than one attempt before you succeed in writing a winning offer—but whatever it takes, it’s certain you’ll be ahead of the pack when you have a knowledgeable pro by your side.

Thinking of buying a home this fall? Whether you’re specifically searching for a foreclosed home in Las Vegas —or simply looking for your next home—I’m here to provide the resources and up-to-the-moment information that helps create winning offers!

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

Choose a New Las Vegas Home That Addresses Tomorrow’s Needs

On August 20, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Choose a New Las Vegas Home That Addresses Tomorrow’s Needs “At the end of the day…” “The bottom line…” “When all is said and done…” The final verdict on whether any activity is ultimately deemed a triumph comes down to how successfully it addresses future circumstances. It’s especially relevant when you find yourself at the […]

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Choose a New Las Vegas Home That Addresses Tomorrow’s Needs

“At the end of the day…” “The bottom line…” “When all is said and done…”

The final verdict on whether any activity is ultimately deemed a triumph comes down to how successfully it addresses future circumstances. It’s especially relevant when you find yourself at the outset of searching for a new Las Vegas home.

That’s not always as easy as you might think. The pressures of the moment (especially when the change of residence is mandated by outside factors—like a job transfer or quickly approaching school registration deadline)—can loom so large that when you find a house that’s perfect for the family now, second thoughts about the distant future don’t even surface.

Better idea: before you even start, take a breath! The search for your new home in Las Vegas will ultimately be much more successful when you start out with an unhurried appraisal of your family’s requirements, not only as they are in the immediate future, but further downstream as well.

To accomplish that, the first order of business is to make as good an approximation as you can of the likely longevity of your family’s stay in your new home. If it’s quite likely that you’ll be moving in five years or less, your planning horizon can more comfortably center on today’s requirements. If a longer stay is possible, longer-term considerations really need to be addressed seriously. Not doing so can wind up creating a lot of extra effort and expense you might have been able to avoid.

Of course it’s the unique makeup of the household that will determine the size, type and features you target for your new home in Las Vegas. Especially when children are part of the picture, their ages will be a leading factor in your house hunt. Families with toddlers usually find themselves automatically gravitating towards properties with smaller, more contained yard spaces that are easily child-proofed. But when they hit the 5-to-10 year-old age group, the target is more likely to include properties with ample space for children to play—and a neighborhood with a lot of other kids. It’s an important time for them to be discovering their talents, interests and abilities.

It might seem to be an abstraction right now if you are under the gun, but later on, how valuable might it be to have a house with a guest suite on the main level for visiting in-laws? And if the kids are nearing adolescence, most parents and their offspring will value a new home that enables the teen to have a room of her or his own—welcome respite for everyone!

If there truly is no way to realistically appraise how long your stay will be, rather than just shrugging off the possibility of taking the long term into account, you might be on the lookout for a new Las Vegas home that features a layout with a lot of flexibility, such as one with a semi-detached bedroom that could be converted into an office (or even rental space).

Buying a new home in Las Vegas is always a substantial commitment—one that warrants going the extra mile to project how it will fit your unique household now and into the future.

If you will be looking for a new Las Vegas home in this fall, I hope you’ll contact me to discuss today’s choices and those that will be coming on the market!

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

Las Vegas Property Type Wording Shapes Buyer Expectations

On August 19, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Las Vegas Property Type Wording Shapes Buyer Expectations If you are preparing to sell your property in Las Vegas this fall, it’s worth considering what the marketing angle will be: how to characterize it most accurately—and appealingly. It starts with the choice of wording for your home’s property type, which will set up prospective buyers’ […]

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Las Vegas Property Type Wording Shapes Buyer Expectations

If you are preparing to sell your property in Las Vegas this fall, it’s worth considering what the marketing angle will be: how to characterize it most accurately—and appealingly. It starts with the choice of wording for your home’s property type, which will set up prospective buyers’ expectations before they come upon the more detailed description.

Cottage or Bungalow

This property description instantly conjures up images of a small, cozy, picturesque Las Vegas property. Buyers attracted to a cottage are likely to appreciate features that indicate economy and efficiency. The marketing message can emphasize practicality and the charms of a compact, tidy, easily maintained living space.

Penthouse

This type of condo or co-op once indicated position on the upper floor of a tall building, usually set back from the outer walls—but today, any top floor unit can be considered a penthouse. Buyers attracted to penthouse living are luxury-minded: in the market for the best of the best. Marketing materials should emphasize luxury additions and upscale neighborhood features: everything that sets the property above the crowd. If your penthouse has a great view, it might be appropriate to consider hosting a twilight open house (cocktails optional!).

Condo

Condos can be smaller and less expensive than single-family homes, though depending on location, finish and amenities, today that’s not always the case. With the lion’s share of maintenance taken care of by the monthly condo fees, this type of property can be marketed to appeal to first-time buyers; to homeowners who are downsizing; to those with multiple residences; or to anyone who’s simply had it with yard work! One of the main advantages of condo living is also its strongest selling point: convenience.

Cabin

A property in town that fits the “cabin” description should be in large part rustic and suited to relaxed, informal living. Its marketing can be geared to buyers looking for a Las Vegas property without many of the bells and whistles expected in other kinds of single family dwellings. A cabin can actually have luxurious features–if so, the key will be presenting them without overplaying the home’s true atmosphere.

Townhome

A typical Las Vegas townhome incorporates more square footage of living space than does a condo. It tends to appeal to budget-conscious prospects who desire for independence falls midway between single family dwelling and condo. Townhomes can really appeal to a wide variety of buyers in different life stages, so a more neutral lifestyle message is usually appropriate…townhomes can be just as attractive to a single empty nester as to a newly married couple expecting their first baby.

Estate

All by itself, the word “estate” summonses mental images of the Gilded Age—or Jay Gatsby’s layout. While not every estate looks like the late John Denver’s $10.75 million spread (it just listed in Aspen this month), Las Vegas does have its share of luxury listings. If you will be marketing your Las Vegas property as an estate, do plan to wow your buyers—they’re likely to expect it. Staging, well-designed high-end marketing, catered open houses and discreet private showings can all be part of a successful estate marketing campaign.

Whether your home falls into one of these categories or not, my job as your agent is to figure out how to most attractively market and pitch the property. If you’re looking for an agent to devise the plan that sells your Las Vegas property for top dollar, contact me today for a complimentary consultation.

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

 

 

Rental Homes in Las Vegas Adopt More Pet-Friendly Attitudes

On August 18, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Rental Homes in Las Vegas Adopt More Pet-Friendly Attitudes Owning rental homes in Las Vegas may be a profitable venture, but sometimes the image of a landlord could use a little public relations boost. For instance, the cartoon version of a landlord is the opposite of pet-friendly. Lassie or Puff? Fuhgeddaboudit! That parody landlord attitude […]

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Rental Homes in Las Vegas Adopt More Pet-Friendly Attitudes

Owning rental homes in Las Vegas may be a profitable venture, but sometimes the image of a landlord could use a little public relations boost. For instance, the cartoon version of a landlord is the opposite of pet-friendly. Lassie or Puff? Fuhgeddaboudit!

That parody landlord attitude might once have been pretty much on target—even in rental homes in Las Vegas—because many landlords have traditionally been automatically against pet ownership in their Las Vegas rental homes.

The legit reasons to exercise caution are real enough. Possible stains on carpets, scratched hardwood floors or doors, improperly disposed kitty litter clogging plumbing, dogs barking all day while the tenant is at work—all that can happen. Despite the bad press, though, today’s landlord is much more likely to recognize the benefits that argue for opening their rental homes to pet-doting tenants:

1. Reduced Vacancy Rates

The numbers are undeniable. There is the group of potential tenants with pets, and those without. When a rental is open to pets, the applicant pool includes…well, everyone! More prospective interested tenants decreases the likely downtime for the investment—and the difference hits the bottom line.

2. Higher Quality Applicants

If a rental home’s applicant pool is greater, the landlord’s selection of tenants expands, increasing the likelihood of landing a higher quality tenant. A topnotch tenant (with Fifi) who pays her rent on time is by most counts a better selection than a so-so tenant (without Fifi) who costs time and money to track down for the rent check.

3. Respectful Tenants

It was a surprise to many when a FIREPAW.org survey on pet-friendly housing showed that, on average, damage done to rental properties is about equal between pet-owning and non-pet-owning tenants. It seems that grateful pet-loving renters try harder to keep their rental homes in good condition (or perhaps they have a greater security deposit at risk).

4. Increased Stability

The same survey is clear: statistically, “tenants tend to stay longer in pet-friendly rental units.”

For my clients who decide to accept pets in their Las Vegas rental homes, I recommend taking a few extra preparatory steps. In addition the usual reference verifications, asking for a maximum security deposit and the boiler-plate Pet Addendum are in order—and usually readily accepted. Of course, it’s also necessary to check with the insurance company for breed restrictions, and a good idea to fully document the condition of the property at move-in with photos. If you use a smartphone, email yourself copies of the pictures (and preserve them in a safe format). If you hire a property management company, they will also help you set guidelines and terms surrounding pets.

Looking to buy or sell a Las Vegas investment property in this fall? Then now’s the time to give me a call!

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

 

Investing in Las Vegas Real Estate – Crucial Considerations

On August 15, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Investing in Las Vegas Real Estate – Crucial Considerations If you have been doing groundwork with an eye toward investing in Las Vegas real estate, chances are you’ve also been watching some new national movement in housing sales. Last month’s Real Trends Housing Market Report showed U.S. sales of 5,880,000 units (a 5.1% increase over […]

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Investing in Las Vegas Real Estate – Crucial Considerations

If you have been doing groundwork with an eye toward investing in Las Vegas real estate, chances are you’ve also been watching some new national movement in housing sales. Last month’s Real Trends Housing Market Report showed U.S. sales of 5,880,000 units (a 5.1% increase over June 2013 numbers): “a substantial improvement over the five prior months.” Prices also continued to rise across most of the nation, though at a slightly slower rate. It’s the consistency of the appreciation that has continued to attract investors.

Those investors are drawn for differing reasons—since investing in real estate in Las Vegas can advance a variety of financial strategies. For investors who purchase residences in order to rehab and flip, any continuation of price appreciation and rising sales volume is encouraging news. For others who plan to hold long term to maximize rental income potential, still low mortgage rates continue to undergird a historically attractive environment.

Whether investing in Las Vegas real estate becomes the high point of a portfolio or a footnote depends on such a wide variety of factors that entire books continue to be written about them. Here are a few—with a couple of the ways they can be viewed:

Not only does location play a critical part in how the underlying property is valued, it also can be the deciding factor influencing rental income where rental income is the main goal. Some of the best performing rental property investments can be those located close to transportation and other amenities like restaurants, shopping and parks: key attractions to tenants (and buyer-investors) alike. On the other hand, a good deal in an iffy location can pay off—but only if it passes a critical analysis.

A storied strategy for winning a higher ROI on a Las Vegas real estate investment is to target properties situated in less-developed areas—areas promising a better-than-average pace of development in subsequent months or years. Such properties hold the likelihood of outstanding appreciation for the long term investor with ample time and patience. Investments can be acquired only when sufficient capital is available–but successful investing is about more than just finding the least expensive property. Success means creating a budget in line with the expected return, leaving padding for unexpected expenses, and then scouring the available properties that can realistically fit that template. It’s a simple truth that hard-headed budgeting is a skill worth developing: often the best deals materialize from the best plans.

Whether you’re looking to buy and flip or buy and hold, investing in Las Vegas real estate can be both profitable and exciting. The assistance of an experienced and well-connected agent will prove invaluable when it comes to uncovering potential Las Vegas real estate investment opportunities.

If you’re looking for such an agent, I hope you will contact me today.

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

Las Vegas Rental Owners Take Advantage of Tax Benefits

On August 14, 2014, in Gay Las Vegas, by Gay Real Estate Agent in Las Vegas

Las Vegas Rental Owners Take Advantage of Tax Benefits As a homeowner in Las Vegas, you are pleasantly reminded each April 15th that the interest portion of your mortgage payments is 100% tax deductible. When you own Las Vegas rental property, though, the tax implications are considerably different. You need to report rental payments you […]

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Las Vegas Rental Owners Take Advantage of Tax Benefits

As a homeowner in Las Vegas, you are pleasantly reminded each April 15th that the interest portion of your mortgage payments is 100% tax deductible. When you own Las Vegas rental property, though, the tax implications are considerably different. You need to report rental payments you receive from your tenants as income—but you’ll also be able to write off some related expenses, as well. Each of the more than 22 million landlords in the United States are subject to the same rules and regulations. If you’ve recently become one of them (or will soon join their ranks), here is a quick look at the kinds of items you will want to track to take full advantage of the tax benefits:

  • Almost everything you do to improve, fix, or maintain your rental is a potential tax deduction, so you’ll want to save all receipts and documentation. It’s easiest to set up a file, folder, or box at the beginning of each year—and keep it handy. If you don’t, it’s all too easy to let some money-saving deductions slip past.
  • If you plan to manage your Las Vegas rental yourself, it’s helpful to use one of the popular computer financial programs to keep track of receipts. The reporting features in these software packages make tax preparation a lot easier—and lessen the likelihood of mistakes in your income reporting. If you’ve hired a property management firm, no need to worry about this detail: they will handle the tracking.
  • If your Las Vegas rental has a mortgage, the interest portion of the payments will generally be deductible. One exception: if you refinance for an amount greater than that which was previously owed, the excess is not considered a rental expense.
  • How you use your Las Vegas rental is a major factor determining its tax treatment, so it will be advantageous for you to acquaint yourself with the rules right off the bat. An early discussion with your tax consultant will clarify the choices. While a reliable property management company will do the lions’ share of the record keeping, at least until you have experienced a year or two of filing as a landlord, it’s wise to have an accountant prepare your returns.

If you are thinking taking advantage of the benefits of becoming a landlord, I hope you’ll call me today to have a look at the current opportunities. Right now a number of outstanding Las Vegas area rental properties are available!

For more information, please contact Felipe Crook at 1-866-589-1646. You can also start your Las Vegas Home Search HERE!

Felipe Crook
Realty One Group
8395 W. Sunset Rd Ste 190
Las Vegas, NV 89113
1-866-589-1646

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