Buying an investment property in Nevada is a financially wise decision. And not only because it's a valuable asset that can provide you with a significant passive income. On top of that, it can be a stress-free occupation. You can run a rental business any way that suits you. However, to ensure everything goes smoothly, it's better to choose the location carefully. Both local and long-distance landlords face different challenges and enjoy different benefits. Before you decide, it's best to consider both options. With that in mind, we've decided to examine both possibilities and help you make the right choice. So, local vs. long-distance investing: which is better for Nevada landlords?
How to make the right decision?
Firstly, before you start searching for the right property, you need to ask yourself a few questions. Knowing the answers will help you make up your mind and make a sound decision. So, ask yourself the following questions:
So, what are your financial goals? Do you want to get out of debt, gain independence, or accumulate wealth? To answer this question, you need to first assess your current finances. Then visualize where you want to be in the next five, ten, or twenty years. Knowing this will help you focus your investing in the right direction.
Choose the right market
Next, you need to decide on the right market. For example, you might want to have a high rent-to-value ratio. In that case, you should choose a cash-flow market that will provide you with valuable income. Or, if generating the cash flow isn't your priority, you might want to choose a market with a potential for long-term appreciation. Lastly, hybrid markets offer a mix of both options. Of course, what you decide on depends on your long-term goals.
Self-management or using property management?
To determine your real estate strategy, you need to answer this question. Maintaining the property and dealing with tenants can be pretty overwhelming at times. From the potential renovation of the property to tenants losing their keys for the n-th time, self-managing demands a lot of effort and work.
However, some landowners prefer to be in charge and gladly take on these responsibilities. If that is the case with you, there is no dilemma. In local vs. long-distance, local investment property is a clear winner.
On the other hand, if you'd rather hire a third party to manage your property, both options may work for you. In that case, the key is to find an experienced property management company you can rely on. Whether you choose a local or long-distance property, you'll be able to save both time and effort while they manage your rental business for you.
Local investment property
Now, let's have a closer look at what you can expect from buying a local investment property.
Familiarity with the market
The first and most obvious advantage is that you're more likely to be familiar with the market when you're investing locally. Every local market is unique, and knowing little flows and trends can help you invest in the right property. You'll know all the local attractions and amenities that are likely to attract tenants. However, doing proper research is still a must.
You'll have more control
This is crucial for many landlords in the local vs. long-distance dilemma. While it's not impossible to manage your property long-distance by yourself, it's certainly more demanding. On the other hand, you can choose a more hands-on approach as a local landlord. For example, you can meet with your tenants when necessary, show your property in person, and perform an inspection of the property.
You can hire local contractors when necessary
When you delve into investing in real estate, you're bound to need contractors at some point. Whether you want to remodel that fixer-upper or need some repairs, finding the right contractors locally is much more manageable. Firstly, you can choose them yourself and ensure they're suitable for the task. Secondly, they're less likely to try and take advantage of your absence.
Long-distance investment property
However, long-distance investments also come with their own set of advantages and drawbacks. Let's have a proper look.
A wider range of investment opportunities
Depending on where you live, your local market might not be able to offer you what you want. What if you need cash flow but live in an appreciation market? On the other hand, if you don't limit yourself, you can opt for a more profitable market with a higher return on investment.
If you find the right property in other parts of Nevada, you might even want to relocate there! If the business proves very lucrative, this might be an excellent idea. However, if you want to live nearby, ensure you plan your long-distance relocation with care. From packing your belongings to hiring trustworthy movers - many tasks will require your attention!
Use a property management company
Of course, you can do this on a local level, too. However, limiting yourself may lead to losing some excellent opportunities. And if you plan to hire property managers in either case, a long-distance investment can be a better choice. There are many reasons to hire property managers! Although it may seem a more expensive option at first, it can save you money in the long run. Especially if you don't have a lot of experience - they'll ensure your tenants are satisfied and your property in good condition.
You can use your property for a variety of purposes
While your goal is mainly to rent your property to tenants, you can also use it as a vacation home in between. Or, your kids can use it when they start college - no accommodation worries! And lastly, you might choose to relocate or retire there someday.
The bottom line
As you may see, there are many things landlords should consider when it comes to local vs. long-distance investing. Both options come with their unique advantages and issues. However, once you know your long-term goals and preferences, you'll be able to make the right choice.
Meta description: Buying the right investment property is not an easy task. Find out which is better for landlords - local vs. long-distance investing!
In the world of real estate, having a rental property is an excellent investment. You will benefit not only from long-term investment returns but also from interim income. This is why many investors are looking for rental opportunities. However, being a landlord is not an easy job. It can be pretty demanding at times because it requires many skills and knowledge about real estate. So, if you're having a hard time being a landlord, you should definitely consider hiring professional help. Read this article to find out about 5 signs that show it's time to hire a property manager!
You don't have time to manage
One of the main reasons landlords choose to hire a property manager is they simply don't have enough time to manage their investment. More often than not, being a landlord is not a full-time job, but it sure is time-consuming. It comes with regular responsibilities and requires total commitment. This being said, if you have a full-time job, managing your rental property as a side job can become an issue.
Another problem can appear if you have multiple rental properties. The more properties you're leasing, the bigger management needs you'll have. It's hard to keep up with one; imagine with two or more! Therefore, it's highly beneficial to hire a professional in situations like this.
You have a problem with tenants
Being a landlord means choosing reliable and responsible tenants who will be respectful of your property. Unfortunately, this is harder than you think. As a landlord, you might face a lot of unpleasant situations. Here are the most common examples:
You don't live nearby
Not living in the area of your rental property can turn into a problem when it comes to being a landlord. The distance can intervene with your management obligations. For example, even if the property is in excellent condition, there will be times when you need to drop by and pick something up or inspect the building. You will be unable to respond to these emergencies if you don't live nearby. As a result, anyone who lives far away from their commercial property should think about contacting a professional manager to keep an eye on it. Hiring a property manager eliminates the need for you to commute back and forth every time your tenants need something. You'll be able to rely on the manager and their expertise when it comes to managing your property without your supervision.
You're struggling with leasing
As an investor, you want to make the highest possible profit from your investments. If you're renting a commercial property, this means you'll have to have tenants at all times. To make this happen, you have to meet the tenants' needs and keep up with the current real estate trends. Learn about what's hot on the market at the moment, how you can interest potential tenants for your apartment, what you can do to improve it, etc.
Every good property manager has this kind of knowledge, so it would be a good idea to hire one for some expert advice on the matter. Tenants may relocate for a variety of reasons, but the property managers can assist in lowering turnover. They know how to make tenants happy and keep them from looking for a new place to rent. Additionally, they will definitely have good marketing strategies and a network of interested tenants to occupy your property. All things considered, hiring a property manager is a win-win situation.
You don't know anything about rental laws
Every successful landlord should know the local landlord-tenant laws. Every municipality has its own regulations when it comes to the relationship between the landlord and their tenants. In a nutshell, these regulations are the guidelines on what your obligations and responsibilities are as a landlord, and they apply to tenants as well. So, before renting a property, you should get to know these regulations very well. If you don't have time for this, or you're having problems with understanding and applying all the rules, you should definitely consider hiring a professional property manager. They will know these rules by heart, and they'll take care of everything you are having trouble with.
Additionally, property managers can help you with getting all the legal documentation you need for your rental property. As a landlord, you'll have to get a few licenses and follow proper regulations when it comes to your property. All this can be a bit overwhelming, so it's a good idea to have a professional take care of it. They know every code and regulation, and they can help you obtain every license you need. It's also convenient because the property manager will make sure everything's done according to law, so you won't have problems in the future.
Are you ready to hire a property manager?
Based on the above mentioned information, we can all agree that being a landlord is a demanding and time-consuming job. It requires a diverse skill set and proper knowledge of the real estate market and its constantly changing trends. Therefore, if you're struggling with any of the things we mentioned in this article, it's time to contact a property manager to help you take the management obligations and stress off your plate. This would allow you to continue expanding your business without dealing with minor problems that can quickly escalate into major headaches. So, don't hesitate and make that call!
Clark Real Estate offers Sparks and Reno property management services for landlords and homeowners out of state and out of town. Maximize your investment dollars by investing in Reno/Sparks! Keep enjoying the Southern California lifestyle, while we take care of your money-maker in Northern Nevada!
When I bought my first home in Sparks, NV, I didn't realize I would be moving to Southern California.
Clark Real Estate: A Reno Property Management Company
Property management is the act of caring for, monitoring and overseeing of real estate in order to account for its value, useful life and its condition. It involves the administration of personal property, maintenance, human resources, and the system needed to ensure optimal use. Clark Real Estate and Reno Property Management is a real estate company that provides property management services in Northern Nevada. We have been operating in the region for many decades; and clearly understand the changing trends in the real estate needs of the people in the area.
At Clark Real Estate, a Reno company, we offer varied services. For instance, we evaluate our clients’ properties to determine the accurate rental or sale value. In this case, the evaluation is done on both the exterior and the interior of the property in which case detailed documentation is done through photography and analysis. The company also has a database of rental rates in the Northern NV region, which is frequently updated and used to assist the owners of a property in calculating optimal rental rates, and adjusting them appropriately with the changing trends in the market.
In NV, Reno is well-known for offering extra services to its clients, aimed at optimizing the property and preparing it for occupancy by interested clients. For instance, we would do the cleaning and internal interior décor to optimize a property to improve its appeal to potential clients, manicure lawns and fences as well as any other buildings attached to the property. In addition, we are always available to serve any prospective tenants by showing them around properties at any time of day or week. For increased efficiency, we have a 24-hour hotline, which clients can call to inquire about any property under our care.
In case you move to Northern Nevada with the intention of settling there, contacting Clark Real Estate in Reno is a wise idea. The company has among its staff a contingent of experts experienced to cater for varied real estate needs of the residents and would be residents alike. If you intend to buy, lease, rent or sale, or if you want your property in the region to be managed by an expert, a Reno Property Manager is the most suitable person owing to the training and experience that we have endeavored to equip its staff with.
Since its inception, Clark Real Estate has been operating in the Northern Nevada region, especially in the towns of Reno, NV and Sparks, NV, and the surrounding regions of Northern Nevada. To enjoy our excellent services, please contact us through our website. We will start with a rental analysis of your property: we will determine what your rental property is worth, how best to market it, and what maintenance items may be needed before a tenant moves in.
If you are looking for a house to buy or rent, we can assist with that, too! Give us a call or send us a messa
We look forward to working with you!
How we keep great tenants! The secrets to Residential Property Management in the Reno Area
The first step to keeping great tenants, is selecting great tenants. We use a tried and true formula for qualifying our tenants to ensure they will be residing in our properties for a very long time! Tenants, you know how great you are--we really appreciate you!
Once we have excellent tenants in place, we stick to our agreements. How many times have you signed a contract without reading it? We make sure that our tenants read and agree to the terms of their rental agreement. With everyone on the same page (landlords, tenants and property managers) it's fairly easy to follow the contract when a problem arises.
We respond quickly to complaints about noise or criminal activity occurring on or near the property. We want to protect our tenants, your investment, and our inventory! We do this by responding to anything suspicious or overtly dangerous.
We respond quickly to any maintenance requests. We offer an easy maintenance request form through our website. We encourage both tenants and landlords to use this form. Requests go directly to our front desk; we then schedule the appropriate appointments with plumbers, electricians, painters or contractors, depending on the maintenance request. Again, we want to protect our tenants, your investment and our inventory--we do this by keeping properties in excellent condition. We coordinate to make repairs easy and unobtrusive to the schedules of our tenants.
We keep communication open and easy with our tenants and landlords. Through Facebook, our website, snail mail, and even in our office--we inform the appropriate parties of any upcoming issues related to a rental property or the community.
We offer perks, like storage units!
We allow pets in some properties. We know that furry friends are a necessity to the happiness of many of our tenants. We respect that and will work with you to find the right pet-friendly home. Our fenced properties with large yards and hardwood floors are certainly some of the first properties to get rented! We look for properties with nearby parks, walking trails and other pet amenities.
We are here to serve our customers. Whether you're in need of a tenant, or in need of a place to live, we are here to help! We believe that property management is all about building relationships. When you call, our focus is on you!
We want to look beyond your current situation and see how we can help advance you to your goals. Many of our landlords are longtime investors; we seek out new properties for them to invest in. Many of our tenants would love to buy a home, but aren't sure where to start; we work with our tenants to easily move from a rental property into their own house! Tenants, we can put together a package that fits your budget and timeline--owning a home may be more realistic than you thought!
We show our appreciation to you. Whether it's a high-five or a check in the mail, you'll know how much we appreciate the opportunity to work with you!
Thank you, Great Tenants!
Clark Real Estate
305 W. Moana Ste C
Reno, NV 89509