Las Vegas Apartments And Rogue Towing

Posted on December 10, 2010 by admin

When times are tough, people start figuring out any way they can to make a living, and tow truck drivers are no different – even if what they are doing borderlines on the illegal.
HOAs and apartment complexes in the Las Vegas rental market are both coming across some interesting and annoying situations when it comes to tow truck drivers and rogue towing techniques.

Reporting Parking Violations

It all starts with a normal report of a parking violation. In HOAs, when cars are supposed to be parked in driveways and not on the street, a Las Vegas rental manager will often phone a tow company if there is constant disregard of the rules. In apartment complexes, it is more often illegal parking in areas designated for the handicapped or in other no parking zones. Managers often become tired of putting notices on windshields and at some point decide to have a car towed.

Since tow truck operators work on a commission, they size up the situation when making the original tow. If they see other violators, they may take it upon themselves to tow those vehicles as well. The tow truck operator has no authority from the property manager yet tows the car or truck to a nearby lot and they are later towed back to a facility where the tenant has to pay up to retrieve them.

A Vicious Circle Begins

Las Vegas rental tenants and landlords often report the cars as stolen, but that description isn’t exactly accurate. The Metro police become involved to sort it out wasting valuable man hours and attention to more serious crime. In fact, it is more a type of extortion or at best, a type of deceptive business. The Nevada Transportation Authority, which traditionally oversees towing services, is very lax and not likely to pursue criminal charges. So rogue towers just keep on working.

Many landlords and property managers do work with tow companies on a contingency basis, but towing services are taking advantage of the permission they were initially given to tow offenders. For Las Vegas rental managers, it may be time to sever these agreements and make it clear that they will call in on a case by case basis. For tenants, it is best to make certain that all parking rules are being abided by – completely.

Rogue towing is a nuisance and most especially to those who have to pay to get their cars out of a locked lot. It isn’t fair, but Nevada’s lawmakers are up to their necks in other issues and this one tends to be forgotten. Police are working on the situation and efforts are concerted to correct the situation, but meanwhile, it is best to park in the right areas and not to risk impoundment!

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Las Vegas Apartment Safety

Posted on December 9, 2010 by admin

Recently, the Las Vegas area heard the sad story of a young boy who was killed when a kitchen stove toppled over on him causing his death. At the time the tragic event occurred it was debatable as to whether there was any negligence on the part of the landlord.

It is a reminder for Las Vegas rental property managers to perhaps assess each of their units and to ensure safety measures.

Prepared For Children

Nevada law, like other states, stipulates that a Las Vegas apartment must be habitable and safe. When children are present those laws become even more important as children’s safety is paramount. Even if the tenant is responsible for damage that leads to an accident, there is no question that the property manager and landlord will undergo scrutiny.

In this most recent case, the child crawled on top of a stove in a kitchen, and the stove toppled over. It was not secured to a wall. When landlords install appliances, they don’t usually consider that it will be used other than intended, and it isn’t expected that people will be crawling on top of it. Fastening heavy objects like a stove or a refrigerator seems like overkill, but in this case, it would have prevented a death.

The same can be said for window guards, lead paint resolution and secured railings. These are all issues that one tends to ignore if tenants are adults but changing times means changing the way you look at your units.

Overlooked Repairs Can Be Costly

During tough economic times, it is easy to overlook minor repairs or upgrades when a property is having a tough time making a profitable bottom line, but no profit is worth a life either. The U.S. Consumer Product Safety Commission estimates that in one year alone there were some 1600 appliance related injuries due to tipping. Multiply this by other injuries by other methods in apartments, and you quickly see the likelihood of accidents.

Unfortunately, too, many of these incidents involve children. As more and more Las Vegas rental units move toward family occupants, the wise property manager reassesses each unit for additional safety and makes adjustments before there is a chance of an accident. What may seem like an unnecessary investment of time and materials may keep incidents from happening.

Keeping a unit safe and free of any ensuing legal issues should be of great importance, and the wise Las Vegas rental manager is ahead of the game. The type of tenants is shifting rapidly and you want to be prepared for any and all that you may choose to rent to. As units become available, make time to do thorough inspections and then make adjustments. When good tenants come along to fill vacancies, you want to be ready for them. Making an apartment safe for everyone including children is a wise investment.

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MonteLago Village – Living in A Ghost Town

Posted on December 8, 2010 by admin

We’ve written before about the Lake Las Vegas area and what a great alternative it is to more urban living, but there are opportunities worth talking about out there and MonteLago Village is one of them. For the Las Vegas apartment seeker, who wants some relief from the bright lights and glamour of the Strip, it’s a perfect place to look for a rental.

A Hideaway In The North

MonteLago Village is located about twenty miles north of the Strip and seems like a thousand miles away once you are there. It was originally intended to be something of a Mediterranean development but like many other projects in Vegas, it fell hard due to the economy. Today, the Ritz Carlton Hotel there is closed, but the adjacent MonteLago complex is still going as it the very interesting shopping area.

While many of the homeowners in the development are disappointed with what has happened, it means that tenants can get great deals. This is a very well-heeled community and was originally meant for second home buyers. Now, those condos are for rent, and at affordable prices. Two of the three golf courses have closed as has the casino, but for living a quieter life, it’s one of the best ghost towns around.

Culture, Shopping And Recreation

The retail area of MonteLago Village is quiet these days, but all the shops, restaurants and galleries are open for business. There are still art festivals and concerts on the community green, and they attract some big names in the arts field. Home owners and new tenants have their heels dug in to making this area work and while it isn’t as vibrant as areas like Summerlin, it doesn’t mean it is a lesser place to live if you like the outdoors and great architecture to boot.

In winter, there’s ice skating on the big lake. There’s jazz, movies al fresco, a big music series, and any number of activities directed at local residents. The cobble-stoned streets reminiscent of Italy are full of all types of shops from luxury to necessities. These range from one of a kind boutiques to a few chain style stores so MonteLago Village is somewhat self-contained.

Waiting Out The Recession

The MonteLago Village area is prime for Las Vegas apartment seekers who want to experience refinement and a place to relax. The seventeen miles is an easy commute and will seem worth it for what it offers in trade. Your monthly rent buys much more here than you could normally receive in the way of amenities. It is a very safe area where you can enjoy the water, golf and a lifestyle that otherwise might be unaffordable in different times. The area originally tried to market itself to just one small segment of tenants and homeowners, but has now opened itself up to a bigger market. Yes, it is quieter in MonteLago Village but it won’t always be and that’s shown by the widening of the Lake Mead Parkway. It will come back, and getting a Las Vegas rental out there now is a foot in the door.

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Donald Trump Becomes Las Vegas Rental Landlord

Posted on December 7, 2010 by admin

One of the strangest things – of many – in the Las Vegas apartment rental market is the case of Donald Trump. When Trump began his new Trump Tower, the economy was in full bloom and the future looked bright, but as with many Las Vegas projects, it was hard hit by the recession. When it came time to open the condo-hotel complex, Trump found the market in shambles.

Donald Trump isn’t one to just lick his wounds and wait a situation out. He’s opened up the building for rentals. Rather than join the legions of condo-hotels who are struggling to survive, Trump is intent on at least filling his building with tenants – rental tenants.

Mr. Trump And His Monopoly Game

Trump Tower is about 25% sold, but many of the remaining units have been turned into furnished rentals. While the average rental rate is about $2000 per month, very high by Las Vegas standards these days, they are high end beauties too. These units will appeal largely to corporate workers who are in Las Vegas for jobs that last only a few months or for the wealthier traveler, who comes to Vegas for the winter months.

In traditional Trump style, the building looks great but he’s also made concessions toward keeping his bottom line intact too. They let some building help go but strive to make sure that services aren’t effected in any way. After all, even Donald Trump has to pay back the loans he took out to build the tower.

Bottom Line Facts

For the potential Las Vegas apartment tenant, Trump’s woes can lead to living in luxury for less than the usual market rate. You can sign leases for as little as six months to see if this type of arrangement works for you, and the units are all furnished. Enjoy amenities that only the posh buildings and hotels have to offer at reduced rates. It can work for you, and it is working for Mr. Trump.

One never cries for Donald Trump. In making this move toward rentals, he is helping to cover his owed amounts while keeping the complex alive. If sales are stagnant, then it is time to rent and the upper level tenant can take advantage of the situation. Besides, Trump is also letting the building become established and keeping it on the radar for when the economy strengthens. Other hotel-condo units like the Encore and the MGM are not faring nearly so well and will likely follow Trump’s example.

Unless a Las Vegas rental tenant opts to buy, the deal may come to an end once the economy is back on track, but that seems like sometime way in the future for most Las Vegas landlords. For now, enjoy the life of luxury if you can!

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The Struggles Of Las Vegas Property Managers

Posted on December 6, 2010 by admin

The Las Vegas rental market is one of the most volatile anywhere in the world these days. The city remains in the grips of a horrible recession with home foreclosures continuing to be the rule rather than the exception. For those in the Las Vegas apartment business, times are also tough.

More Renters But More Properties

On the surface, it would look like boom times for Las Vegas property owners and managers, but bubbling just beneath that surface is a market made more competitive by the huge number of foreclosures. Homes that were previously owned and lived in are now being rented either by the homeowner hoping to avoid foreclosure or even by banks, who have no idea what to do with them other than use them as rentals.

This shadow market, as it is being referred to, is compounded by the number of new developments that were in the works prior to the recession, and are gradually being finished and opened up for rentals. Included in this part of the market are condos that were originally built to sell but are now renting due to the economic situation. None of these properties are as profitable as they were planned, and it is cutting into the rental profitability now too.

How Landlords Are Surviving

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Las Vegas rental managers are making many concessions in order to survive. They can no longer charge for many amenities because tenants are simply searching for the best price they can find. The profit line between high end and low cost units doesn’t seem to matter - both are suffering. Tenants can find cheaper single family houses than apartments and are opting for price.

Many property managers are lowering their requirements for tenants because they have to. It is now easier for those with bad credit to rent homes because banks and homeowners will take anyone who even says they’ll pay rent, and that’s cutting into Las Vegas complex rentals, where the usual procedures for screening are still in place. This means that a property manager either has to relax his screening process or cut rents to a competitive rate.

It also means that clever property managers are teaming up with local business, health clubs, and shops to make their properties more attractive to tenants. Suddenly, the job description of a landlord or manager is completely different. It is more about creative marketing while juggling the bottom line of profitability.

Short Term Solutions

If predictions are correct, it will take another two to three years for the Las Vegas rental market to stabilize and stabilization may mean lower rents for some years to come. The property manager who can come up with ideas and plans to keep their units rented can manage to stay afloat. The profits won’t be as large as they once were, but the property can stay a viable income producer too. Tough times.

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The Scotch 80s – Vintage Las Vegas

Posted on December 3, 2010 by admin

It is true that Las Vegas is a relatively new town in comparison to others across the country, but it is also a place that has its vintage sections. One great Las Vegas home rental neighborhood is generally referred to as The Scotch 80s and it has some of the great architecture of the 50s and 60s.

Master Planned Around Whisky

The area isn’t quite that new, however. It dates back to the early 1900s when Peter Buol, who was to be the first mayor of Las Vegas, decided to do one of the city’s first developments, and his backing came from Scottish investors. He drilled for water, got the development going and even though World War I interfered with his ultimate goal, the area preserved. Today, it is a solid somewhat exclusive area for Las Vegas rentals, and home to many celebrities yet there are all sized houses and rental prices.

This series of master planned areas is located on the central west side of the city, and is only about three miles from the strip, but a look at any of the neighborhoods shows great homes and a purely residential lifestyle. The architecture is mixed with early adobe homes right along side mid-century, Tudor and sprawling ranches. You can have anything you want as long as you get used to streets and communities which bear the names of many famous Scottish whiskeys.

A Real Community

Expect and find a tight knit neighborhood. With its proximity to the Strip and in such an internal location in Las Vegas, it has survived with tough rules and a strong community spirit, and those are some of the reasons that property has held its value and the area remains safer than many others.

It is a strongly independent area where just the style of homes reflect its diverse appeal. Where many homes in the Las Vegas area are pastel stuccos, you’ll find the variety of architecture engaging and different. The wide, tree lined streets are also refreshing. Yet residents can hop on I-15 or US 95 and be anywhere in the city in no time. It is a fantastic area for commuters.

The Big Mixer

The names of famous whiskeys don’t just denote that it is an expensive area. There are smaller Las Vegas rental homes as well as very expensive ones to be found. It is as much home to working class families as it is to celebrities. If you like historic, livable and convenient, The Scotch 80s is a fantastic place to look for a Las Vegas rental. Owners of the few foreclosure homes in the area are kept in check by a strong neighborhood association and there is little, if any, blight to be seen. Good schools, privacy, and good lifestyle is to be found in this little area!

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Using An Interior Decorator For Your Las Vegas Rental

Posted on December 2, 2010 by admin

Moving into a new Las Vegas rental is an exciting time and especially so if you are new to the area. There’s a lot to get used to like weather, commuting, and just getting settled, and just those are good reasons for turning to a decorator for help in pulling your new place together.

But, there are others that are less vague, and having the knowledge of a local can be incredibly helpful and isn’t an expenditure that you will regret either.

Practical Concerns And Solutions

Las Vegas can get hot and while most rental apartments have good insulation and cooling systems, even they can weaken when the hot days and nights seem endless. Local decorators are great for helping out with the proper window treatments and quickly sorting out what will be the best looking and most advantageous for your particular Las Vegas apartment.

Interior colors and textures of fabric can also go a long way in helping with the distinct desert climate of Las Vegas. The same colors won’t work that worked on the East Coast or up in the Plains states, and having the advise of a local will help not to make mistakes that end up needing correction later on.

Budgeting And Penny Pinching

Interior decorators understand budgets whether they are large or small, and will take on even the smallest jobs. It isn’t necessary to do a soup to nuts decoration but having their assistance on some areas and their input on others can be helpful. If you have a busy lifestyle and want to get your home in order in a hurry, they can be of huge benefit.

When you meet with decorators, openly discuss your budget concerns and what you are willing to spend on your new place. They are apt at working within set constraints, and should be open and honest about what they can accomplish within the amount that you set. Yes, it does cost a little extra but what you receive in terms of speed, practicality and the ability to stay busy with your job or family instead of shopping all around a new city can be worth the expense.

Interviewing Decorators

In order to get just the right relationship going, don’t be afraid to interview designers and to ask to see previous work. You want to feel they understand your lifestyle as well as your budget concerns. Your instincts will tell you when the right person comes a long. You want to feel confident that your Las Vegas rental can be turned into a home that you enjoy living in and not a showplace or residence that you don’t feel like you belong in either.

Las Vegas decorators can be enormously helpful. Just get out there and find the right one. Ask your property manager, friends, and colleagues for recommendations and go from there.

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A Cheap Night Out In Vegas

Posted on December 1, 2010 by admin

Sure, times are a little tough for everyone even the mega-rich who fly into Las Vegas for weekends watch their chips a little closer. If you are the average resident in a Las Vegas rental, you are watching your pennies. But everyone needs a good night out now and then.

In the glitziest city in the world, it’s only fair to experience it. Every once in a while, heading off to the Strip for a big show or a fancy dinner is great, but there are less expensive options, which get you out of your Las Vegas apartment and into the action.

Get Happy Without $$$ Regrets

The places to find 99 cent shrimp cocktails, a huge nearly free buffet and even coin slots are harder and harder to find anymore, but if you know where to look, an inexpensive night out is till possible. One of the ways to do this is to have something of a nostalgic look at older Las Vegas. No not the seniors crowd, but the older casinos and restaurants of an older city.

Forget the restaurants with the name of a famous chef on the front. Go for the deals.
Places like Ellis Island just off the Strip still have $6.95 steak dinner deals and they’re fantastic. There are similar deals for Italian food at Battista’s Hole, where the mob used to hang out and order up huge plates of pasta. Forget the places with big Imax screens as signage and seek out the older, prettier neon signs as havens for cheaper drinks and food.

Coins and Chips Not ATM Cards

Getting out of your Las Vegas rental and into the action means seeking out places where the ATM type system has not completely infiltrated the casino. Places like the Eastside Cannery is at least one place where you can still put your coins into the slots and you can still win. It’s sort of kitschy now, but still fantastic fun. Frankie’s Tiki Room is another one. It’s still smokey, dark and has silly drinks in silly looking glasses, but you don’t break the bank going there either. It’s a lot of laughs too. Most of the nudie strip clubs have closed and you sure won’t find the mostly naked girls on mirrored staircases, but the topless bars just off the Strip are still around and are still fun.

Living in Las Vegas is different from being a short term visitor. You see the lights and think the only action is in the mega-hotels and casinos but just off the Strip or at the far north end one can find plenty of fun and at affordable prices. Everyone usually finds a good watering hole near their Las Vegas apartment because it just makes logistical sense but going further afield for a night out here and here.

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Where There Are Students, There’s Las Vegas Rental Profit

Posted on November 30, 2010 by admin

Yes, the Las Vegas rental market is still a tough one. It is volatile, up and down, and rental property owners struggle with a new breed of tenant. Many are fleeing foreclosed homes, and it is very difficult to keep a stabilized roster of tenants in place. Property owners near UNLV are making more of an effort to appeal to students, and they are making a sound decision.

Converting Las Vegas apartment complexes to be more student friendly can be financially beneficial and more stable, but it isn’t without its problems.

Get Ready For More Management

While moving a Las Vegas rental property more toward student housing, it isn’t a completely risk free proposition. The upside is that there will always be a demand, and the downside is that you might work a little harder, if not differently, than on the usual type rental apartments.

Many students will rent apartments and it will be their first time not living with their parents. That means you can expect many questions and a few problem solving situations that you aren’t used to. They’ll expect all the amenities like wi-fi, plenty of parking and storage too. They’ll have noisy parties until you diplomatically explain the realities of living in close proximity to others who may be studying or like a quieter lifestyle. You’ll find yourself in parenting situations as well as policing ones.

Even with the economic and real estate crisis going on in Las Vegas rentals, many of these students will have parental funding behind them and they really won’t feel the pinch of real life – yet. Dealing with the day to day issues of watching students grow into adulthood, you can also count on the fact that there will be fewer defaults because someone else is footing their rent bill.

Offering A Lifestyle

Converting from a more traditional set of tenants to all students can mean some shifting in your property’s amenities. What was a child play area may need to become a game room, and you may need to set up a committee for more planned and scheduled activities. If you can offer the students a complete lifestyle away from campus, you’ll go far. Many are new in Las Vegas and will want a place to live where they feel they can be social without going out to the bars or to the Strip.

Using a resort-like approach works as well as any other method, and once you’ve got the plan in mind it isn’t that difficult to produce for your property either. If you consider that most property managers can receive 10-20% higher rents on student housing, the profit alone makes you rethink how you are using your property. Get used to shorter term tenants, lots of lease changes, and a much younger set of demographics, and watch the profits go up.

Moving toward all student housing may not work for every Las Vegas rental manager, but if you’re located near UNLV, it is worth a thought!

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Why Las Vegas Rentals Are More Competitive

Posted on November 29, 2010 by admin

Yes, there are Las Vegas apartment and house rentals to be found, and some of them are very good deals. That said, the rental market is becoming tighter. It’s hard not to look at the Las Vegas rental market and wonder why, but it is all in the numbers.

Devaluating Home Prices Are The Culprit

The real reason that it will become harder to find a Las Vegas rental is that there is more competition. With over 80% of property worth less than their mortgages, more and more homeowners are facing foreclosure by banks. This means that if they lose their home, they have to find another place to live. With wrecked credit and having a roof over their heads essential, they’ll move into rental units.

It’s a rough time for real estate everywhere in Las Vegas with almost 50% of the homes for sale falling under foreclosures at worst and short sales at best. People who have jobs need to stay in the area so expect ghost towns in some suburban areas and packed areas where there are rentals.

From Homeownership To Being A Tenant

For Las Vegas commercial property owners and managers, this is both a blessing and a curse. Several years ago when everyone was investing in real estate, Las Vegas rental owners were suffering from a lack of tenants and were doing anything to get them. Now, they’ll have multiple tenants vying for units. Not the worst financial position to be in but certainly one that requires their attention. Many tenants moving into rentals will have bad credit and be suffering from the effects of sudden foreclosure.

Screening applicants is more important then ever before but so is trusting your instincts.
It is difficult at best to determine who will be a good tenant and who will be the ones who can’t seem to turn their financial situation around.

Beyond Credit Checks

Las Vegas rental and property managers now have a task in front of them. It is how to make their properties profitable while dealing with a whole new generation of tenants.
Dealing with tenants who have lost property means assessing how they’ll rebound from their financial woes and how they will move forward as a rental tenant. Credit checks and background checks can reveal much of how they dealt with their finances, and it will take more study than is usual.

Look at when they hit the foreclosure wall, and how it happened. If they were good about their other accounts, chances are they are the type people who will be responsible, but if they were living a spendy lifestyle with many luxury purchases, their ability to regroup and come down to earth may be difficult. Looking at lease applications becomes an entirely new process in these financial times. There will be tenants who are worth a risk, and others that you must turn away.

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