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Las Vegas Property Management Las Vegas Real Estate Rentals and Realty - Atlas Group
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THE BOTTOM LINE
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General Thoughts:
This is the section where we are going to let you know the way
it really is, where we separate the men from the boys... the
bottom line. First and foremost, if you are new to owning rentals,
even if it is just one, you must understand that you just went
into business, the land lording business...and it isn't always
easy. With a business comes the risk of loss, just like any
investment. It's amazing how many people think that just because
they have a rental, now they are guaranteed an income. Sorry,
just like starting or being in any business, it doesn't always
work out like you expect.
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Who
is responsible for your property?:
Owners need to remember that EVERYTHING involved
in the property is ultimately their responsibility. It's your
property. The property management firm or individual you select
to help you with your property does not own it. Property Managers
are somewhat like Stock Brokers. We can, to the best of our
ability, help guide your investment into a profitable venture.
But if the tenant destroys the place, it's still your property.
We can't see the future. It's similar to a stock broker advising
you, based on a companys financial's (background), to invest
in say, World Com. Then later, the Management of World Com (tenants)
take the stock and the company into oblivion. That was not the
Stock Brokers (Property Managers) fault. For the most part,
TENANTS cause bad situations.... We are not the ones that didn't
pay the rent. We didn't put a whole behind the bedroom door.
We didn't bring the pit bull into the house, after the move-in.
We are here to do our best to see that these problems don't
happen in the first place, or handle getting the "situation"
resolved once the problem is detected. The old adage that you
can't always judge a book by it's cover, is definately true
in the property management business. Having said that, the vast
majority of tenants do not cause extremely bad situations.
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You will be in the landlording
BUSINESS!:
We always suggest to every owner to keep your mortgage payments
paid a MINIMUM of one month in advance. What are you going to
do when you don't get that rent check you were expecting to
pay your mortgage payment with. Instead of worrying, fretting,
and getting upset that the tenant didn't pay, you can take the
situation in stride because your mortgage was already paid.
It's a part of doing business. There are evictions (similar
to bad debt expense in other businesses) when tenants don't
pay. You need to be able to continue to operate your business
(rental) when this happens.... you need to expect it and prepare
for it.
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Always prepare for the worst!:
You should also keep funds set aside to make a multitude of
repairs that may take place after a tenant moves out. Most of
the time the repairs will cost less than the amount of time
the property/unit is left vacant. If you don't have funds immediately
available to get your rental back on its feet, your just costing
yourself even more money in lost revenue due to the extra vacancy
time. And guess what, you'll still have to do the repairs. Being
able to get the repairs done quickly is vital to giving you
the best chance for as high a return as possible on your investment.
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| Basically you should plan and prepare for the worst... hopefully,
it will never happen to you. |
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