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Property Management Training, Real Estate Investing, Economic Drivers and Nevada

las vegas property managers - So to switch things up a little, in this property management training story I wanted to step back and take a look at some of the factors that can affect the cash flow as well as the possible appreciation, or heaven forbid deprecation, of the real estate investment.

Before I talk about that, though, allow me to share a story about one of my favorite questionable rental housing markets.

Las Vegas, Nevada.

Property Management Learning Vegas

I'm picking on Vegas because lately I have been hearing a lot of otherwise intelligent people suggest that now is a good time to speculate there. Maybe yes, maybe no.

Here's my story.

top property management las vegas - Years ago, before the house rental market really shot to popularity I had the opportunity to travel to Las Vegas once every month or so, for the better a part of a year.

What eventually struck talk about the place was how absolutely artificial it was, and what a huge - and I mean huge - change up the casino industry had about the city.

Bigger Than Some Small Towns

Most when the casinos have infrastructures greater than some small towns. And the number of people they employ is large.

There are schools devoted strictly on training people how to work in various jobs in the casinos.

And I don't mean casino or hospitality management. I mean blackjack dealers, waiters, car hops, jobs of that nature.

las vegas property managers - There are actually schools devoted strictly to this. One morning on the way to an appointment I drove by one, as well as the parking lot was stuffed.

Now you may be scanning this and thinking to yourself, "No kidding Jeffrey, Vegas is all about gambling."

And also you would be right. Except I would say, it's ALL about gambling.

How Economic Drivers Influence Real estate investment and Property Management

Which suggests if you're investing in a rental property in Las Vegas you're really investing in the casino industry, and just how well the casino industry is doing will have a 100% impact on the success of your investment and property management efforts.

The casino industry in Vegas is the thing that we'd call the economic driver.

If they're driving the economy forward, if they are employing people, paying a decent wage, and managing to keep them happy, your how to rent my house efforts will probably be positively impacted because there will be plenty of people who are able to afford to rent your house.

On the other hand, if the casino isn't doing well, then you'd better make certain you're applying every one of the methods from the property management training you've received if you would like your rental property to be a success.

For sure Vegas is surely an extreme example, however it illustrates my point well.

I'm always surprised that 9 out of 10 of the real estate investors I see focus only in price and spend little if no time thinking about the economic drivers for the area they're investing in.

It's Not All About Price

Naturally, if you've invested in some basic property management training you're in the top 10% and understand economic drivers and the big picture.

Here are some with the top items I consider when considering economic drivers, real estate investments, and managing real-estate:

Is the market ever planning to come back?

This is true of certain neighborhoods within a city as well as certain cities or perhaps parts of the country. If your market is dependent on politics, its probably already booming. On the other hand, if you're hoping how the auto industry in Detroit will return, that I'm not so sure about.

How stable are the rents?

Consider whether more rental homes will come onto the market at prices below what you paid. If so, your competition will have more flexibility in adjusting rental rates that you will.

Will the interest in your rental property soften?

At this time there's a lot of activity within the apartment and multi-family market.

Good sense property management training should cover the advantages and disadvantages of different property types.

If you are investing in multi-family property, spend time thinking about how your rents and tenant quality could be affected if a growing number of single family homes think about it the market at rents near to what your apartment rents are.