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Property Management Training, Real Estate Investing, Economic Drivers and Las Vegas

las vegas property management - So to switch things up a little, in this property management training story I needed to step back and have a look at some of the factors that may affect the cash flow and the possible appreciation, or heaven forbid deprecation, of one's real estate investment.

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

Nevada, Nevada.

Property Management Learning Vegas

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

Here's my story.

best property managers las vegas - Years ago, before the house rental market really took off I had the opportunity to go to Las Vegas once every month or so, for the better section of a year.

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

Bigger Than Some Small Towns

Most in the event the casinos have infrastructures bigger than some small towns. As well as the number of people they employ is large.

There are schools devoted strictly on training people working in various jobs within the casinos.

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

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

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

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

How Economic Drivers Influence Real estate investment and Property Management

Meaning 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 marketplace is doing will have a 100% effect on the success of your investment and property management efforts.

The casino industry in Vegas is exactly what we'd call the cost-effective driver.

If they're driving the economy forward, if they are employing people, paying a significant wage, and managing to ensure that they're happy, your how to rent my house efforts is going to be positively impacted because there will be plenty of people who are able to afford to rent your home.

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

For sure Vegas is definitely an extreme example, nevertheless it illustrates my point well.

I'm always surprised that Nine out of ten of the real estate investors I see focus only on 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 have invested in some basic property management training you are in the top 10% and understand economic drivers and also the big picture.

Here are some from the top items I consider when thinking about economic drivers, real-estate investments, and managing real estate:

Is the market ever planning to come back?

This is true of certain neighborhoods inside 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 come back, that I'm not so sure about.

How stable will be the rents?

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

Will the demand for your rental property soften?

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

Good sense property management training should cover the pros and cons of different property types.

In case you are investing in multi-family property, invest some time thinking about how your rents and tenant quality might be affected if more and more single family homes come on the market at rents close to what your apartment rents are.