Gregory674

De BISAWiki

Property Management Training, Property investing, Economic Drivers and Las Vegas

las vegas property management - So to switch some misconception a little, in this property management training story I desired to step back and check out some of the factors that may affect the cash flow as well as the possible appreciation, or heaven forbid deprecation, of the real estate investment.

Before I speak about that, though, i want to share a story about one of my favorite questionable rental housing markets.

Nevada, Nevada.

Property Management Lessons in Vegas

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

Here's my story.

las vegas property management - Years back, before the house rental market really became popular I had the opportunity to visit Las Vegas once every month or so, for the better part of a year.

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

Bigger Than Some Small Towns

Most when the casinos have infrastructures bigger than some small towns. And also the number of people they employ is big.

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 am talking about blackjack dealers, waiters, car hops, jobs like that.

las vegas property managers - There are actually schools devoted strictly for this. One morning in order to an appointment I drove by one, and also the parking lot was loaded.

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

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

How Economic Drivers Influence Real estate investment and Property Management

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

The casino industry in Vegas is exactly what we'd call the economic driver.

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

On the other hand, if the casino isn't succeeding, 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 be a success.

For sure Vegas is definitely 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 on price and spend little if almost no time thinking about the economic drivers for your area they're buying.

It's Not All About Price

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

Here are some of 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 inside a city as well as certain cities or even parts of the country. If your market is dependent on politics, its probably already booming. On the other hand, if you're hoping that the auto industry in Detroit will return, 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 lower than what you paid. If that's the case, your competition will have more flexibility in adjusting rental rates that you'll.

Will the interest in your rental property soften?

Today there's a lot of activity inside the apartment and multi-family market.

Good sense property management training should cover medical of different property types.

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