Vegas Real Estate Evolution and Home Buying Adventures

Experience the transformation of Las Vegas through the eyes of Trish Williams and myself, Tiana, as we traverse the city's historical growth and its burgeoning evolution. From the once desolate outskirts now brimming with life to the central hubs echoing with the bustle of progress, our conversation paints a vivid picture that extends beyond neon lights and poker chips. Tune in and witness how our beloved desert oasis is reshaping its identity, simultaneously celebrating Michelle's leap into homeownership amidst these exciting changes.

With the vibrancy of Las Vegas as our backdrop, we unravel the intricacies of the mortgage pre-approval process, especially how job transitions can tip the scales. Then we navigate the often-overlooked rental restrictions that can either forge or foil real estate investment dreams. Armed with our insights and anecdotes, you'll be equipped to assess the impact of these factors on your property aspirations, whether you're a seasoned local, an eager investor, or simply a curious spectator to the ever-evolving narrative of this iconic city.

Transcript

Speaker 1: 0:16

Hey Las Vegas, welcome back here to Vegas Realty. Check your local Las Vegas real estate news show. And I'm Trish Williams and I'm Tiana.

Speaker 2: 0:23

Carroll Girl, you need some coffee. That was a little sleepy, are you okay?

Speaker 1: 0:27

today. I think so. I think so. I don't know, did I have coffee? I had coffee, yeah.

Speaker 2: 0:31

Maybe I need some more, just a long week, I guess.

Speaker 1: 0:34

Yeah, I've been traveling.

Speaker 2: 0:37

Oh, okay, well that'll do it.

Speaker 1: 0:39

Yeah, I just got back. We were just a short trip away in Hollywood for a couple of days, but we are back now.

Speaker 2: 0:47

So, yeah, just in time for the show, maybe a jet lag from California.

Speaker 1: 0:50

Is that a thing I don't?

Speaker 2: 0:52

know you don't travel much, so it might take more out of you. Yeah, that's true, this is true, you're like two or three times a year and that's it.

Speaker 1: 0:59

Yeah, yeah, one thing I did. I did notice when we were coming back into Vegas, when we were flying and like looking over the whole city.

Speaker 2: 1:06

it's beautiful, isn't it?

Speaker 1: 1:08

it's beautiful, but it's like growing. I'm like it's just stretching out further and further. It's so big from the sky I get that yeah, I didn't, I don't know, I think I I don't think. I usually look out the window when I'm in an airplane oh see, I love it, yeah.

Speaker 2: 1:23

Yeah, I'm a window seat girl and I love looking out, especially like when I'm traveling up North and, like you just see, like, like when it's snowing and the entire Northern country is just covered in snow. It's really I love the sky. I think it's beautiful.

Speaker 1: 1:37

Yeah Well, it took me a minute to even start flying.

Speaker 2: 1:40

So yeah, that's true, you're new to this game, gradually moving over to looking out the window, oh yeah, no, I like to look out the window and coming back, especially at a sunrise or a sunset or at night, when the lights are all on, so beautiful. And you're right, the town has grown. I remember when I was a kid going out to my hairdresser it was at Scandals and I think it was at like Flamingo and Rainbow maybe Jones it was the end of the world.

Speaker 2: 2:07

I was like, do we have to go all the way out there? Yeah, and now it's like central.

Speaker 1: 2:13

Yeah, yeah, that's like the middle of town now.

Speaker 2: 2:16

Exactly, exactly. But yeah, the town has grown, but we love that.

Speaker 1: 2:21

Yes, we love the growth and it is definitely. There's a lot of big things happening and stuff going on here that is amazing. And more houses, more houses, more houses, more houses, more houses.

Speaker 2: 2:33

Yeah, there's no shortage of building going on. I was just talking to somebody at an event over well, I want to say the weekend, because I was off yesterday, but it wasn't the weekend, it was Tuesday, Wednesday and they were basically saying like Vegas has changed so much since the last time they were here and it was just five years. And I'm like, yeah, this town is just it's. I guess I sound a little redundant, like a broken record over here going Vegas is growing, it's so awesome you got to get in. Now Vegas is growing, it's growing, it's growing. But well, just in my lifetime being here just watching everything change, how often do you get to be in a city and watch it change that much and have that much growth and business change and even our entire economy going from simply hospitality to now being very diverse? It's a lot yeah.

Speaker 1: 3:23

And we're starting to see signs of though it hasn't really. Yeah, and we're starting to see signs of though it hasn't really happened yet. We're starting to see signs of and this happens in all big cities right Of older areas becoming like historic but like high demand.

Speaker 1: 3:37

Yeah, yeah yeah, we're starting to see that in these like downtown areas. It's taken a while it's not overnight, this isn't an overnight process but I can see that moving forward, like those, those just older parts of town that were great and then forgotten about, now starting to come back, like make a comeback.

Speaker 2: 3:57

So, yeah, yeah, yeah, yeah, I see that too. I always try and explain to people like Vegas is basically like built in a bowl and strip runs through the center of the bowl, so we're almost like tree rings that grow around the strip and each year we just go further and further and further out. Well, now that we're so close to the mountains that surround us on almost every side, it feels like. So now there are people are coming into the center of town and picking up those old historic homes and those historic districts, which is great, because there's usually no HOA huge lots mature landscaping.

Speaker 2: 4:35

The lots are such a big deal. Yeah, yeah, and even like the room sizes, yeah.

Speaker 1: 4:39

The room sizes.

Speaker 2: 4:40

Nice and big.

Speaker 1: 4:41

Well, a lot of times like there's some of these, like little, teeny, tiny doll houses downtown in downtown area but they're building onto them and making them like these huge, massive houses instead, because they're on big lots. So we're seeing signs of that and the thing is that for the longest time, you know, people were like I want to move outskirts, outskirts, you know as far out, you know as possible. But now there's like a convenience factor, because they're getting so far out that it like takes forever to get anywhere.

Speaker 2: 5:10

Yeah, well, okay. So that's got to be a perspective for us who have been in the Valley forever and it feels 45 minutes across town. Oh, that takes forever. But for people coming from California who sit an hour in traffic to go six blocks, then all of a sudden across town in 45 minutes, isn't bad.

Speaker 1: 5:28

You know that is no joke. I was in California for the past couple of days and we were Ubering all over town and we were I think it was like 0.4 miles away from our destination and it was almost 30 minutes and I'm like how is this possible? We should have just walked. I was going to say you can walk there faster, what?

Speaker 2: 5:49

on earth is happening here. Yeah, no, it's tough. That was a lesson I learned the hard way when I was bringing my kid back from Lakers camp and we left UC Santa Barbara and I thought, oh well, we'll just stop and have lunch on the beach before we hit the road or whatever, because they got off. I thought, oh well, we'll just stop and have lunch on the beach before we hit the road or whatever, because they got off, I think at noon.

Speaker 1: 6:07

Right.

Speaker 2: 6:08

And so we stopped and had lunch and we got on the freeway and it was about 2, 2.30. And from like 2.30 to 5.30, we hadn't gone two exits and I had a child and a dog in the car and it was just like are we there yet? Can we go? Are we moving? And I was so stressed out I was like, oh, I think I would drink a lot if I lived in this traffic. Not only that Not that I should be drinking and driving, let me just say that but it would stress me out. When I got home I'd be popping bottles.

Speaker 1: 6:38

I feel so bad for realtors there, oh my gosh, because you have to live in your car and people need to have. I want to start a movement All right.

Speaker 2: 6:48

Wow, we got some big goals this morning. I want to start Look who's awake now.

Speaker 1: 6:51

Yeah, to revoke the horns. Like you, there should be a limit of how long or how many times you can honk your horn and then you're done. Like it's like, just go silent.

Speaker 2: 7:06

Like at least with Miles. You get 12 horn honks a year and then it's tapped out, tapped out, or?

Speaker 1: 7:09

they could pay for it. I don't know, but the like horn honking is ridiculous. Like the, it's like all you hear, like walking down the streets there and here a lot too, but more so there than ever is like beep, beep, beep, beep, beep.

Speaker 2: 7:24

I never hear horns here. Oh well, you've never driven with me, yeah that's true, you drive a little slow for my taste.

Speaker 1: 7:33

I drive a little slow for everyone's taste. I believe in not being in a hurry to get to your destination.

Speaker 2: 7:38

Yeah, I'm like I got a light foot, I can make up two minutes.

Speaker 1: 7:42

And when a light turns red or turns green, I like to wait a couple seconds.

Speaker 2: 7:46

Oh, I would honk at you.

Speaker 1: 7:48

Yes.

Speaker 2: 7:48

I would be like did you not see the light Go, go.

Speaker 1: 7:51

Beep. Oh, I hate that, but it's like there's always the-.

Speaker 2: 7:56

I saw you post the other day when you said something like I love how people rush past me to end up at the same light as me. Yeah, I know.

Speaker 1: 8:02

And but it's. It's the like, if you don't wait a couple seconds, like there could be the red light runners that are going to just like slam into you. So you got to give it a couple seconds for the intersection to clear out. But yeah, and then people start honking their horns. Drives me crazy. I hate horns. Yeah.

Speaker 2: 8:19

I hate them. Yeah, I hate them. Yeah, I don't really hear that much of them. Maybe I'm just the honker, that's why I'm like hang out with me for a day, girl you need to move, but it was more so in California.

Speaker 1: 8:32

I was like, oh my gosh, those are driving me insane.

Speaker 2: 8:34

Yeah, yeah, I like it. Big city communication, hustle and bustle, honk, honk.

Speaker 1: 8:39

No, no, not my style.

Speaker 2: 8:41

All right so back to Vegas. Yeah, back to Vegas, where there's not as much horn honking as you think. Yes, unless you're driving with me. Unless we're just all honking at Trish.

Speaker 1: 8:54

So for our single family.

Speaker 2: 8:56

Oh wait, are we doing a show? Should we talk about Vegas real estate numbers?

Speaker 1: 9:00

I think so, oh, okay, yeah, let's do that. Is that why we're here?

Speaker 2: 9:02

about Vegas real estate numbers, I think so, oh, okay, yeah, let's do that. Is that why we're here? Yeah, that's what we're here for. Okay, let's do it. Today. Our single family homes are Single family homes ticked up a little bit. It did. I was excited.

Speaker 1: 9:14

I'm like, oh, we broached 3,400. Yeah Well, you know what Last week? Between last week and this week, I have a lot of listings coming up. We have great, great new stuff and exciting and I was like, oh, is this just me? No, or is inventory raising? No, inventory is raising. The numbers are showing inventory is raising, so let's hope it doesn't get out of control.

Speaker 2: 9:30

Yeah, so the beginning of summer is our spring. Yes, all right. So we got 3,443 single family homes available today. All right, we're still under $3,500, so that's great, yeah, but we ticked up from our $33,000 mark.

Speaker 1: 9:47

I am going to be watching that number like a hawk because you know again, inventory, if it goes up too high, that's not good for our market.

Speaker 2: 9:55

Well, I think we're safe, because I don't think you can really consider $3,400 too high. No not at all. I mean, you'd have to add a couple thousand on there just to be sort of normal.

Speaker 1: 10:06

We've got to get five to six to be what's considered a balanced market Right. But still I'm still. I am still watching that.

Speaker 2: 10:14

Well, yeah, because it can change every week. It could tick up 100, 150 houses and then you start growing and then you're like okay, and then uh are sold 382. 382. Good number, those numbers are looking good. Yeah, 372 price reductions Not a lot going on there. Yeah, that's a little bit lower than what we've seen normally, but when I'm just by, maybe 20, 25. Absolutely, it's not a lot of change there. Under contracts 639 under contract that's a good number, guys.

Speaker 1: 10:49

That's a good number, yes, yes. So not much going on in the news other than rates did drop a little bit last week.

Speaker 2: 11:00

Yeah, to sort of counteract grazing a little the week before. Yeah, the Fed rate did not drop, it was just organically the mortgage rates dropped a bit, so that was good, yep, because they're not direct right If one moves, the other doesn't have to, but they try and stay almost congruent to one another to some degree, though.

Speaker 1: 11:21

Yeah, there was a little bit of relief there and was good. Yeah, Um, we got some listener questions.

Speaker 2: 11:28

We do have some listener questions. So I have to say like I'm enjoying these listener questions, like we're not quite halfway through the year yet. In January we just started taking on these listener questions and it seems to be fun, but I, like you know, just being able to give people some information.

Speaker 1: 11:45

Yeah, Definitely things that people yeah, people wonder and inquiring minds want to know?

Speaker 2: 11:51

Yeah, exactly, and if you do want to know and we haven't gotten to a question that fits you yet, then you can go ahead and send us an email to realtycheckvegas and ask any questions you'd like there, and then you can get your answered question, like Michelle, nellie and Steve, who are the three we'll be answering today.

Speaker 1: 12:11

Yes, and let's start with Michelle. Okay, let's go Michelle. All right, michelle was pre-approved for a mortgage. Yay, good job girl. Yes, but since she got her pre-approval, she got a new job. Okay, and she wants to know if that voids her pre-approval Depends, right, that's, it depends. I feel like all the answers we have is like yeah and no. Yeah, could.

Speaker 2: 12:36

It could be Maybe. Well, I think, because there's so many nuances on any question that somebody's answering it's not really a yes or no question. It seems like a yes or no question, right, is my pre-approval going to be void? Yeah, simple yes or no? No, it's maybe because it depends upon your new job. Yeah, what does that new job look like? Is it in the same um, I almost said capacity, same genre, what's the word? I'm looking for, the genre.

Speaker 1: 13:03

I love that.

Speaker 2: 13:03

It's the genre Same field, same field. Okay, so genre is a fancy field? Yeah. So if you're in the same field, right. If you're a nurse going to be a nurse, that's one thing. But if you're a nurse and you're going to be an auto mechanic, then yeah, not that.

Speaker 1: 13:19

And even if you're a nurse and you're still in the medical field, but you become like a radiology specialist in many cases, that will still work. Yeah, yeah, yeah. Because you're still in the same field you have to be in the same field. The most mortgage criteria will say that you need two years of work history in the same field of work. Now that also interestingly like in, like in. You know, hospitality such a big, open, broad area.

Speaker 1: 13:49

And there's a lot of cases where you could move into a different kind of um job, a different job type in the hospitality industry and it will still work out, right. It just um, it just really depends. Or you could be like you could be an admin at a casino and then go be an admin at a medical office, and that would still work, even though you're not in the hospitality industry anymore, because you're performing like duties right, exactly, and so that's that.

Speaker 2: 14:19

And another thing the new job will that prequel will depend upon the money money, money, money, money. Depends on how much money you make Of that new job.

Speaker 1: 14:27

Did your income change for better or for worse? Yeah, hopefully better. Yeah, can we get always better? Always a good reason to get a new job is if it changes for the better yeah.

Speaker 2: 14:37

If you're taking a pay, cut. You just hate your boss.

Speaker 1: 14:39

Yeah, well, it happens. Um and the um they will require. Um, I believe it's two new pay stubs on the new job before closing, to show that you didn't you know? Some people start a job and they're there for a day. And have you heard? The new thing that millennials are doing is um, they're what is? Oh gosh, now I forgot the word.

Speaker 2: 15:02

Maybe I'll help you with the word, like he helped me with field. What are we trying to accomplish?

Speaker 1: 15:06

They like ghost their new employer, fire themselves, or like I don't know, they like quit. Well, yeah, I guess it's like quit, but like there there's like a thing that it's it's popular or not popular, I don't know, but it's happening a lot where, like, people will take a job and then just like never show up. Oh, you know, like they go through a whole interview process and I heard I was like hearing a um, I don't know news article or commentary or something about it, and they were saying that like it's it's been very common lately and sometimes they'll go through like two or three interviews and then like finally get hired and then just nevermind You're like, oh, work is so not cool.

Speaker 2: 15:47

I decided I'm not going to do that.

Speaker 1: 15:48

The interview process was so much fun and I didn't get paid for that, so why would I show up when you were going to start paying me?

Speaker 2: 15:56

That is so funny. Well, I didn't hear that millennials are in fact ghosting their employers. But I get it. I wouldn't want to be in working either.

Speaker 1: 16:05

Yeah, and then I heard that like this I think it's called like silent quitting or something is like a thing now where, like, they just decide internally that they're not going to perform their job duties anymore, but they'll still show up until someone figures it out.

Speaker 2: 16:21

Until they realize, like whoa, so you're not productive at all.

Speaker 1: 16:25

Yeah, At all. So, yeah, it's great, yeah, great. Great pool of employees out there these days.

Speaker 2: 16:30

But well, listen, some of us don't love working for huge corporations, so I get it. Some of us just want to sort of go to the beat of our own drum, right, right.

Speaker 1: 16:43

So that could be a factor. And then also another very important factor is some people go from W-2 to 1099. You know you could go in like a contractor type job or but that would definitely be a big issue because you have to have two years, yep, that would change everything.

Speaker 2: 17:01

So, um, once you get that pre-approval and you are going to uh, you know, if you're getting a better paying job in the new field, then I would suggest doing it. But if you're changing fields or whatever, I would wait until you have the house secured, you've closed, and then make those changes. And that goes for everything. Like don't buy a car, don't open new credit card, don't close accounts. Like, don't change jobs. Let's get your house, and then you can make those life changes.

Speaker 1: 17:28

No financial events.

Speaker 2: 17:31

Yes, yes, yep. Keep it cool people. Yeah, all right. So then we got Nellie. I'm looking for a house and some of the houses. My realtor is telling me that they're saying that there's no showings why the sellers do that. I love this question, okay.

Speaker 1: 17:50

So let's just put that we all want to know why. Why?

Speaker 2: 17:53

they don't do that, okay. So basically she's asking that she's looking for some houses and she wants to see them in. A real realtor saying no show, I have this conversation all the time, oh my gosh, I know All the time. Because buyers are like why can't I get in that house?

Speaker 1: 18:10

Why are they even trying to sell it? If we can't look at it? What's the problem?

Speaker 2: 18:13

Like I want to see this house, Okay, so this is all sorts of things. There's a hundred thousand reasons under the sun on why they don't do that, so let's have you start answering some.

Speaker 1: 18:26

Well, let me go to the most drastic, and that is unsafe. Okay, so you're going. Okay, there are times that they have homes that are no showings because it is unsafe to enter. Yeah, a roof could be caving in. Yeah, fire damage. Fire damage being sold as is yes, problems with the structure. I've seen it where they say you can't enter and if you do, you have to sign a waiver. Okay, so that's an extreme case, extreme cases.

Speaker 2: 18:57

Yeah, that's an extreme case. So I usually tell people it really is sort of, you know, depending upon the price point, right, when I'm going into multimillion dollar homes, sometimes there's no show because there's artwork that they don't want privy to everybody. They don't like people coming in around all their valuables. On a different note, it could be just having like a tenant in place and they're trying not to disturb the tenant.

Speaker 1: 19:24

Or the tenant's not cooperating with showings which they don't have to technically unless it's in their lease Right.

Speaker 2: 19:29

Yeah, yeah, so that could be it. Some people I just love. These are my favorite. They're the people who don't want to be bothered at all.

Speaker 1: 19:39

They want the house to be they're just greedy.

Speaker 2: 19:41

They're like I want to sit around and do nothing and get the most amount of money possible. So we're not going to do any showings. It's going to be sold as is and here you go, just pay me yeah sometimes it's temporary right, like they're having carpet replaced, painting, some sort of fixing going on, so it's on a temporary no-show status for a week or two. Yeah, and that's fine, and let me go another extreme okay, squatters, squatters, squatters.

Speaker 1: 20:07

I've seen that there's sometimes where a squatter has inhabited a home and they have to temporarily have no showings until the squatters are removed.

Speaker 2: 20:16

Yeah, which I?

Speaker 1: 20:16

did put on a repairs request once. That was always my favorite my favorite thing to mention. Yeah, we had a repairs request once where I had to put please remove squatters.

Speaker 2: 20:26

The squatters need to be gone.

Speaker 1: 20:28

Yeah, it's kind of it.

Speaker 2: 20:30

My clients don't love people enough to take on tenants in their own home, so they got to go.

Speaker 1: 20:35

Yeah, so there's always a bunch of reason.

Speaker 2: 20:37

I've had no-shows for people who work at night graveyard shift and they don't want to be disturbed during the day because they're sleeping. I've had people who have had rowdy animals and they don't want their dogs barking constantly and scaring people. I've had people that have new babies that they never know what the new sleeping schedule is going to be like, so there's going to be no show. Sometimes, when people do a no showing option, there's usually like a Matterport video walkthrough or some way for you to see sort of the finishes and the flow of the house.

Speaker 1: 21:12

Or a day see sort of the finishes and the flow of the house. Or a day. I've seen often, many times, where there's a no-show property which means you can't just come look at it any day. But we're going to do a window from this time to this time on this day, and that's when you can come.

Speaker 2: 21:23

Yeah, so there's like a company that I worked with out of Arizona for a while and their entire marketing program was that forced showing and it happened right before the pandemic, pre-pandemic. It was a brilliant strategy because you would say it was no show. We're having appointments only on, say, the first Saturday that it's at and you're forcing everybody into an 11, 11.30, 12, 12.30 time slot. So you're seeing a line and it's making the appearance that this is desirable and everybody wants to be here. But they funneled them all into one showing to sort of create an illusion of demand.

Speaker 2: 22:05

Yes, and so before the pandemic, that was great. But then when we had the pandemic, everything had to be scheduled and you couldn't be in a house when somebody else was in a house, like that. Now that we're sort of moved out of the pandemic but we're carrying over some of those mindsets, then you get people who are still using that marketing tactic, like we're only showing houses during the open house, or you have to have scheduled appointments on these days for it, so they do no showing status to utilize that to their marketing advantage. Yep, so, like we said, a hundred thousand reasons to do it.

Speaker 1: 22:40

Yeah, and one time. One thing that I think I get a lot of is the tenant question of why are they selling the house if, like, it's tenant, occupies, you know, with the tenants in it? Well, sometimes you know they want to move money, they want to change investments, they have multitude of reasons and there's plenty of investors out there where they're doing it. No show, there's no showings. You have to send an offer and if they agree with your offer and accept the offer, then we can schedule a showing during due diligence. And this happens a lot on multifamily and fourplex. But there's also they want the new buyer to assume the tenant lease because there could still be six months or a year left on that lease. So it's not for the traditional FHA buyer because that's not a possibility if the tenants are still there. So these are homes that are on the market looking for other investors to purchase.

Speaker 2: 23:32

Yep.

Speaker 1: 23:32

Yep, yep.

Speaker 2: 23:33

Yep.

Speaker 1: 23:33

So we run across that a lot, especially in like the entry-level price points.

Speaker 2: 23:37

Oh, totally yeah, those entry-level price points. It's such a double-edged sword because they are cute little moneymakers for investors. So all the investors want them, but first-time homebuyers need them.

Speaker 1: 23:49

Yeah, yeah. So that is a, that's one thing. We come across a lot and see those a lot more often, those no-shows and that price point.

Speaker 2: 23:57

Yeah, yeah. But no-show doesn't mean necessarily that anything is definitively wrong with the house. It doesn't mean that you know you're never going to get a chance to see the house. It just means that you're going to have to jump through some hoops. But every time you have to jump through a little bit of hoops you knock, sort out of the market for you, so it lowers your pool of buyers, which may not be good for you as a seller, but for me as a buying agent, those are the things that I look for. I love when homes have been at market price but they've been on the market for a long time or they have no showing so they're not getting as many eyes on it, Cause we all know, the most amount of eyes on a property, the faster it's going to sell, and usually for more money.

Speaker 1: 24:44

Yeah, and you can do things like write offers contingent upon inspection which is really. I mean, you're not really risking much as long as you have a due diligence in place. You put up your earnest money deposit. You can get it refunded if you do see the home and it's not working out for you. You have a way of getting that EMD back as long as we have a due diligence in place and that is, um it's. It's a great way to do things.

Speaker 2: 25:11

So yeah, and I can't even tell you how many offers I wrote in 2021 contingent upon viewing, because, especially in 21, where you couldn't even get into the house, they were like selling within the same day I was just sending offers out without looking at houses for everything right, even if it was on a show status, because I'm just like we're not even going to look at it unless we can actually buy it are they? Willing to play with us? Then let's see yeah, absolutely yep all right.

Speaker 1: 25:39

Uh, real quick we got. So thank you, nellie, for the question.

Speaker 2: 25:41

Nellie, yes, it hard for me to read. I don't know if that was a me thing or a you thing, Nellie, but we got through it.

Speaker 1: 25:47

Yes, and our last one is from Steve. Okay, steve, what does it mean when a home has rental restrictions, and should that concern me when purchasing? Yes and no.

Speaker 2: 26:05

Surprise. It's a yes or no answer. Same answers every day. It'd be so like. How boring would the show be if we'd be like michelle. Can we do this? Yes, can we do that? Yes. Can we do that, nelly? No, can we do no. But there's there's different facets to this. So, when a home has rental restrictions, do you need to be concerned about it when purchasing? Well, that depends. It depends on what you want to do with the home. Right, what, what is your intention with that home?

Speaker 1: 26:24

And what is your intention in the future? Right, so you might be buying a home right now for yourself, but in the future, would you consider this home being an investment property and wanting to turn it into a rental, with rental restrictions? That could be, and you have to really open the question of what type of rental restrictions, because sometimes there's rental restrictions that are as simple as six month or more lease Right, and some of them have. They will allow rentals but a certain percentage in the community, and that, if you are, if they are already at that percentage, you have to go on a wait list, yep, yeah, and once your name is up on that wait list, your unit is eligible to have a tenant.

Speaker 1: 27:06

But until then you're not, yep, and that means someone else has to basically forfeit, sell or do something else with theirs. And then there's rental restrictions where it is a hundred percent owner occupied Yep. No renters allowed in this community. Now, that can be a good thing and a bad thing.

Speaker 2: 27:25

Okay, so I love an owner occupant community just for the fact of that. You have that pride of ownership. And I mean they tend to be a little bit nosier of neighbors and they'll be like hey, I saw your lawn's not getting water or whatever. So they're their own version of an HOA sort of hovering and keeping the property values higher. But that is nice.

Speaker 1: 27:46

No, it is, and I tend to see in those communities a lot more kept up homes Like very much you see, pride of ownership when 100% of the community is owners. Yeah, you definitely tend to see a lot higher level of pride of ownership in that community without you know just any rentals at all. So that's, I mean not all renters don't keep up their houses. There's definitely a lot that do.

Speaker 2: 28:11

Oh yeah, we're not trying to knock renters completely, but as somebody who sees a lot of renters and rental houses that either go on the market and they slap new carpet and a fresh coat of paint but you just know like there's hard water buildup and there's so many like little maintenance things that renters not all the time do. Some of them do it, but a lot of times, they don't Not all the time.

Speaker 1: 28:35

Yeah, so that is, you know, you get to have like more pride of ownership and more, like, I guess, less turnover of neighbors, yeah, yeah.

Speaker 2: 28:43

Well, if you're buying owner occupied, then you're usually planting roots for sure, Like I have some that are in um uh, rental restrictions and a certain amount. Only a 25% of the community can be rentals. So you know, that's always like for me a three to five year plan like, okay, I could stay here for two years, put my name on the list when it's up for rental and move out, put a renter in here and then go somewhere else yeah, I like it.

Speaker 1: 29:11

Not too much of a good thing, but just right, right, yeah I listened.

Speaker 2: 29:14

I listened to an economist once and she was talking about how that was her plan. She'd buy a place, she'd stay in it for two and a half years, put a renter in it and then move on to another place, and another place, and another place. And she's like, um, moving's no fun, but making money is, and this is the best way that I found to make money. And then I sat down and looked at all the numbers. I'm like that's actually a pretty good strategy.

Speaker 1: 29:36

I like it. It is yeah, so that is good. So, yeah, should it concern you? Definitely. Just, I mean, we could have a talk with you about what your long-term goals are, right, and that's what it would be like.

Speaker 2: 29:48

How do you plan on using this property? And then we can best help you with that question about restrictions.

Speaker 1: 29:53

Yeah, strategize it and sometimes you know the values will hold strong in those areas or in those neighborhoods and you know, sometimes it's a deterrent because no investors can buy in there. So it really we can definitely have a conversation about that. And if we want to have a conversation about that, how would people get ahold of you, tiana?

Speaker 2: 30:13

Hey, my handy dandy cell phone, kiddos, 702-379-9948. You can call me or text me. If you have a specific question or something that you're interested in in real estate, you can always send emails to the realtycheckvegas we already talked about that earlier and if they want to speak with you directly on it, how do they call you?

Speaker 1: 30:34

You can call me on my cell phone, 702-308-2878. I'm Trish Williams and we are here every Thursday at 9.30-ish 9.30-ish.

Speaker 2: 30:45

It's Vegas time. Yeah, it's kind of fast and loose. Yeah, All right. But if you're enjoying the content and you do want to come back every Thursday, make sure you smash that like share and subscribe Smash it. Yeah, I love that term, love that. Smash the like, share and subscribe. Join our community. We're glad to have you and we will see you next week. Bye, bye Vegas, bye Vegas, have a great week, thank you.