The benefit of insurance is to transfer the risk of loss to a company in exchange for a premium. The deductible is an amount the insured pays out of pocket before the insurance starts covering the
Investors Short Term Rentals Are Tough Work In Vegas
As of June 21, 2017, the rules for short-term rentals include:
You must purchase a $1,000 special-use permit
You must pay for a state of Nevada business license if you don't already have one ($200)
You have to purchase liability insurance for a minimum of $500,000 (a good idea regardless)
You have to display a placard in each rental unit with your 24-hour contact information
There is a hotline for complaints that the city mans 24/7. (702.229.3500)
Your short-term rentals can't be within 600 feet of another one
What's the definition of a short-term rental? A lease for less than 30 days.
No landlord can guarantee when you first meet tenants that they will behave. Manage your properties closely if you decide to play this game.
Why the stringent rules? Because locals want everyone to party on the Las Vegas Strip, not in our neighborhoods!
Are rentals a good idea in Las Vegas? As Vegas's most caring landlord for 21 years, I know long-term rentals can be just as difficult. But the costs are far less and stability is delicious when you get a great tenant. And they are out there!
Either way, there's good money to be made owning any kind of rental property in Las Vegas. You just have to work for it!
P.S. If you are interested in purchasing a rental home in Vegas, reach out. I have the battle scars...and bank account to prove it! And if you purchase from me, I will include a copy of my court-tested 26-page lease.
((Hugs)) BETH Ellyn
THE Las Vegas Real Estate Concierge
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