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Las Vegas

Property Management

Our team of local professionals at Mynd Property Management are different than other Las Vegas property managers. Servicing the greater Paradise, Henderson, Summerlin, Green Valley, Lake Las Vegas and North Las Vegas areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience. Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Tourism was once Las Vegas’s greatest investment, now, it’s residential real estate. It’s time to make your real estate investment work for you.

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Mynd's rental income guarantee

Rental Income Guarantee

We protect your rental income

If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.

Mynd's property damage protection guarantee

Property Damage Protection

WE PROTECT YOUR PROPERTY

If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.

Mynd's eviction protection plan guarantee

Eviction Protection Plan

WE PROTECT YOU

If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.

SELECT YOUR AREA TO VIEW PRICING

Pricing Plans That Suit Your Needs

CORE SERVICE PLAN

$79
Monthly Management Fee
100%
Rental Leasing Fee
$349
Lease Renewal Fee

AVID INVESTOR PLAN

$119
Monthly Management Fee
50%
Rental Leasing Fee
$299
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection

PEACE OF MYND PLAN

$159
Monthly Management Fee
0%
Rental Leasing Fee
$0
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection
checkmark - feature included
Property Damage Protection

Don't Take Our Word For It

Results You Expect

Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.

Mynd offers faster leasing times

Faster Leasing

Quicker than average leasing times.

Mynd responds quickly to resident and owner communications

Quick Response

Less than 4 business hours for owners, less than 8 business hours for residents.

Mynd finds high quality residents

Quality Residents

Higher than average resident quality score (720+)

Mynd offers low delinquency rates

Low Delinquency

No need to worry about rental payments, less than 2% delinquency.

Mynd's high customer satisfaction scores show high resident satisfaction

High Resident Satisfaction

Consistently high customer satisfaction scores (Better than 4/5)

Mynd's NPS score shows higher owner happiness rates

Happy Owners

Net Promoter Score of 58 versus industry average of 7

Meet Your Local Superstars

We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.

Meet

Trevor

Portfolio Manager

Since 2016, Trevor has been a licensed Real Estate Agent and Property Manager in Nevada. He specializes in single and multi-family property management after starting a career in student housing in Reno, NV. He is extremely dedicated to the industry and strives to provide outstanding service to all clients.

Las Vegas

Las Vegas’s primary industry continues to be tourism, although the city is trying to expand to other sectors such as health and tech. That’s plenty of potential tenants, and Mynd’s property managers will make sure your property is occupied with them. We conduct thorough background checks and one on one interviews.We also perform regular maintenance to keep your property in tip top shape, and repaint, deep clean, etc in between tenants. We take care of money matters, including book keeping and the security deposit. And we keep track of all zoning regulations so that you don’t incur any fines and so that any insurance claims aren’t compromised.

Kate
Leasing
Kathleen
Accounting
Gina
Resident Services
Matt
Maintenance

Las Vegas

Las Vegas

400 S Rampart Blvd #270
Las Vegas, Nevada
United States

Mynd Property Management is local
(702) 602-7960

Las Vegas

Las Vegas has long, very hot summers and an average of 310 sunny days a year, so air conditioning is incredibly important in your Las Vegas rental property. Explore our resources below to learn how Mynd’s Las Vegas property managers will make sure your AC doesn’t fail, and if it does we’ll replace it ASAP!

Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.

Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?

About Tacoma, WA

Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.

Tacoma property management

Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive.  Cash flow opportunities are better in Tacoma because the prices of homes are not as high.  

Home prices in Tacoma

Median home price: $354,019

Home prices have gone up 9% in the past year.

 

Diverse types of renters

Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.  

Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.  

Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.  

Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.

 

Economy and industry in the area

Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.

  • Unemployment rate: 5.3%
  • Average income: $75,649

Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.

If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.

How to accurately set rent for my Tacoma, WA rental property

The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.

Tacoma rental statistics

  • Median rent for a single-family home: $1750
  • More single-family homes available since 2007
  • 45% Renter Occupied
  • 55% Owner Occupied

Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.

Knowing the trends and statistics for the area is key to your success as an investor.  Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate.  Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.

 

Why should I hire a property management company in Tacoma, WA?

What does a Tacoma property management company do?

They take care of the day to day operations required when you own a rental property such as:

Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?

Landlords must comply with ever-changing laws and regulations

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:

  • 120 day notice to purchase property if you intend to change the use of the property
  • 60 day notice of no cause termination of a resident
  • 60 day notice of rent increase
  • Several tenant’s rights laws. For example, tenants can complain to the city of Tacoma about code enforcement violations.

There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.

 

Consider hiring a Tacoma property manager

Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws.  Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.

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As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision.  Having a local partner like a property manager makes this process easier.

What kind of return do you want from your investment property?

Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses?  Are you only interested in appreciation or debt paydown?  Your strategy must be defined before you start looking for a property.  

About Everett, WA

Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.

Everett population and home prices

  • Population: 111,000
  • Average age: 33
  • Median income: $57,999
  • Median home value: $362,000

 

The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.

Many of the homes in the area were built between 1970-2000.  Being older properties, they may require some maintenance or updates to attract a quality tenant and meet Property Code.

 

Everett Property Management

 

Industry and the Economy

  • Unemployment rate: 5.8%
  • Cost of living index: 116.2  (US average is 100)

Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.

Best neighborhoods in Everett

  • Darlington
  • Edgewater
  • Pinehurst
  • Riverside
  • Bayside
  • South Forest Park

When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area.  They are also more likely looking homes with multiple bedrooms for their growing families.

 

Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:

  • Is the city growing?
  • Are rents going up or down?
  • What is the average eviction rate?
  • What are the average days on market?
  • What is the average vacancy?
  • What type of homes are rented quickly? What are most people looking for?
  • Are there certain features people are looking for in a home?

These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.

If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.

 

How to Accurately Set Rent for my Everett, WA Rental Property 

It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.

Leasing has seasons

You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).

The economy can affect rent

If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.

Everett rental statistics

  • 42,000 housing units
  • 37% Owner Occupied
  • 67% Renter Occupied
  • 44% single family homes 36% Apartments
  • Median rent: 1,990
  • 48% of homes were built between 1970-1999

The rent amount will vary depending on the property type, square footage and number of bedrooms.  When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.

Mynd’s Everett Property Management company offers a FREE rental analysis so you can see what your property can expect to rent for.

 

Why Should I Hire a Property Management Company in Everett, WA 

When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow.  Should you continue to do this yourself or does it make sense to hire an Everett property management company?

 

Treat your investment like a business.

If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time.  Keeping up with all the laws you must comply with can become a heavy burden.  Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself.  You thought you were gaining free time and ended up having a second job.

It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.  

Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.

 

What does an Everett property management company do?

They take care of the day to day operations required when you own a rental property such as:

They know the laws and regulations

You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord?  There are things you can’t ask on an application or during the screening process.

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.

Maintenance issues

Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold.  There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.

If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager.  Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.

A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.

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On August 31, 2020, California Governor Gavin Newsom (D) signed AB 3088 into law, providing state-wide protections for tenants and landlords in the face of the ongoing coronavirus pandemic. The safeguards extended to tenants worrying about evictions and to landlords concerned about foreclosures. 

Moratorium Eviction Extended

Tenant relief act legal document


AB 3088 limits a landlord’s ability to evict a tenant for non-payment of rent. To make use of this protection, the tenant must submit a declaration signed under oath of financial hardship due to the financial burden experienced between March 4 – August 31. A valid declaration will prevent evictions from occurring before February 1, 2021. 


For hardship stemming from the coronavirus pandemic between September 1, 2020 – January 31, 2021, tenants are expected to pay 25% of expected rent to avoid eviction by January 31, 2021. 


Do Tenants Pay Rent?

The expectation of rent has not been eliminated. Instead, unpaid rent cannot be the reason for eviction for tenants that have experienced financial hardship and submitted a valid declaration. Tenants will still be responsible for paying back rent to landlords, who can begin to recover their debts through a civil small claims lawsuit on March 1, 2021. 


The jurisdiction of small claims courts will be temporarily expanded to allow landlords to recover unpaid rents. 


Unpaid rent isn't waived under AB 3088. Instead, it's converted into consumer debt collected in small claims court as early as March 1, 2021. If a tenant cannot meet the 25% rent minimum, AB 3088 would only provide eviction protection until February 1, 2021. If a landlord attempts to use extrajudicial self-help, such as shutting off utilities, threats, or coercion, to generate an eviction, then the landlord may face penalties as high as $1,000 to $2,500. 

California’s COVID-19 Tenant Relief Act Tenant Protections

The following legal and financial protections will be extended to tenants


  • The notice period for nonpayment of rent will increase from three days to 15 court days so that tenants have more time to respond to the landlord's notice to pay rent or leave. 
  • Hardship declaration forms must be provided with any eviction notices for a failure to pay rent. 
  • The hardship declaration forms provided by landlords must be provided in the language in which the rental agreement was negotiated. 
  • Landlords are also required to provide tenants with a disclosure explaining their rights under AB 3088. 
  • Expands the "just cause" protections described in AB 1482 to all tenancies, including tenancies less than one year, affordable housing, new construction, and single-family homes.  
  • Local ordinances that were in effect as of August 19, 2020, will remain in effect until their expiration, while future ordinances cannot undermine AB 3088. 


AB 3088's protections are extended to most tenants if they sign a declaration that they've been financially impacted due to the pandemic. What constitutes "COVID-19-related financial distress" includes:


  • Increased expenses due to the health impacts of the COVID-19 pandemic
  • Increased childcare or eldercare responsibilities directly related to the COVID-19 pandemic.
  • Loss of Income caused by the COVID-19 pandemic.
  • Higher-income tenants (those whose household income is over $100,000 or with over 130% of median household income) must provide documented proof of financial loss related to COVID-19.

California’s COVID-19 Tenant Relief Act Eviction Notices


When a landlord delivers an eviction notice for failure to pay rent, a financial distress form must be provided. The tenant has 15 days to sign and return the financial distress form. The economic distress form does not cover months to come, so that the process may be repeated on a month to month basis. The declaration is signed under "penalty of perjury,” so if a tenant provides knowingly false information, they can be charged with perjury. 


Lawful eviction that has nothing to do with unpaid rent caused by the coronavirus pandemic can move forward as early as September 2, 2020.  That means landlords will be able to pursue:


  • Eviction against nonresidential tenants
  • Evictions for lease defaults stemming from reasons other than nonpayment of rent.
  • Evictions for missed rent payments before March 2020 
  • Evictions for nonpayment of rent unrelated to the coronavirus pandemic.
  • Evictions against tenants willfully damaging property.
  • Evictions against tenants engaged in criminal activity. 
  • Evictions against tenants who violate the lease or rental agreement in other ways.


Evictions for unpaid rent will resume on October 5, 2020, for tenants that do not submit a financial distress declaration.


Evictions for reasons other than nonpayment of rent cannot be performed as retaliation against nonpayment of rent due to the coronavirus pandemic.


Individual cities may have their own eviction moratoriums, and tenant and landlord protections that may be more robust than that provided by AB 3088. For this reason, it's critical to consult both the stipulations outlined by AB 3088 and the stipulations, if any, of one's local jurisdiction. 


If a locality passed a new moratorium after August 19, 2020, then it cannot take effect until February 1, 2021. Ordinances that expire before February 1, 2021, cannot be extended until February 1, 2021. Finally, if a local jurisdiction establishes its repayment period, it must begin on or before March 1, 2021.


Given the complicated nature of the law, it's advised that tenants contact an attorney if a landlord provides notice of eviction. There are many free legal aid foundations to reach out to. The Legal Aid Foundation of Los Angeles, for example, offers free legal services to over 100,000 residents of the greater Los Angeles area. 

California’s COVID-19 Tenant Relief Act Landlord Protections


AB 3088 does not protect landlords from foreclosures, nor does it require banks to provide forbearance. Instead, mortgage servicers must contact borrowers before pursuing foreclosure proceedings with forbearance options. 


Dual tracking, when a provider initiates foreclosure proceedings while considering loan modifications with the borrower, is also forbidden. 


If forbearance is not an option for a small landlord, then the mortgage servicer must provide a written explanation. These protections extend to January 1, 2023.

Bottom Line on AB 3088

Due to AB 3088, California will keep a dramatic increase in residential evictions at bay through the early part of 2021. Although, further action by the federal government is required to ward off the true extent of the pandemic's effects. 

Notice of Eviction Tenant relief act


If you have rental properties, your property manager should be able to support you in navigating the changing regulations around tenant protections. To learn more about Mynd Management's services, contact getstarted@mynd.co


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While many investors choose to manage their properties, themselves, this can be incredibly challenging, especially if you work another job or own too many properties. As such, hiring a property manager is the right choice for many investors in every market.Our guest today is Celeste Robertson. Celeste is Portfolio Manager with Mynd in Las Vegas, Nevada, and she is here to give us her perspective on why hiring a property manager is a great choice for so many investors, especially in the Las Vegas market.Steve Rozenberg: Hey, everyone. This is Steve Rozenberg with Mynd Property Management and I am here today with Celeste Robertson, who is the Portfolio Manager for the Las Vegas division of Mynd Property Management. Celeste, thanks for joining me today.Celeste Robertson: Thank you.Steve Rozenberg: What I want to talk about today is, let's talk about the basic needs of property management in Las Vegas. So, from your perspective, let's just, kind of, boil it down. Do people even really need a property manager if you're owning properties in Las Vegas? And, just from your perspective, why or why not, would you say, is it vital to have a property manager on your team?

Property Managers Know the Law

Celeste Robertson: I think it's vital due to the stringent laws and statutes that we have here in Las Vegas. You want to make sure you follow those correctly, keeping yourself and your residents and the owners in the safest aspect as possible with the property.Steve Rozenberg: Let me ask you this. Are a lot of out-of-state, out-of-town owners in Vegas or are they more local in nature? What is the general makeup of most investors?Celeste Robertson: We're pretty much about even. We do have out-of-state. We have out-of-country. We have a very wide range. Especially with out-of-state and out-of-country, it is super important to have someone managing. It's always important because, with us being licensed, we're aware of what needs to be done, can be done and can't be done.Steve Rozenberg: Well and, as you know as well as I do, the laws change all the time. You don't know when the laws change until you find out that you broke the law. And, for me, having that property manager is just something that needs to be on your team to help elevate you so that you can go do whatever it is you want to do in life and not have to worry about the trials and tribulations that go on with sometimes owning a property.And, I know for a fact that, sometimes, property management actually can make you money by saving you on costly expenses that maybe you don't know are coming down the road, like a leaky pipe could turn into mold, if you don’t attend to it.Celeste Robertson: Absolutely.Steve Rozenberg: And look, we know in California they just recently passed the rent control law, which make things more complicated, which more tenant rights which, not saying it's a good or bad thing, but it's definitely something that makes the law change. And, unless you're a professional and you know that, you're not going to be able to know what has changed. Would you agree?Celeste Robertson: I agree, 100%, yeah. I mean, even here in Nevada. We recently had a law change in July of this year for the late fees and the amounts that you can and cannot charge.Steve Rozenberg: Yeah, that's a perfect example that if I'm living in Texas, let's say, and the laws changed, I would not know that there were new laws in Nevada with my rental property. And I think the key that a lot of people need to take away from this video is the fact that, when you buy a property, it's not a singular sport. It's a team sport. And part of the team, a very vital part of the team, is the property management company to help you deal with the day-to-day operation.You may be able to do it for three months, six months, a year, but if you want to hold this for 20, 30 years, it's going to get harder and harder if you want to grow and scale your company owning properties over the long term.

Saving Money with a Dedicated Team of Professionals

Celeste Robertson: Right. And then, as well as us having contracted vendors that we work with, where you're keeping everything within licensed and insured vendors that are working on a property, versus a personal friend of yours that came and did it. And now we would, like you say, we may have a mold issue or a habitability issue with a heater or AC.Steve Rozenberg: Yeah, absolutely. And, one of the things I always think about when it comes to managing properties and scale is, you're getting that volume. So, for example, if I have one property and that property becomes vacant for lease, it is going to take me a long time to make the phone start ringing to get that property leased where you may have five or ten properties in that subdivision.And it's already generating inquiries and calls where you could just put that new property in the mix, and you've got relationships with realtors and, like you say, contractors and vendors. So, I think, to me, it's just part of being on the team. And I think it's one of those things that, if you think you're saving money, you’re paying for it somewhere, right? I mean, would you agree? I mean, you're paying with time. You're paying with stress. You're going to pay for it. It may not be out of your pocket. Sometimes it may be out of your pocket if you do something wrong. But, you’re going to pay, right? I mean, you've been doing this a long time. I've been this a long time. I've seen many people that may not pay financially, but will pay other ways.Celeste Robertson: Right. In the long run, it's going to save you, in all aspects, to have a portfolio manager with the team that we have with us and the knowledge that we have, as well.Steve Rozenberg: I agree. I agree. So, Celeste, if somebody wants to, kind of, find out more about Las Vegas and how to, maybe, talk to you guys about property management here at Mynd, how would they get ahold of you?Celeste Robertson: The best way to get a hold of us at 833-MYND. So, they will be able to get there and have somebody that's knowledgeable to be asking and answering any questions that they have.Steve Rozenberg: Great. And if you want to check out our website, you can go to mynd.co—dot C-O, not .com—and you can go there to the website. You can find out all the information.We also have a Facebook group. The MasterMynd Real Estate Investment Club on Facebook that we like people to join. It's got investors on there just like you and me trying to be better.And we also have the Myndful Investor podcast show on iTunes and Spotify. So you can look it up. We have industry-leading people on that show.And so, Celeste, thank you so much for being on the show today and we'll talk to everyone later. Bye-bye.Celeste Robertson: Thank you.For many investors, hiring is the easiest decision they make. For others, it is a last resort. While hiring a property manager means choosing to be somewhat hands-off, as a property owner, it also means having a team of professionals to act as a buffer between the investor and the many challenges owning a rental property can present.

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Choosing a tenant can be a truly daunting task, especially when self-managing a rental property. Today we are speaking with Celeste Robertson, Portfolio Manager with Mynd Property Management in Las Vegas. Celeste is here to give us her top three things every investor or property manager should look for when seeking a tenant for their property.

Selecting the Right Residents for Your Property in Las Vegas

Steve Rozenberg: Hey, everyone. This is Steve Rozenberg with Mynd Property Management and I'm joined here today with Celeste Robertson from the Las Vegas division of Mynd Property Management. Celeste, thanks for joining me today. I appreciate it.Celeste Robertson: Hi, thank you.Steve Rozenberg: So, this is something that a lot of investors get very nervous about, and everyone is afraid of what not to do and what to do, and that's picking a resident.So, let me ask you this. What would you say are the top three things that you need to look for when selecting a resident to make sure that you pick the right one or don't pick the wrong one, basically?

Check their Rental History

Celeste Robertson: First of all, rental verification. You do want to be able to see how they handled their previous lease, if they had HOA violations, if they pay on time. Were eviction proceeding started? Did they break their lease? How was their security deposit process? Did they take care of the property? There's a lot that's done and taken care of when you do a rental verification.Steve Rozenberg: You know, it's funny. I used to always say, “if you look at their past, you'll see their future.” So, if you look at somebody, if you look at what they've done up until now, just because you have a nice place does not mean they're going to change how they are and who they are just because you have a nice place to rent. And if you think that they will, it's kind of your fault for assuming that because they clearly have shown you their track record in their past. And, you can expect the same to hold true once they move in.

Verify Their Income

Steve Rozenberg: So, I completely agree with that. I think if you see their history, you will see how they're going to be moving forward. What's number two?Celeste Robertson: And then, you would want to make sure you verify their income. I like to see 3x the rent. There's things that come up. People have other bills to pay, but you want to make sure that they're able to pay that rent comfortably. And you want to make sure that it's verifiable—pay stubs, not just what they’ve written on their application because anybody can write anything.Steve Rozenberg: Now, do you verify that by calling the employer or what do you suggest if somebody wants to? What is the best way for someone to verify, these days, what they actually make?Celeste Robertson: Generally, it's going to be pay stubs. You're going to see that it is from a verifiable company. Also, if they want to do their transcripts from irs.gov, which is free, then you're able to see what they've made for the year and it's very verifiable with the IRS that way.Steve Rozenberg: Do you know—and I know we can't discriminate, obviously—but do you have a preference of two income families—one income family, government assistance—do you weigh them differently at all?Celeste Robertson: No, not at all. Just, whatever that, collectively, they make that is verifiable, as long as it's verifiable as an income, then it works.Steve Rozenberg: Now let me ask you this. And this is something that I know, depending on the city, a lot of people move to Las Vegas to start new jobs, right? So, if somebody's coming to Las Vegas to start a new career, how do you gauge that when they don't really have a job yet? How do you handle that?Celeste Robertson: Generally, what they're going to have is an offer letter. If they've come out here, someone has offered them a position—we get Amazon medical things like that—but there is an offer letter that says you're going to be working here this many hours with this rate of pay and so forth. So then we ask for an offer letter at that point.Steve Rozenberg: Well, that makes sense. And then, you've got that, at least—some kind of substance to, at least, back it up, not just their word, obviously, right?We used to always say, “trust but verify,” right?Celeste Robertson: Right.

Run a Credit and Criminal Background Check

Steve Rozenberg: Okay. So, number three. What is the number three thing that you would suggest when picking a tenant?Celeste Robertson: You're going to want to run their credit. When we run their credit reports, we're also checking for evictions and criminal background. You just need to know everything there is to know about that person and that is one way of doing it.You can also check and see, on their credit report, a lot of companies will put on there whether or not they've been short on rent or utilities. It just kind of gives you a pattern. And then, just checking their criminal background, as well, is super important.Steve Rozenberg: And do you have some no-goes like a felony or an eviction or something like that? Some things that you just say, “you know what, that's a definite no-go on this.”Celeste Robertson: Usually, a definite no-go is if they have an eviction on-file. It is a definite no-go.Steve Rozenberg: Right, because obviously they're kind of habitual at that point to do that.Celeste Robertson: Because I have not come across any eviction that has been pretty.Steve Rozenberg: They're normally not pretty, yeah. And, the one thing that I've always learned is, a lot of times when you have a vacant property, people get nervous because you own a property and that property sitting there empty and now you're starting to get emotional; you're starting to make emotional decisions in a business matter. And a lot of times you're starting to maybe allow some people that you wouldn't normally allow because you're getting nervous. And maybe it's been a month longer, two months longer.The only reason I would caution, when people want to do that, is for two reasons. Number one, there is fair housing and discrimination. So, you can't just all of a sudden change the qualifications because you're nervous. Because it's a business, right? And now someone can come back to you that applied earlier and say, “wait a second. I had those qualifications on day one. You did not accept me.” And that can become a very slippery slope with a discrimination suit or fair housing, possibly. So I'd caution you on that.The other thing I would caution you on is, just because you put someone in your property, does not mean that you have a paying tenant in your property. And so, a lot of times we think, “I'll just put someone in because he's better than nothing.” Now, you have a property with someone in there maybe doing some damage and you're not getting any money.And more importantly, I think the one thing that I would like to stress to investors out there is the mental stress that you go through when you have someone in your property and you don't know how long they're going to be in. And you, kind of, did it yourself because you didn't stick to your rules and regulations, because you made an emotional decision. So, I don't know what your thoughts are, if you agree or not, Celeste, on that. But that's, kind of, my standard. And I've learned that from lessons—my own—that I've actually done in the past, that I know you don't do. And that's just something that I stick to all the time.Celeste Robertson: Right, it's your investment and you want to protect it 100% and keep everything straight across the board. Don't deter from what your guidelines are set for, because they're set there for a reason. And that's to protect your investment.Steve Rozenberg: Absolutely, absolutely. So, just to wrap it up, number one, we've got rental history. Correct? Next we've got job history. And then we've got credit, criminal background check.So, if you do those three things and, again, you stick to your policies and you don't deviate, you're going to be doing much better than if you just went off your gut feeling or your emotions on that.Celeste, if somebody wants to get ahold of you in Las Vegas, how would they do so?Celeste Robertson: That would be 833-MYND.Steve Rozenberg: And if you want to go to our website, you can go to mynd.co. That’s M-Y-N-D.co. Or, if you want to go on Facebook, you can find we have an investment group there—the MasterMynd Real Estate Investment Club, as well as our podcast show, The Myndful Investor. It's on iTunes, Spotify, Google Play.And again, we just want to help fellow investors just like you, just like me, just like all of us try to get a little bit better. So, this is Steve and Celeste, and we'll talk to you guys later. Bye-bye.While choosing a tenant can be a stressful task, there are many resources to help investors and property managers assess the history of potential tenants and narrow the search down to the best possible candidates.Foremost, checking a potential tenant’s rental history is key. An individual’s rental history can give a manager or landlord an immediate indication of what sort of tenant they will be dealing with. As they say, a person’s past is often an indication of their future.Likewise, a potential tenant’s job history is also important. While anyone could lose their job or endure some other major challenge at any time, a job history gives the property manager a clear indication of whether the individual has the ability to pay their rent, or whether they can even afford to live in the property, at all.Lastly, a credit and criminal background check are obviously important. Having an indication of your potential tenant’s credit and criminal history can not only help protect your property, but keep other tenants or neighbors happy, as well.And while none of these resources are fool-proof and anything can happen, the combination of a potential tenant’s rental history, job history and credit and criminal background checks can give you the best indicator of which tenants meet the standards set in your lease agreement, but which tenants will be best for your property, overall.

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Mynd's regional director in Las Vegas, Chris Meranto, joined Steve and Alex to provide another update on how Las Vegas is doing during the coronavirus.

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