Insider Tips for Las Vegas Home Selling and Post-Sale Agreements

Are you ready to unlock the secrets of the Las Vegas real estate market? Join us, Trish Williams and Tiana Caroll, as we break down the latest trends and insider tips for navigating the ever-changing property scene. With a current inventory dip to 3,291 homes, we're dissecting what this means for you, whether you're buying, selling, or just watching the market with bated breath. We also reminisce about the trials of March 2021 and why a fresh supply of listings is like spring rain for the parched desert of potential buyers.

We've all had a "Valerie" in our lives—someone who cringes at the thought of "Lukey Loos" traipsing through their home during an open house. Let's chat about why this traditional selling tactic might be going the way of the dodo, and explore safer, more controlled strategies to get that "Sold" sign up. We'll also share personal stories from the trenches that reveal the surprising statistics behind open houses and their impact on sales. If you're on the fence about how to present your home to potential buyers, this episode is your guiding light.

Ending on a practical note, we tackle lease-back agreements—those post-sale arrangements that can give sellers a temporary reprieve. We'll guide you through the dos and don'ts, complete with true-life narratives that highlight the importance of dotting the i's and crossing the t's. Plus, we'll offer a peek into the delicate dance between landlords and tenants when the conversation turns from rent to ownership. So whether you're a seasoned investor or making your first leap into the property market, tune in to gain invaluable insights from our real estate rendezvous.

Transcript

Speaker 1: 0:01

Hi, here we are, hey Vegas. Surprise, we're on air Right in the middle of a conversation there.

Speaker 2: 0:20

Okay, so hi Las Vegas.

Speaker 1: 0:21

Welcome. Hi Hi Hi, hi, hi, hi, hi, hi, hi, hi, hi, hi, hi, hi, hi, hi, hi, hi, hi Hi. I am from Las Vegas.

Speaker 2: 0:30

Welcome back to Vegas Realty Check. I am Trish Williams and I am Tiana.

Speaker 1: 0:34

Caroll, and I promise I'm a little bit prepared today, so I just yeah, no, we're totally prepared.

Speaker 3: 0:41

We just had a last minute bit of information throw us off the key before we did our introductions, but that's okay. We're here now, we're talking, yeah, and we're here every Thursday at 9 30. So make sure that you like, share and subscribe as we talk everything. Las Vegas Real State News. Yes, are starting off our day today with market inventory, inventory as always, and I was a little sad to see us go down a bit in stock this week. What do we have?

Speaker 2: 1:08

Well, I mean we are in March, we are, we drop inventory every year in March. We do no surprise, no.

Speaker 3: 1:15

I know, but once we start that little drop I mean today we dropped under 3,300 homes available in the market we're at 3,291 homes, and so once we get past that, that's usually an indicator that our ability to get concessions is going to be few and far between.

Speaker 2: 1:35

Oh, absolutely, we're seeing it go away. We're seeing multiple offers, we are seeing some activity, and you know what's funny, though, there are still homes that don't have multiple offers or don't have offers.

Speaker 3: 1:48

And then there's still homes getting concession. We just opened escrow on one that's getting concession. So it's like, ok, it's still happening, but as these numbers dip, that's going to get tighter and tighter.

Speaker 2: 1:58

Absolutely, and within the last couple of days too, I had some buyers that locked in a killer deal on a home because it was not show ready Like they had. You know, I mean just stuff everywhere the pictures looked awful. We decided let's go look at it, because what do you have to do?

Speaker 1: 2:17

Yeah.

Speaker 2: 2:19

And it had good bones, good bones.

Speaker 1: 2:23

Good bones are good.

Speaker 3: 2:24

So this is always a conversation when we have listings that we like to have on the condition of the home really makes a big difference, Because you said you got a good deal. Did you get it under list? Oh?

Speaker 2: 2:35

yeah, we got it. We got a smoke and deal on it. So we're very excited about that, but the condition didn't look. I mean, of course we'll find out at the home inspection. We haven't got there yet. Condition doesn't seem like it was awful. It was the showing condition and, like you, know, I mean it's carpet and paint.

Speaker 3: 2:51

Yeah, big difference. Because let's say, they put in five grand cleaning, junk removal, carpet paint, right? Yeah, you got way more than five grand off, didn't you? Yes, I did, yes, you did yes, I did OK.

Speaker 2: 3:02

Yes. I did, we killed it, killed it, killed it, no. So yeah, so that is, even though we're seeing like concessions go away, we're seeing multiple offers on some properties, those are still those move-in ready, turnkey, all the bells and whistles properties and the ones that are like falling short of that are still not getting that like super aggressive activity from the buyer. So yeah, yeah, well, if these numbers keep dropping, they will. Absolutely they will.

Speaker 3: 3:31

We will start seeing that there is markets once we get down into that real sellers market, especially when we're down into like the 2800 on inventory, and then everything gets sold at market value and usually we'll have some sort of benefit to the seller beyond just a list price, like maybe they don't have to pay for a home warranty or they get out of some stuff because stock is so tight.

Speaker 2: 3:56

Yeah, and I remember like at the height of everything, when, like there was, it felt like there was almost nothing to sell was March of 2021. We hit 1800 in inventory and there was like it was like, yeah, we loved it. I was meeting people and they're like, wow, you're in real estate. That must be amazing right now and I'm like, really, it's not because there's no inventory.

Speaker 1: 4:23

So you have to have inventory to sell a product with. There's like no inventory. It's really challenging. So yeah, and it was.

Speaker 3: 4:30

It was so challenging, especially and I felt so bad when people have been like oh, you know, I'm the first time home buyer or I've saved eight grand and I'm like, yeah, girl, you are. You know, we're even close to this market. You're just have to hang tight, yeah, so let's hope we don't get there again. Yeah, I don't want to get there.

Speaker 2: 4:47

But our sales numbers sales are up. Sold this week Inventory down sales are up.

Speaker 3: 4:52

We had just under 500, 495. Yeah, sold this week.

Speaker 2: 4:57

And still some price adjustments again. Those are the homes that may be overshot or just don't have that great showing condition and that great appeal out up there, and at first they're they're needing to do adjustments. So we had 399 price decreases 399.

Speaker 3: 5:15

That's really not a lot, it's not because that's just basically agents trying to figure out where the sweep spot is to get attention and get offers, and so they're just sort of manipulating that and that's across all price points, and unfortunately for us that also includes, I believe, like all the single families, yeah, everything. Yeah, yeah, yeah.

Speaker 2: 5:37

And under contract who numbers again?

Speaker 3: 5:40

good, big, big numbers under contract just shows that the people are out there shopping, because we got 696 homes under contract right now.

Speaker 2: 5:48

Yes, that is a lot. There's a lot out there selling so yes, yes, there is.

Speaker 3: 5:53

So we're going to need inventory kiddos, so happy spring.

Speaker 1: 5:58

Here we are.

Speaker 3: 5:59

We made it, and this spring, unlike last spring, we actually have spring weather during spring, yes, which is nice.

Speaker 2: 6:06

Last year was cold, for Vegas yeah yeah, the weather here has been good, besides the wind, which I hate.

Speaker 3: 6:14

Yeah, a couple of days at the beginning of this week really messed me up with that wind. Last week, when you weren't here, it was a crazy windy, allergy day.

Speaker 2: 6:23

Yeah. So let's tell you something about Vegas. If you don't live here or you're not from here, this is a desert. We're not supposed to have nice, beautiful trees that we have all over the city, so those are all imported.

Speaker 3: 6:37

So well, like most of our transplants from other states so are our trees.

Speaker 2: 6:41

So our trees and bushes and all the beautiful landscape you see all over town and, oh my goodness, like it doesn't belong here and I don't think the natives like me are like supposed to be breathing it.

Speaker 3: 6:52

Well, some of them aren't supposed to even be here at all because our ground is so hard it's hard for them to root. I did showings on Saturday and Saturday. We had terrible wind. I mean it was crazy here, oh yes. And when I got into, when I met with my clients, I told them I was like so we're going to play a little game. You know, first person to spot three fallen trees is going to be the winner. And they thought I was insane, Like oh, we're not going to see fallen trees, Right? Yeah, First set of people I was doing homes for, we saw four houses saw three fallen trees. Then the second group of clients that I was working with that day, I said the same thing. We ended up seeing three fallen trees in two homes that we looked at and two signs for retail strip or retail strip malls that had fallen.

Speaker 2: 7:46

Yeah, yeah, I was on main street and like part of the roof thingy, the roof thingy.

Speaker 3: 7:53

Yeah, you know that like metal thingy.

Speaker 2: 7:56

Yeah, it blew off. I was like there was a guy walking down the street. I was like watch out.

Speaker 1: 8:02

Yeah, don't let it hit you?

Speaker 3: 8:04

That would be terrible. No, it was crazy wind, though. And then when we get that, it's great though, because it blows all the pollen off the trees, and then it's a definite indicator that spring is here, because we do have crazy windy days during spring. That's pretty typical. Not every day, you know, like maybe five or six days throughout the spring.

Speaker 2: 8:24

Yeah, but we are dust bowl.

Speaker 3: 8:25

Yeah.

Speaker 2: 8:26

All right, so on to listener questions. Listener questions.

Speaker 3: 8:30

We're doing this again. Okay, I got them up. We have three this week. Yes, and I kind of was laughing when I read these this morning, because the juxtaposition between, like, the first question that's literally like three or four questions in one between the very last questions is just one line. Yeah, I'm like, okay, we just cut to the chase on that one. Some people are a little more expressive than others, like me. Yeah, I got to say something three different times, three different ways.

Speaker 2: 8:58

Yeah, so we're going to start with Valerie. Valerie says I'm thinking of selling. Good, we could use the inventory. Yes, thanks, valerie, good job, but I can't move until the home sells. Will that be a problem? And then, second part of the question is I don't want open houses because my neighbors are snooping around and I love all the details.

Speaker 1: 9:21

Do I have to do that? Do I have to?

Speaker 3: 9:24

have an open house. You haven't met them. Valerie loves her neighbors. They're snoopy neighbors. I love that she put that in there. That's hilarious.

Speaker 1: 9:32

So we have a real estate girl.

Speaker 2: 9:35

Yeah, we have a real estate term for that. It's called Lukey Loose.

Speaker 3: 9:38

Lukey Loose, lukey Loose.

Speaker 2: 9:40

Yeah, so Valerie, that is your new name for your neighbor. They are Lukey Loose.

Speaker 3: 9:44

Yeah, and it happens Every open house there's at least one neighbor, if not more, that want to come in. They want to scope out what the house looks like, what their finishes are compared, and it's wise, right. They're trying to see what their property is valued at. Yeah.

Speaker 2: 9:59

And that's really what they're doing. They're just comparing your house on theirs. Is there's better than that? And then they watch to see if your house sells, because that means that theirs is probably worth more.

Speaker 3: 10:08

And how fast they sell. You become an instant stockable neighbor once you put a foresale sign up in the front, because all the other neighbors are like, ooh, how long is it going to take to sell? I wonder if they have better cabinets than me? Do you see my walls? They're amazing. I bet they don't have these amazing walls.

Speaker 2: 10:23

Or then there's those neighbors that are like I mean, we have people in my neighborhood like this. They're just like. I want to know what your house looks like on the inside, cause I just want to know how you live.

Speaker 1: 10:32

And there's, there is that I promise you want to know how you live. There is that in every neighbor in every neighborhood.

Speaker 2: 10:39

So um, I get it. I get you, valerie, but the good news is, valerie, guess what?

Speaker 3: 10:44

You don't have to have an open house.

Speaker 2: 10:46

No open house is so. National Association of Realtors, nar, statistics showed that 1% of homes that were sold were sold from their open house. Yeah, so you have to think about this in the terms of who comes into an open house. You see a sign. You're driving on the street, you see a sign and you're like huh, I wonder what that house looks like. You probably don't already know what it looks like, even though open houses you can see them on Zillow. Some people will come to the open house from the advertisement for it that they already know what they're going into. Most of the traffic is driven by the signs that are just directing them to the house and they're like you know like sheep, just herd them in.

Speaker 3: 11:29

They're out driving around, maybe running errands, coming back from church, school work, whatever. They see a sign they're like oh, I'm going to check that out. So they're not already in the real estate game. Most likely they're not pre-qualified. They're either neighbors not pre-qualified, and but there is a certain percentage that have agents that are looking. As soon as the house comes up on the market, agents are saying, hey, they're having an open house, go check this out. Just go check it out, but then they have agents and those are the ones you're looking for.

Speaker 2: 11:58

If you're the list agent holding the open house, Right, and even if you are pre-qualified and you're shopping for a home and what's the odds that this home's going to be like what you're looking for, that you wander into and it could be.

Speaker 3: 12:13

It could be. So I have a bit of an open house. Well, curse for me, but great for list agents. In the beginning of time I would go to list agents and be like, hey, I'd like to hold your house open. I'm a buyer's agent, what have you? I am now at a running total of six times that I've held open houses, that people have walked in, have representation and have bought the house.

Speaker 2: 12:38

Wow, you want to have an open house in any way Be quiet lady.

Speaker 3: 12:41

We're done here. I'm not holding any more of your houses open. The best I know, it was like for a long time it was a joke at the office, especially like Susie. She'd be like hey, tiana, you want to hold my house open again?

Speaker 2: 12:54

I was like.

Speaker 3: 12:54

No, thank you.

Speaker 2: 12:55

And Tiana does amazing representation in homes, like she's just like wow, look at this, it's beautiful and she's beautiful, so it just makes it all go together.

Speaker 1: 13:03

You're so sweet, thank you. You're beautiful too, girl. Wow, thank you.

Speaker 3: 13:08

So, but that was one part of the question. You don't have to have an open house.

Speaker 2: 13:11

You don't have to have an open house, and I actually to a lot of my sellers a recommendation that I have if the home's vacant and they don't mind who comes in and out, and it's like, oh, anybody, the more traffic the better, and sometimes sellers have that mindset by all means I'll let other agents host the home open, do whatever. Let's just keep it open and keep the traffic coming through, if that's OK, and if it's vacant, if you're living in the home, I just that to me I see as a security issue. I wouldn't want strangers walking through my house, and that's one thing about open houses. Versus if a realtor's showing a house, they're going to get a buyer that's likely already pre-approved or qualified to some point where they felt comfortable enough to take this person out to show them home. Right, and at open house you have no idea who's coming through the door or their intentions Exactly, so that really, in my opinion, that can become a security issue for an occupied home.

Speaker 2: 14:16

I wouldn't personally want it for me. Some people see different. Some people are just with a very older mindset that open houses are what you have to do when a home is listed. But times have changed and most people are shopping online where that is not your best marketing tool these days.

Speaker 3: 14:34

Yeah, yeah, I don't think it's the best marketing tool. Now, there are times that I do think that an open house is definitely worthwhile, and especially a family that might have a ton of kids or whatever, and I want to compress all of the showing stream one weekend or something where they have a lot of animals, I might get the kids and animals and we'll just do showing Saturday and Sunday.

Speaker 3: 14:55

I'll take a bunch of video. If anybody inquires after that I'll send them the video, whatever. So there are ways to utilize an open house that are beneficial. But the general question no, you don't have to do it. That can definitely be seller's choice, yep, and then the first part of the question though is I really love your question Because this was crazy.

Speaker 3: 15:12

This was something that we were seeing a bunch of in 2021. Yes, that was nuts, and the question if we're going back to it was I want to sell my house, but I can't move out of my house until it sells. Will that be a problem?

Speaker 2: 15:27

Yeah, so no, we have ways around it. We do have ways around it and, um, there's a couple options. Yeah, one of them starts with the contingent upon cell. Yeah, so contingent upon cell is it's a status that I learned about here on the show.

Speaker 3: 15:45

So if you want to learn, about stuff in real estate on the show. Make sure you like, share and subscribe, because we do it every Thursday, you'll learn something.

Speaker 1: 15:51

Even if you've been in real estate for 10 years, it didn't even know this was a theme.

Speaker 3: 15:55

Well, because in your defense it had just changed, it was new in contracts. It hadn't even been six months yet You're good.

Speaker 2: 16:03

So I always knew about the contingent upon cell addendum, had utilized it many times in the past. But now we have a status that you can like actually change a property to that status when you accept an offer. That's contingent upon cell, which kind of still leaves it open for other offers. That's a whole other thing. But contingent upon cell just basically means that when you make an offer to purchase another home, you're saying I would like to purchase this home. These are the terms that I'll purchase. However, my home listed at so-and-so, so-and-so needs to sell before I can continue with this purchase. There's deadlines, there's timelines, there's a lot of things that are added into there for that Now that when you do things that way, most of the time a seller that is looking at your offer wants that home to already be in contract and have closing timelines before they're going to accept that offer. So I've had people like, hey, can I do that? Make offers before I even list my home?

Speaker 3: 17:07

Well, that's like telling a seller that when my home sells, your home sells and you're just this is also because it's the same mindset, is I don't know if I want to get a prequel letter, let me go out and find a house I love before I talk to a banker. It's sort of a backwards mindset, right?

Speaker 2: 17:24

Yeah, you have no buying power at that point.

Speaker 3: 17:27

So if you are planning on selling your house and you're out looking for another house to purchase, you use the contingent on sale for the purchase of the new house, so that way you can move forward with the selling of your house and going into another house. So that's one way of doing it. What we saw a lot of in 2021 was the rent back or the lease backs.

Speaker 2: 17:50

I still. That has been my favorite part of utilization and I use that often today still.

Speaker 3: 17:56

Yeah, this is the actual sell of your house and keeping you in the house after close of escrow on a lease back.

Speaker 2: 18:02

And it is really the path of lease resistance. It can work out good, it can. I've heard nightmare stories of where it could work out bad, but-.

Speaker 3: 18:11

I know I'm going to keep a block of wood up here on this desk because this is not wood and I don't want to say stuff and jinx myself, but I've been very lucky with the rent backs.

Speaker 2: 18:22

Well, let's go back to that, because it's not luck, it's diligence. Right, I have been very diligent.

Speaker 2: 18:28

And so yes, because I have heard lease back scenarios. I heard of one lease back scenario Not my clients, thank goodness, but they did a lease back. They didn't have the proper lease back addendum executed, so apparently the sellers didn't realize they had to leave their homeowner's insurance in place during the lease back, which, if you have a proper, the proper document for your lease back and you do your right diligence for it, you're going to have a document that states this is not a tendency like it requires a 30-day notice. You have to continue your homeowner's insurance. You are your new buyers, who become the owners, are not responsible for what happens to the home during that time. You have to remedy, repair and get everything back to order.

Speaker 3: 19:13

It's like a false sense of ownership, because you're acting as owner, maintaining the homeowner insurance and living there, but you're not right.

Speaker 2: 19:21

So in this situation that I heard of, um, they had a I don't know if it was a Tesla or some kind of electronic electric car in a garage blew up.

Speaker 2: 19:31

Oh, that's a bad, uh yeah like blew up, yeah, House caught on fire, Boom and um, you know, the buyers had their homeowner's insurance, which is mandatory. Loan will make you do that anyways, but the sellers did continue there. So it became like you know the buyers thing, and I'm sure they're in court. I have no idea what's going on with that situation. But so make sure you're protected and have your diligence and have a good realtor that knows to bulletproof that.

Speaker 3: 19:58

Right, and that's what you want. You want that um lease back to be airtight and no questions, right? You want to know exactly how long that seller has to be in there, what their payments are going to be back to the new buyer, making sure that they have their homeowner's insurance in place even a renter's insurance We've had to put in place. It's all sorts of things that happen just to make sure that the property is covered and a security deposit.

Speaker 3: 20:22

Yeah, while you want it, while holding money back at escrow until the seller vacates, there's a walkthrough. That happens when I do my contracts before and after, before the close of the sale. So we know the condition of the property before it changes owner. And then a walkthrough. When the old owner is leaving and the new owner is taking over, they have to sign off and say, okay, this is still the same condition, we're good.

Speaker 2: 20:45

And I don't know if you remember this, we worked on this one together, but we had a lease back, yeah and um, we had the uh, the seller, we had the buyer right, we were by a representative, yeah. And the seller, like when we did the initial walkthrough. Everything looked good, the whole thing, everything's fine, but they saw all their stuff there and then they took back all the they took down all the paintings.

Speaker 3: 21:08

Well, when you that's the thing right when you do like a walkthrough and stuff, it's hard, especially if a seller hasn't moved out, because furniture covers so, so much, and in this case, it covered more than you thought.

Speaker 2: 21:21

Well, so what happened is, when they painted the house, they just painted around every painting and every decoration that was on the wall.

Speaker 1: 21:27

So when they took those all down, there was no, he's outlining, yeah, the shadows of what used to be there. It was the most ridiculous thing I'd ever seen.

Speaker 3: 21:37

Well, no, the most ridiculous thing I ever seen was something similar, but they'd used the art and the pictures and stuff to cover up like holes in walls, like where they spliced electrical, and I was just like crazy, okay, whatever.

Speaker 2: 21:51

But so, like in that situation we had, you know, we had a security deposit and basically, you know, just went back to the sellers like, hey, either you paint this all to match or we're taking it out of the security deposit. So we took it out of security deposit, you know, didn't want to do it, but it was unacceptable and it's nothing that we could have known by doing the walkthrough, because everything looked fine.

Speaker 3: 22:13

Right, and they were still living in there. Yeah.

Speaker 2: 22:16

So those are. Those are reasons why security deposits are good. With that lease back, also, the what it gives you the benefit of doing as a seller is you get your money. So if you do a lease back for 60 days, 30 days, whatever, you have your money and then your buying power is Great right. You're shopping because you know how much cash you're going to have. It's not still in negotiations and you know exactly what you're looking at and you have the money to act and do what's necessary to do so.

Speaker 3: 22:50

Great scenario yeah, it's, it's a strong position for a seller. Yeah, yeah, absolutely. All right, not every buyer is going to be able to do that and they can't stay forever, because if your buyer is being financed oh yeah, they then the buyer will have to take owner occupancy within 90 days. Within that oh, I thought it was 60. See, we learn something. Do every day.

Speaker 2: 23:10

Different loan types could have different different things. I think conventional is very flexible but yeah, different loan types, check with the lender on that.

Speaker 3: 23:17

Yeah, they will have to take that possession, so it's not like you can sell your house and then rent it for a year. No, no, nope. That's not how that works. Yeah much you're selling to a cash buyer and they want to keep you as a tenant, and I've actually had that happen too.

Speaker 2: 23:30

Yeah, yeah, yeah, that's um, and you know it's I totally off subject, but I guess it's a lease back thing and model homes are doing that like blue hair, and I've seen them doing that a lot. Where they still have their model home, that people are like walking through Mm-hmm, they're show home but it's sold yeah. Someone owns that home. They just made a lease back agreement that said you know we're going to show this home for extra amount of time and pay you right and I love that.

Speaker 3: 23:59

Like if I have a cash buyer or somebody who's coming in and they want the model home and all the bells and whistles or whatever, I'm like, get it now, because they sell them with the furniture and everything You're gonna want. If you want it all, get it, and then they'll rent it back from you and they pay the bill. They will rent it back.

Speaker 2: 24:14

I know, a good rent, what an investment, but it won't be long term. I said definitely a short term, short term profit maker.

Speaker 3: 24:25

So that way to secure a house, with all of those bells and whistles and upgrades, and it's like the Builder is paying you back for all those upgrades.

Speaker 2: 24:33

Yeah, and that's kind of the best price that you can get on it because it's in the beginning of a community. You'll have way better pricing Then towards the end of it, because they usually raise each phase right, each phase.

Speaker 3: 24:45

They're gonna bring up a lot premiums. Yeah raise the price.

Speaker 2: 24:48

Yeah, so it's really it can be a win-win yeah.

Speaker 3: 24:52

Yeah, yeah, yeah, all right, so that was Valerie's two questions.

Speaker 2: 24:55

Yeah, so we're really gonna get to one more, we're a three question Should we?

Speaker 3: 24:58

go to should we go to the most simple question at the end?

Speaker 2: 25:02

Sure, let's, let's skip to Lisa Maria. We're gonna talk to you next week.

Speaker 3: 25:06

All right, maria, we'll come back to you next week with your question, but uh, lisa, how? Do I easy and simple was Lisa have to say how do I buy the?

Speaker 2: 25:16

home I'm renting.

Speaker 3: 25:18

When I saw that it's like I love it yeah just call it. Yeah, just call us, we will get together with the Seller for you and we'll negotiate a deal and yeah. But yeah, renters do like the place and I think some of that After moving so much I'd be like, oh, I never want to move again. I think that I just want to buy the place I'm renting. That would be nice.

Speaker 2: 25:40

Yeah, and, and it's just a matter of, I mean, get, get with the rail to write an offer. Write an offer to the seller, we send it to them. You know, amy, it's, it's that, it's that easy.

Speaker 3: 25:52

Having a weird conversation with your landlord because you're not protected, you don't know what to ask in the landlord. Most of the time, I find is like oh yeah, we'll see if we can work out. And then when they go to work it out, they're like I want two hundred thousand dollars down and blah, blah, blah. And you're like, okay, wait, hold on. So if you contact a real realtor and then you get an offer Submitted that not only let your landlord know that hey, you're serious, and but you've already spoke to a lender, you're in a position to buy. This is real, it's a real offer.

Speaker 2: 26:21

Yeah, and some. Sometimes you're with a property management company and you don't have direct contact with the landlord. Send it to the property manager, they'll forward it on, they'll be happy to. They might even offer that seller Representation to them, or or not, you know, or whatever. That's that's all. Anything can be worked out If they want to sell. If they want to sell so bully them into selling.

Speaker 2: 26:43

Yeah, so there's some. There's some landlords that want that investment property and their goal and their financial plan is to have that investment property, which is an amazing financial plan and they have no intent ever to sell that property Right, at least at this time. So they really have to have the willingness to sell. I I did have to tell this funny story again. Okay, I had a couple years ago. I was talking my husband about this the other day because that's like eyes are out of popped in my head. It was just the most random thing. Maybe this question triggered it, I don't know, but so I remember someone contacting me that was a renter, right. Um, they were renting a house for I don't know 20 years or some like outrageous amount of time.

Speaker 3: 27:27

Ah, they paid all the good mortgage for the seller.

Speaker 2: 27:29

Exactly. So they were like okay, so I've been reading this house for this long and I've been paying this much rent, and he bought the house for, you know, a low price right, $30.

Speaker 1: 27:39

Yeah, 30,000, because it was probably around 2010.

Speaker 2: 27:43

So, yes, like bought the house at a very low price and I've actually paid their mortgage like two or three times in the time that I've been renting it, mm-hmm. So Can I, like I don't know, file a lawsuit or something and own it Like can I claim this house is my own, Possession is my intensive law?

Speaker 3: 28:03

Yeah, no, no you cannot.

Speaker 1: 28:05

That is BS. That's why you have a lease. Yeah, yeah, you're leasing that property. That's funny. Yeah, like that's bad decisions on your part.

Speaker 3: 28:14

Right, talk about Monday morning quarterback. Wait, I just paid three mortgages. Shoot, I should have bought the house from the beginning.

Speaker 2: 28:20

Yeah, so it doesn't work that way.

Speaker 3: 28:24

So I kind of have a client who is not exactly in that mindset, but the same type of want. They want to get into a rental and they just moved to the valley and they don't know where they want to live yet or whatever. So they want to get into a rental and they keep asking me like, how long have they owned it? And I'm like, well, this, this is a perpetual rental property. They've owned it since you know 2011 or something. And they're like, oh good, they'll be wanting to sell. And I'm like, no, no, they've gotten through all of the hassle. If they did mortgage whether they were cash by that's different, but if they did mortgage it, they've gotten through all that interest. And now they're. Majority of their payment is towards the equity of the house, so they're sitting pretty. Why would they want to sell it, right? Nope, so they bought that back in 11 2011. Their payment is so low that even the 2000 or $2,800 they're charging is definitely paying for that mortgage. And then some, why would they want to sell?

Speaker 2: 29:23

It's a stream of income, yeah, and selling would trigger property gains tax and you know there's a whole other set of issues there. So, yeah, there's a lot of landlords that that is their, that's part of their financial plan. Selling it has no interest to them.

Speaker 3: 29:38

None, and so that is property hoarders, and kudos to them, yeah. That's when I grow, when I get big, when I grow up. That's what I want. I want an entire portfolio full of rental properties, Never going to sell them.

Speaker 2: 29:51

I have a couple little ones and then I have no, yeah no, intention of selling those. Like those are they're, they're great, it's great to have.

Speaker 3: 29:58

Yeah, no, they're great to have. So I want to be selfish and have them all. Yeah, but.

Speaker 1: 30:02

I can't.

Speaker 2: 30:03

Yes, I have to share, yes, so, so, yeah, so that is, you can definitely reach out to them. You never know, cause I've had many situations where the landlords are like yeah, yeah, that sounds like a great deal. I was thinking about selling anyways, and it's easier to sell to you.

Speaker 3: 30:19

Yeah, and if you need a realtor to write you an offer, true, how they get ahold of you 702-308-2878.

Speaker 2: 30:27

And that's my cell phone number and you can. How can people get ahold of you, tiana?

Speaker 3: 30:31

Always call our text to 702-379-9948. All right.

Speaker 2: 30:37

And our link tree is up and live and it is realteachecvegas. So wwwdo you still do W-W-W's? I don't know, but it's realteachec.

Speaker 1: 30:50

It's a little part of the internet.

Speaker 2: 30:53

Realteachecvegas there you can find everything about us, all of our socials links, listener questions. You got us all in one there our podcast, audio portals, everything yeah you did a really good job at setting everything up.

Speaker 3: 31:10

I went through and I'm like dang, she covered every base. It's personal, it's business, it's the show, it's all the social media and links. It can find out all about us there, so you can also send your listener questions so we can answer them on air there.

Speaker 2: 31:24

Yeah, you can send them there. If you want to email us directly, it's vegasrealticheck at gmailcom. And use our link tree because I'm excited about it.

Speaker 3: 31:33

It's new and exciting for us. Go do the link tree and then you can join us on all platforms of media.

Speaker 2: 31:39

Yes, follow us everywhere. That would be amazing and helpful. Thank you. Yes, we love it. Thank you and join us every week. We're here every Thursday at 9am 930.

Speaker 1: 31:51

Don't make it early, I barely make it here as it is. I was like, wait a minute, I'm not here at 9am.

Speaker 3: 31:56

So we're here every Thursday at 930am. We will see you next week. Have a great week, vegas. Bye, vegas.