VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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In business real estate Las Vegas among top cities for investors to rent out homes By Eli Segall staff writer As if the investors swarming Las Vegas didn't know, the valley is one of the top places in the country to buy and then rent out a house, a new report says. Las Vegas is the fifth-best market for buying single-family rentals, according to RealtyTrac. The median sales price of a three-bedroom home is $115,000, but the average monthly rent is $1,575. This produces a monthly cash flow — rental income minus the mortgage payment, property taxes, repairs and other costs — of $506. Overall, Las Vegas has an average "cap rate" of 9.86 percent, fifth-highest in the country. That rate is a property's annual profit divided by the purchase price. The higher the rate, the better. Memphis, Tenn., was ranked the best place to buy a rental (10.38 percent cap rate); Saginaw, Mich., was second (10.32 percent); Toledo, Ohio, was third (10.26 percent); and Ocala, Fla., was fourth (10.23 percent). Las Vegas Valley home buyers and brokers say there is fierce competition for all homes, distressed or otherwise. That's because of the limited inventory and the strong appetite of cash investors, who flooded Las Vegas after the housing bust to buy cheap homes. GAMING resorts ask for protection from slot arcades | 22 APRIL 2013 20130422_VI09_F.indd 9 | Providing online access, presenting innovative ways of doing things, coming in to train our staff – all these are part of City National's service commitment. Their solutions improve our school's operations and allow us to focus on being educators. City National is The way up® for our school. Henry Chanin Head of The Meadows School Hear the complete story about The Meadows School at cnb.com/thewayup. Experience the City National Difference. SM Call (702) 425-6559 or visit cnb.com to find a business banker near you. ©2013 City National Bank By Anjeanette Damon staff writer CARSON CITY — Nevada's biggest gaming companies went to the Legislature this month to ask lawmakers to protect them from strip mall slot machine parlors and barroom sports betting kiosks. Through a series of administrative decisions, the Nevada Gaming Control Board has allowed sports betting kiosks to creep into restricted gaming license establishments — taverns, slot parlors, sports bars. Of the $170 million in sports pool win last year, the kiosks accounted for $600,000 — less than a third of a percent. But that dollar figure should grow over time, and the Nevada Resort Association doesn't want restricted license establishments to benefit. "We've heard over the last few days: 'What's the harm, it's only a $600,000 handle. We only have a few kiosks. We're not hurting them,' " lobbyist Pete Ernaut told the Senate Judiciary Committee. "Think about that for a second. You think these people go into this building to only drive $600,000 worth of sports book handle? Their entire business model is based on the proliferation of kiosks." Senate Bill 416 brought forward by the Nevada Resort Association would: n Outlaws sports betting kiosks — and other sports betting activities; n Implements new standards for "slot arcades" such as Dotty's, which offer slot play but little other business activity. The association fully admits that its proposed legislation is protectionist. Ernaut argued protecting gaming is not just the Legislature's job, but should be its highest priority. "Protection of this industry: There can't be a higher priority of this body than getting the No. 1 industry in this state right," Ernaut said. "City National – financial technology and great service. " City National Business Banking Member FDIC 9 4/18/13 2:14:59 PM