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Christopher Winn 8/4/13Strategic Business PlanChristopher WinnBellevue UniversityStrategic Business PlanExecutive SummaryCore Organizational Objective: The mission of Winn Investments LLC is to strategically invest capital in residential real estate throughout the Reno, Nevada region to achieve a maximum return on investment from rental income and maintain a high standard of property maintenance, repair, and professionalism to attract and retain quality tenants. The long term vision for this company is to reinvest profits from continuing operations into additional properties that represent viable investment opportunities until a suitable net income from operations is achieved that the owner may use the business income as his exclusive living income source, at which point the core objective is achieved.Goals and Methodology: The primary goal of the Company is to achieve a higher than normal return on investment in residential property leasing with careful property selection and management. I seek to accomplish this goal by researching market trends, neighborhoods, and historical price data to identify undervalued bank owned properties. Candidate properties will be inspected and assessed for any damage, repairs, or upgrades needed to create a viable rental unit and the cost of such actions will be considered along with the purchase price. I will research rental vacancies and market rates for rent against unit size and location and combine this data with the adjusted final investment cost to find properties that achieve the highest return on investment as defined by estimated net rental income over purchase price plus other costs to prepare and maintain the unit.Business Concept: The business will invest in and hold as assets single family and multi-family residential units and hire a property management company to screen potential tenants, collect tenant payments, manage tenant communication, and advise on needed repairs to the units. The customers (tenants) will be middle income local residents of Reno, Nevada seeking affordable housing with upgraded amenities. The competitive advantage of the Company will be in its ability to purchase properties with cash offers using extensive research data on price trends and local inventory to filter the highest yield investment opportunities.Financial Outlook: The business will be well-funded so that it can quickly move on properties of opportunity. However, the business may use cash resources or commercial financing as the situation merits. Initial start up costs will include the cost to form the LLC and the legal LLC operating agreement, accounting and tax software, business insurance, transactional costs for the purchase of real estate, and repair and upgrade costs applicable to the property. There will be operational costs such as property taxes, property insurance, certain utilities and city fees of ownership, and property management fees. Depending on the condition of the property there will be required repairs and improvements to increase the desirability of the rental units. If commercial real estate financing is used there will be mortgage costs and mortgage interest payments, but the expected investment method will be full ownership with cash.Status of Business: The organization is in the planning stage but funds are set aside for investment into the business. Risk Factors: Housing regulatory changes, housing price fluctuations, cost of vacancies, other real estate holding costs, rent price fluctuation, and tax rate increases are all risks in this industry.Professional Management: After much research, I have concluded that professional property managers are the best solution for operational needs with a cost of about $600 per tenant screening including property rental readiness inspection and other services and a $100 a month ongoing management fee. This frees me up to perform high level executive decision making for the business, accounting, and finance.Market AssessmentWinn Investments LLC seeks to provide the product of shelter and the related service of maintenance and property upgrades to customers. The value of housing depends on market conditions, however everyone needs a shelter and this can be considered a basic inelastic good. The target market for a rental business depends on the location of the rental units. In the case of this company, the desired location is Reno, Nevada due to the affordable pricing of its houses and multi-family units and my desire to relocate to this region; as the owner living local to the properties has certain advantages.The competitive space for this business consists of all local landlords and apartment complexes with a mix of quality and pricing that defines market segments relative to local income distributions. The potential market size is large but my primary target is the middle third of income earners in the region; the total population exceeds 200,000 in Reno, NV(Reno, Nevada (NV) Income Map, Earnings Map, and Wages Data, 2009), but for rentals one must only attract a few tenants of this pool. Customer segmentation is useful for finding qualified tenants with a stable income history.At this time rental vacancies are below 5 percent (Nevada's Housing Market: Looking Up in 2013, 2013) and a premium price may be charged on rentals. This makes the market attractive as long as the purchase price plus closing costs, repair costs, and upgrade costs makes the return on investment (ROI) favorable. The business will operate within the existing market as no new product or service is being created. Since housing is a basic good, there is no deadline for investment and I am able to wait for favorable asset pricing before entering the market. The current housing market trend is toward increasing asset pricing with decreasing interest rates and a high number of cash investors purchasing assets. In the last year, housing prices have increased 15-20% while housing inventory remains limited on the open market and rental yields are somewhat lower as a result of increased assets prices. However, the interest rate on 30-year mortgage products has recently increased over 1 percent (30 Year Fixed Rate Mortgage, 2013) which is anticipated to halt the upward momentum in the housing market. Within the next one to three years asset prices are likely to drop substantially resulting in higher return on investment as market timing is used for current investors to exit the market.The marketing environment for housing is currently favorable for landlords who already own assets but housing prices have increased to unsustainable levels due to an unusually high percentage of cash and hedge fund investors and property flippers. Those families looking to purchase a house find a limited amount of accessible inventory and income stagnation means that when the other types of investors do not favor the housing market, housing prices are likely to fall to more sustainable levels that are in line with real incomes and are less impacted by cash investors. This is part of the cyclical nature of the housing market. Current market conditions are acceptable but not optimal for investment and rental properties because asset prices are inflated by external factors including government intervention. As such, timing is critical and patience is required to obtain rental units at a favorable discount. Such a discount can be found in bank owned properties where only minimal repair costs are needed after assessments of damage are performed by specialists. Rental occupancy is expected to remain high despite the transfer of some housing units because the publically listed inventory remains unusually low and new housing construction is also lower than in previous times. This means the demand for housing is equal to or higher than normal while the supply of new housing remains lower than normal. As a result, both housing prices and rents have increased to unprecedented levels. CompetitorsBlackstone Real EstateBlackstone is one of the larger investment companies with over $60 billion of assets under management. One of their focus points has been the Reno and Las Vegas markets, with thousands of properties under management. The company buys in bulk directly from banks' Real Estate Owned (REO) inventory at a discount compared to purchasing from the Multiple Listing Service (MLS) like regular consumers. Indirectly this means since those properties are not available on the market the inventory is reduced and prices are less favorable. Houses that are foreclosed but have profit potential (via becoming rentals or repairing) are more likely to be picked up by this company instead. However, Blackstone is expected to begin exiting the market when its asset prices drop, which is likely to occur as the mortgage interest rate rises and other investors also divest themselves due to market trends. The timing is uncertain but this company is very sensitive to local market price cycles and their effect on the worth of assets owned by the company and the resulting rental yield performance for investors. (Investing in Global Real Estate, 2013) This competitor seeks to buy the same source "product" that my company needs (rental units), so the competitive force is mainly on the supply side. A metaphor would be manufacturers seeking the same raw materials when the raw materials are in shortage, which causes the price of the raw materials to increase making normal profits lower and potentially causing competitors to exit the market. In this case demand for an unusual number of rental units causes prices to increase. (Investing in Global Real Estate, 2013)Marcus & Millichap Real Estate Investment ServicesThis competitor specializes in multifamily property acquisitions for individuals and fund managers/portfolio managers. They identify and list properties for sale, research market conditions, and connect buyers to sellers and lender services. This competitor's advantage lies mainly in business connections and advanced research data on multiunit residential inventory that is not generally accessible to the public. Advanced information is essential since a large portion of transactions (roughly 30 percent, even 60 percent in Las Vegas) are investor driven and not listed publicly on the MLS. Additionally, commercial financing for multiunit complexes (ten or more units per property) and the listing method differ from single family homes (SFH). The market behavior and players differ from that of smaller multifamily units with two to four units per property since the absolute prices are higher and less individual investors can afford to purchase them or obtain loans for them. (Reno, Nevada - Commercial Investment Real Estate, 2013)Individual InvestorsDespite the existence of larger real estate investment companies, the main competition for two to four unit properties on the MLS (my target property type over SFH) remains with individual investors and small businesses (such as property flippers). According to Zillow, a popular free MLS and research service on June 30, 2013 and up to six months prior to this date the number of sold multiunit properties was 34 while the number of sold SFH totaled 1564. There are currently 25 multifamily units and 759 SFH available on the market. (Reno Recently Sold Homes - 6 months filter, 2013)The exact number of investors competing in the market is unknown, and not every purchase is made from an investor. There are regular family purchases that are owner-occupied which are generally not for investment purposes. However, multifamily unit purchases of three to four units are logically for the purpose of rental yield in the majority of cases since a family may occupy a single unit and a relative may occupy a secondary unit but rarely does a family unit occupy more than two distinct units on the same property.The Effect of CompetitorsInformationThere are many entities involved in the complex real estate markets: nominal buyers and sellers, flippers, brokers, advisers, lenders, research specialists and information services, hedge funds and investment firms, and more. The information available is imperfect; while the historical transactions of properties are public record, the current state of a property (such as structural or cosmetic disrepair) is often unknown and inaccessible unless the market participant is of sufficient size and buying volume that the seller (such as a bank) agrees to allow access to inspect the state of the property.Price DiscoveryA common wisdom in markets is that an item is worth "whatever someone is willing to pay for it". Market participants that are seeking higher yields are currently focused on real estate returns, driving up prices. However, these markets are cyclical and as a saturation point occurs, price action slows and yields drop, investors will begin to offload properties to avoid future price decline and loss. When this occurs, prices must be determined by the remaining demand which is mainly composed of regular family demand for residential housing; this market segment, unlike the bulk of major investors, must qualify for financing and so prices must come in line with real incomes. At this time there is more likely to be an increase in housing inventory (supply) and a subsequent drop in prices as the supply and demand balance shifts.Negating CompetitorsThe process of buying properties is often an emotional one and can result in irrational bidding up of the final price, especially when many buyers converge on very few listed properties. One should not be in a rush to invest as this scenario indicates a favorable price may not be found. Instead, to identify an investment opportunity, one should identify conditions under which they will enter the market and abandon transactions which do not meet this criteria.Setting Entry Conditions Based Upon YieldThe Zillow service mentioned previously provides metrics on individual properties as well as regions; currently it indicates for April 2013 that the median selling price of a two bedroom SFH is $123,000 while the median gross rent for that property class is $977 (Reno Home Prices and Home Values, 2013). A common rule of thumb is that 50 percent of gross rents will be consumed for property maintenance and operational costs. Using this estimate yields $5,862 in net proceeds before taxes, making the net yield on an "average" home with an "average" rent as reported by Zillow about 4.77%. This yield applies to investors who have 100% equity, and is substantially reduced or even negative for those who finance their investment properties. For example, the same $123,000 property financed at a 70% loan to value (typical of commercial financing) at a 4% interest rate will experience about $3,444 in interest per year reducing the net profit to 41% of its original value with a new yield of less than two percent. At this yield, the risk of owning the property (possible price decline) is likely not worth the investment, as other possibilities are available with better risk/reward ratios.Market StrategyThe objectives in marketing rentals are slightly different than traditional products; in particular, one must be careful to filter applicants for rental units to (1) increase the chances that the tenant will be able to continue to pay for the unit over time, (2) decrease the chance that the tenant will cause damage or vandalize the unit, and (3) ensure that the tenant is financially able to afford the normal unit rent. These three goals are normally achieved using filtering of the applicants by credit report, criminal background check, and work/income history. Sometimes additional methods are used to investigate the rental history or behaviors of the applicant (How Can You Find Good Tenants?, 2010).Process to Fill and Manage Vacant Rental UnitsIn order to fill rental units, some steps are needed. First, a method of gathering applications is necessary. Second, a method of filtering applications is needed. Finally, the rental agreement must be signed, deposits must be made, and ongoing rental billing ensues.Listing a rental to obtain applications may be done on many sites. Craigslist is a popular site to list and is free. Listings are in a standardized format including the address of the property, price, number of bedrooms, and square footage. The listing detail also can include pictures of the exterior and interior, lease terms, deposit amount, and property features to entice applicants. (Apartments / Housing for Rent, 2013). Trulia is another free service which allows similar listing capabilities (Post Apartment and Home Rental Listings on Trulia for Free!, 2013). costs $49 per month for up to 10 units but guarantees 15 leads (not the quality of the leads) ( Create an Account, 2013).Tenant screening is made simpler using a service designed for that purpose. Tenant Background Search is one such service that provides credit history and summary, criminal records, collections, employment history, past addresses and evictions. It is up to the landlord to make a decision based on the information in this case, but the service is affordable at $22.95 per candidate (Screening Package, 2012). Other alternative services exist in a similar price range and offer the same information.Once an applicant is accepted, a legal rental agreement must be signed between the applicant and the landlord. Nolo, company that specializes in legal forms, provides standardized lease agreements and other disclosure documents as well as state-specific legal documents for $19.99 (Leases & Rental Agreements, 2013). This includes information about how and when to use the forms and other tips.To manage tenants, some method of payment must be accepted. Cash payments provide no proof of payment and most landlords will not accept this form of payment. Instead, electronic payments or checks are the preferred method. There are different services that specialize in collecting tenant payments. One such service is WilliamPaid, which charges a service fee to the tenant depending on the transaction type. For electronic bank transfer the service is free, but credit cards, cash, or a combination of methods can be used. In this case the cash transaction is recorded electronically as a rent credit and the landlord sees the final result as the same regardless of the tenant's payment method (Choose Your Payment Method, 2013).Full-Service Property ManagementAs an alternative to the above processes which I would need to perform, I can instead hire a property management firm to carry out these processes using their experience to avoid common problems (such as legal errors). I believe a local based company to my operations is wiser; Truckee Meadows Property Management is a local property management company that serves the Reno, NV region. They have tenant placement and full service options. The full service option has a one-time setup fee of around $600 and a monthly fee of $100. However, full service includes initial inspection, recommendation on marketability enhancements to the property, advertising, weekly property checks on vacant properties, property tours, inspections, accounting, payment collection, and even eviction for non-payment in addition to all the services mentioned in the previous sections (Our Services, 2013). The property management company serves as a communication buffer so that the property owner does not receive call in the middle of the night from the tenant for emergency repair requests and then have to find someone to fix it quickly.Operations RequirementWhen designing a business structure, of key importance is control over costs and risks associated with the business, maximization of income, and minimization of time cost for the owner. For example, hiring employees or contracting work out to an external party is done when it is more efficient than the owner performing the tasks those employees perform, or when the work to be done is larger than the owner can perform on his or her own. For my future company Winn Investments LLC, the focus is on generating nearly passive income and a business that runs smoothly once in motion. To achieve this, a property management company is used to advantage and at a low overhead cost to handle many of the regular activities of marketing, renting, and operating residential units because such a company is specialized in doing so. Thus it falls on me as the owner to only make executive decisions and investment decisions on the property itself. In previous research I identified the fact that performing all the activities that the property management company performs using different tools available would likely exceed the cost of outsourcing these activities.Operational StructureA real estate rental business may be managed in several different ways. For large scale operations an office space is normally required, however in my situation I am able to use my home office as I intend the customer interaction to be through the property management company and so I do not need a public-facing location. The cost for this is $100 per month per rental unit after an initial on-boarding cost of $600 (Our Services, 2013). The purpose of this setup is to keep operating costs small and to simplify the business structure.Facilities. The home office space is sufficient for processing paperwork and contacting the property management company or other organization (such as city and state tax boards). The rental property itself may be considered as a kind of facility necessary for operation, but the relationship to the business is obviously different. Rental units must be maintained and inspected periodically and this is part of the service that the property management company provides (Our Services, 2013). As such it is an income-generating asset but not an operating facility.Equipment. The equipment required for successful operation of the business is a computer, office supplies, tax and accounting software, and printer. I already own these assets so they may be transferred into the business as an infusion of equity (as real assets on the balance sheet).Staff. There are no additional employees or direct regular contractors in the business. Periodically a city inspector may be retained for a one-time inspection of a rental property to ensure the property is up to code or an attorney may be retained to resolve a legal issue or review a legal document. Most maintenance functions which are regular and necessary to operate the business are performed by the property management company, with high cost items or repairs sent to me for approval. Repair work is performed via third party with the property management company having vetted the contractor (Our Services, 2013).Licenses. A business license is required to conduct any business in the Reno/Sparks city limits. While a business license is not technically required for less than 10 rental units, the license is required to run a regular business with write-offs and normal accounting practices which is more desirable (Do I Need A Business License?, 2013). Contingency plan when the owner is away. Third party management service providers are able to make most day-to-day decisions and can be given directives for emergency or other pressing situations without owner intervention. Thus, regular business operations should continue unimpeded (rent collection, repairs, and so on).Strengths of the approach. My approach to rentals is to outsource the management of the rentals to a reputable company so that only major decisions require attention. Of critical importance is the property selection in which to invest funds, but once established the business has a high degree of automation to create a passive income stream with minimal management. This structure allows a high amount of income relative to the time invested which is desirable to any business owner. The tradeoff is some additional cost but this cost buys peace of mind. This decision is not unlike deciding to hire a manager, except that a full-time employee is too much for managing one or only a few properties. The external company provides a 'fractional manager' at a significantly lower cost.Summary of CostsInitial CostsThe largest initial cost by far is the investment into the rental property. This will be done on a cash basis using owner equity so financing calculations need not be considered. As the target market is middle income earners, I will take the median home price in the target region. The median value is currently $?188,200 for "middle tier" properties (Reno Home Prices and Home Values - Zillow Home Value Index, 2013). The median rent for the same class of properties is $?1,301 (Reno Home Prices and Home Values - Zillow Rent Index, 2013), applicable to the operating income section.Operating Income and ExpenseThe regular operating income comes from gross rents. A well-managed property will have some vacancy, at most one month of the year. This leaves about $1,192 per month in estimated incoming gross rents.The following are regular operating expenses per month. Yearly expense values are converted to monthly for ease of presentation. All values are the estimates for operating a single "middle tier" single family home. Property tax is based on 3.64% of the assessment of 35% of the property value, while repair cost is based on an estimated 1.5% of property value per year. Table 1, Estimated Operating Income and Expenses:Income Item$/monthSourceGross expected rental income1,192(Reno Home Prices and Home Values - Zillow Rent Index, 2013)???Expense Item$/monthSourceProperty Management100(Our Services, 2013)Property Insurance50(Nevada Home Insurance Quotes, 2013)Umbrella Insurance25(Koreto, 2010)Property Tax200(White, n.d.)Repairs235(Smith, n.d.)Sewer36(Ordinance #6197 - Sewer Service Charges, 2012)???Total Monthly Expenses646calculation???Net Operating Income546calculationThere is an additional non-operating depreciation expense for tax purposes of about $425 per month. This assumes that 75% of the property price is improvements ($141,150 basis) at 3.6% per year for 27 years of useful life. Land may not be depreciated, only improvements. It does not matter if the house is new or old when purchased (Real Estate Tax and Rental Property, 2012). Start Up CostsThe start up cost for the rental business will include the price of the purchase price of the rental property and transaction costs for purchasing the rental unit. While there are a range of properties available, I will use the middle tier property value estimate as an expected base line. According to the Zillow Home Value Index (2013), one can expect to pay about $190,000 for a single family home. Transactional costs are typically three to six percent of the property’s value; here a 5% fee is assumed. This means that the final cost of the initial investment is around $200,000. This price assumes a property with no damage or remodeling needed and a home that is move in ready. There is also a cost of approximately $2000 to set up the limited liability corporation with a proper legal operating agreement and a $500 fee for using a property management company (Our Services, 2013) to fill the vacant unit which may also be considered a start up cost. Finally, approximate $1000 for various inspections are needed to ascertain that the property has no unexpected problems. This information is summarized in the chart below, where all costs besides the asset price are initial expenses:Revenue and GrowthAccording to the Zillow Rent Index (2013), comparable properties to that listed above would have a gross rent income of about $1300 per month. A growth in rental income is not expected based on the last several months of the Zillow Rent Index (2013). Rental prices have been stagnate over this period for the Reno Nevada area and one would not expect rents to continue growing indefinitely anyway. The property value itself generally has a growth potential (or loss) of 15-20% based on market sentiment. It is important to time the purchase near the bottom of the housing price cycle. This can be determined by looking at the price relative to local incomes with a target ratio of about three years of annual gross revenue in the middle third of income earners. Financial ProjectionInitially the business must receive an equity infusion from the owner. The lowest amount projected would be about $205,000 to initiate the business; however, an additional amount is required for operating expenses. I think it is wise to add 12 months of operating expenses to the initial investment into the business to ensure smooth operation. According to "Table 1, Estimated Operating Income and Expenses" above, the operational cost of the business will be approximately $650 a month with the tenant paying all utilities except city sewer. According to the data, an additional $7800 is required for property operations bringing the total initial investment to about $213,000. ForecastThe projected rental income is between $1200 and $1300 a month while the estimated monthly expenses are about $650 per month. This yields a consistent net income for the business. The chart below shows the income, expense, and total net income for 60 months:Break Even PointAssuming that the transactional cost for buying or selling the property is 5% of the property value, the property value remains unchanged, and the formation of the corporation cost approximately $2000 it would take 20 months to reach a breakeven point on the initial expenses and loses. This projection includes repairs and maintenance in the operating expenses but not unexpected repairs on the property. If the transactional cost is lower such as an ideal 3% of the property price than the breakeven point would be sooner; however, I am not taking the ideal cost but rather between the middle and high end of the cost range to create realistic assumptions about transactional costs.Management ProcessesI have considered the required skills and responsibilities in operating a rental business. After careful consideration I have decided that my skill set is primarily suited to investment decisions and examining cost/quality comparisons of service providers but there would be significant risk in directly operating the property management including the legal risks associated with tenant contracts. When evaluating the required skills against my own assets I have the possibility to substitute expertise from an external party in some areas. Key Skills & ResponsibilitiesIn a small business with only a single employee-owner it is important to leverage existing skills and gain experience, yet there are plenty of external organizations that can provide complimentary skills at a responsible price (Our Services, 2013). A process of managing various activities is the core skill of the small business owner. Some of the skills that are required for renting out houses or apartments include: managing expenses and identifying best prices for goods and services, collecting rents from tenants, managing the repair processes for the homes, and screening new tenants. While I have some of these skills I defer to an expert organization to perform many of the management responsibilities for my properties. Just like in the process of hiring an employee, I must screen and evaluate the skill and experience level of different property management firms to find the best management. This frees me up to focus on managing other activities and investments and is a form of delegation. In any case frequent and effective communication with third parties is still essential just as with an internal manager (Bassi & McMurrer, 2007).Management Process & External ManagementRather than directly interact with tenants I have chosen to outsource the management billing and screening processes to another company. This party acts on my behalf and with my directives to operate a critical segment of the business. One reasons I have chosen to do this is because I have difficulty dealing with conflicts while the property management company has experience with finding candidates who are less likely to create problems in the first place but also knows how to evict a tenant if necessary and deal with the legal ramifications should anything arise (such as a legal suit). Since the property management firm has focused on vetting different repair crews they also have the right contacts to find affordable and professional repair services (Our Services, 2013) which I do not have.StakeholdersThe key stakeholders in the business include the owner, the tenants, and third parties that provide services to the business. As the owner I am primarily concerned with profitability but I am aware of the need for proper maintenance and potential upgrades to the properties in order to provide an acceptable quality of life to tenants. Tenants are also stakeholders because they are affected by my decisions on how I manage the property. Other parties may also be considered as stakeholders in the sense that they are suppliers of services to the business. Monitoring & PerformanceThe key performance metric for the business is profitability. By examining cash flows into and out of the business, I am able to evaluate the income stream. There are often expensive one-time replacement costs with owning properties that should be averaged out when examining the income stream. Besides profitability, other metrics that can help me to understand the business include the vacancy rate of units (Vacancy/Occupancy Rate Calculation, 2013), the amount that similar units are renting for, frequency and amount of repair costs, the number of issues tenants have reported, and the number of tenants who are delinquent on payments (if any). References30 Year Fixed Rate Mortgage. (2013). Bankrate - Graph rate trends. Retrieved 1&state=zz&d=180&t=MSLine&eco=-1Apartments / Housing for Rent. (2013). Craigslist. Retrieved from , L., & McMurrer, D. (2007). Maximizing Your Return on People. Harvard Business Review, 85(3), 115-123.Choose Your Payment Method. (2013). WilliamPaid. Retrieved from I Need A Business License? (2013). City of Sparks. Retrieved from: Can You Find Good Tenants? (2010).Trulia. Retrieved from in Global Real Estate. (2013). Blackstone. Retrieved from , R. (2010). The Cost of Umbrella Insurance for Homeowners. . Retrieved from & Rental Agreements. (2013). NOLO Law For All. Retrieved from Home Insurance Quotes. (2013). . Retrieved from 's Housing Market: Looking Up in 2013. (2013). TWOCENTS - Insights Brought To You By Nevada State Bank. Retrieved from # 6197 - Sewer Service Charges. (2012). City of Reno. Retrieved from Services. (2013). Truckee Meadows Property Management. Retrieved from Apartment and Home Rental Listings on Trulia for Free! (2013). Trulia. Retrieved from Estate Tax and Rental Property. (2012). Intuit. Retrieved from Home Prices and Home Values. (2013). Zillow. Retrieved from Home Prices and Home Values - Zillow Home Value Index. (2013). Zillow. Retrieved July 14, 2013 from Home Prices and Home Values - Zillow Rent Index. (2013). Zillow. Retrieved July 14, 2013 from , Nevada - Commercial Investment Real Estate. (2013). Marcus & Millichap Real Estate Investment Services. Retrieved from , Nevada (NV) Income Map, Earnings Map, and Wages Data. (2009). City-Data. Retrieved from Recently Sold Homes - 6 months filter. (2013). Zillow. Retrieved from Create an Account. (2013). . Retrieved from Package. (2012). Tenant Background Search. Retrieved from , C. (n.d.). Managing Repairs to Your Rental Property. . Retrieved from Rate Calculation. (2013). Modern Property Management. Retrieved from , S. (n.d.). Washoe County & Nevada Taxes. . Retrieved from ................
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