Trying to find deals for BRRRR method in Reno, NV
Member since 2022 · 1 post · 2 votes
I'm new to the whole real estate investing thing, so apologies if I sound like a complete rookie. But I've looking for my first property to BRRRR in the Reno, NV area. However I am really struggling to know where to look for deals. If anyone could help me out with any information I will listen and greatly appreciate it!
See the agents BiggerPockets members work with in Reno, NV.
See agentsLyle,
Ditto to what others mentioned above. It is tough to find deals right now; you have to make them.
If you plan to live here, house hacking is definitely the way to go. I got started with a 4BR single family house here in Reno where my spouse and I lived in the master bedroom and rented out the other 3 rooms. We renovated here and there as rooms turned over and then did a major remodel after about two years to substantially increase the value.
As far as where to look, I would start by connecting with people at meetups like Ginger's (there is another one in town put on by Alex Ficco) - talk with realtors about what you're looking to do and connect with wholesalers to get on email lists for off-market properties. There are other tools you can use (such as Invelo - included with BP pro) to contact homeowners directly if you're looking for your own off-market properties. Rachel mentioned above that you should analyze deals - find a tool you are comfortable with (even if it's not the BP calculator) and learn what numbers work for you so you can hone in on your criteria. A simple method I've used in the Reno area to quickly evaluate whether a property is worth looking further into is price per square foot. Another suggestion is to look at days on market. Owners of properties that have been on the market longer may be more willing to negotiate on price and/or terms.
Just a few suggestions from someone still early in their RE journey. Hope this helps and wish you the best of luck. Keep us posted on how your search goes!
Cheers,
Alex
@Lyle Stoddard III - Welcome to the world of investing in real estate! I have some ideas for you as you are getting started:
1. Look on BP.com for some local meetups of other investors in your area. Attend these meetings and just listen as people discuss deals. Or, walk up to an investor and ask them how they got started, what types of things they invest in, what advice they have for a newbie like you. (People love to talk about their deals, trust me!)
2. Look on BP.com in the "Find an Agent" category and look for an experienced investor-friendly agent in your area. Offer to buy them coffee and meet to talk about working together. As a buyer, you don't pay the agent's commission, so it's good to spend some time finding an agent you feel comfortable working with and develop a relationship with them.
3. Look at the "sold" homes in specific neighborhoods of Reno on Zillow or Realtor.com and start analyzing what a 2-bedroom or a 3-bedroom home is going to sell for. Be sure to note what month and year the home sold because there are definitely fluctuations in price points based on time of sale.
4. Start analyzing deals using the BP calculator tools in the "Tools" section. Try to analyze 5 properties a day until you start to really get a gut feeling about what houses should sell for/rent for/etc.
Hope that helps get you started!
Welcome to BP!
Do you own a home already? One of the best ways to get started in real estate is house hacking. There are a lot of benefits for first-time home owners.
Let me know if you want to talk further about how to get started.
I wish you all the best!
Lyle,
I feel your pain. I'm a real estate investor and realtor. It's tough in this market. Prices are so high and rates are increasing. A lot of investors are now doing wraps and finding off-market properties through marketing of their own. It's definitely not an easy find.
What products are you looking at? Single Family residential? Multi-Family? Have you considered Manufactured homes on land?
I run the largest real estate investor group in the area who meets every third Wednesday of the month at 5:30 at First American Title 5310 Kietzke Lane Ste 100, Reno NV 89511. All are welcome. There have been some interesting, outside the box investing options presented by several speakers we've had in the past. Also, there are investors of all experience levels providing opportunities you might not be privy to if you don't network.
Also, I'd be happy to provide a complimentary Investors Consultation for you if we have not already done so.
I have one suggestion for you. Please add a picture to your profile. You will get more responses that way. It's like Facebook for investors here. People have trouble trusting profiles with no pic.
Either way, good luck!
Ginger Marphis [Realtor]
Lyle,
Ditto to what others mentioned above. It is tough to find deals right now; you have to make them.
If you plan to live here, house hacking is definitely the way to go. I got started with a 4BR single family house here in Reno where my spouse and I lived in the master bedroom and rented out the other 3 rooms. We renovated here and there as rooms turned over and then did a major remodel after about two years to substantially increase the value.
As far as where to look, I would start by connecting with people at meetups like Ginger's (there is another one in town put on by Alex Ficco) - talk with realtors about what you're looking to do and connect with wholesalers to get on email lists for off-market properties. There are other tools you can use (such as Invelo - included with BP pro) to contact homeowners directly if you're looking for your own off-market properties. Rachel mentioned above that you should analyze deals - find a tool you are comfortable with (even if it's not the BP calculator) and learn what numbers work for you so you can hone in on your criteria. A simple method I've used in the Reno area to quickly evaluate whether a property is worth looking further into is price per square foot. Another suggestion is to look at days on market. Owners of properties that have been on the market longer may be more willing to negotiate on price and/or terms.
Just a few suggestions from someone still early in their RE journey. Hope this helps and wish you the best of luck. Keep us posted on how your search goes!
Cheers,
Alex
Lyle,
Welcome! I was able to house hack two single family homes in Reno, NV and am now cash flowing approx. $1k per property after moving out.
Much more difficult with interest rates now as Ginger said, but it's still possible to do a successful house hack and pay down a mortgage rather than letting monthly rent go to waste.
Lots of options for less $ down for owner occupied loans.
Alexander (congratulations!!) has it right in my opinion. If you can cut your costs and do renovations yourself, you have a massive advantage of getting the snowball rolling.
No matter what you decide, remember this is a long game.
Best of luck to you, and don't stop asking questions and learning!!