I am just curious whether Bigger Pockets members have been actively pursuing Reno, Nevada, for investment now that Tesla has disclosed they have broke ground near Reno for their planned "gigafactory". This seems like a potentially profitable strategy given that the factory is supposed to employ 6500 people with good salaries. I just wanted to ask the community whether this is a strategy people are thinking about and I am curious about how veterans have taken advantage of opportunities like this in the past. It seems like spec building, purchasing existing multifamilies, and commercial property investments would all be good options.
I appreciate your responses in advance.
They have not committed to Reno.
Arizona, California, New Mexico and Texas are still in the running. This is from Thursday's quarterly shareholder letter/meeting. link to letter pdf
"In June, we broke ground just outside Reno, Nevada on a site that could potentially be the location for the Gigafactory. Consistent with our strategy to identify and break ground on multiple sites, we continue to evaluate other locations in Arizona, California, New Mexico and Texas. The final site for the first Gigafactory will be determined in the next few months, once we have full visibility and agreement on the relevant incentives and processes for enabling the Gigafactory to be fully operational to meet the timing for Model 3."
Figured I'd update this post since it's official that Nevada will be the location for the gigafactory.
I am from Reno (still have family there) and, like yourself, I am located in NYC now. Tesla is not the first to come to the Reno area for some warehouse tax advantages. Amazon, Urban Outfitters, Walmart, and Barnes and Noble all have warehouses there. In addition to the job growth in the area, I am hoping that Tesla's move (and Elon Musk's notoriety) might signal that the hippest crowd of Silicon Valley should come to Reno as well. I'd be interested to hear your thoughts. I am BRAND new to REI and am looking to potentially make a buy and hold play in the next year, Reno might be that market for me under the right circumstances.
I was researching NV because I may have some opportunity in Sparks NV. At the same time I LOVE LOVE Tesla... I was also researching Tesla and reading about the announcement tomorrow and it dawned on me to see what BP thought of the opportunity in Carson NV since the new Gigafactory will be there. So as the original post by @Chad V. stated. What do other members here think about the opportunities in Carson NV?
Just look at North Dakota and the boom there from new industry..
Another one to watch out for is Industrial Heat, LLC which is based out of Raleigh
They may release some game-changing technology soon
Their manufacturing may be in China though
I'm also interested in the prospects for buy and hold rentals in the Reno area. Are there any BP members in this market?
I am a relatively new BP member in the next town east of where the Tesla factory is going in. Fernley is a small town, less than 20,000 folks, and so far my realtor wife and I have not seen a significant impact from the Tesla announcement. Houses currently run between $80-100/sqft, depending on location (duh). If you are looking for a buy & hold here I'd say check out the houses in the golf course. A $150k 1,500 sqft 3/2 there won't quite draw the 1% rule in rent but you can get pretty close.
Thanks for the info on Fernley. I saw Fernley mentioned somewhere in my research on the Telsa announcement and was going to concentrate on either there or Sparks. There seem to be quite a few properties in Sparks that can hit the %1 rule, but I need to do more research. We're down in Vacaville CA, so the prospect of being able to drive to our properties in a reasonable time is appealing.
Cool. If you decide to make the leap into Fernley be sure to let me know what you're looking for. My wife and I have been here for almost two years now and have a pretty good feel for the place. Would be happy to help however I can.
Digging up this old thread to see if anyone is currently investing in Reno/Sparks, now that the Gigafactory is further along. Seems like an opportunity there for multifamily apt. buildings (new construction or value-add to older buildings.) Anyone?
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