Reno Multifamily real estate investing
I am a newbie living in Bay Area, trying to explore some potential locations for investment in Multifamily units.I am doing some research on Reno/Sparks/Fernley, because of their proximity and possible potential. I have few questions based on my below analysis
Employment outlook
1) I see lot of companies opening their data centers (Switch, Apple, Rackspace). The kind of jobs that these projects would generate would be construction jobs.These are not long lived at most next 5 years and low paying jobs.
2) Fulfillment and distribution centers (jet.com, amazon.com, honest company) are mostly hourly jobs and low paying
3) Tesla Gigafactory around 6500 jobs by 2020. Looks like mostly these are again low paying hourly jobs.
The outlook is the economy project 50000 new jobs by 2020 and a requirement of around 5000 new housing units.
Questions
1) Which type of rental units (studio, 2 bed/1 bath, 2 bed/ 2 bath. 3 bed/2 bath ) have most demand and are safe bet with good cash flow?
2) I read lot of articles about lot of construction going on in these areas. Which would be few good areas that would have high demand and low supply of rental units taking into consideration the new future construction in foreseeable next 3/4/5 years ?
3) I still see that Fernley housing prices seems to be lagging behind sparks, considering the proximity to TRIC. Is there any specific reason for this? How do you guys see the future Fernley Multi family real estate growth both from cash flow and appreciation perspective? Pros n Cons in investing in Sparks Vs Fernely
4) Thoughts on Silver Springs and Dayton
5) I see lot of new construction permits given by reno city for multifamily (apt style) construction within downtown/midtown areas.What boom are we seeing in this area from employment or any other perspective?
6) Thoughts on the sister city Las Vegas Multifamily real estate investment considering that it has some good economic growth projects coming up (AMAZON fulfillment centre , SWITCH supernaps, FARADAY, Strip projects such as Genting Berhad’s $4 billion Resorts World Las Vegas, the $350 million MGM-AEG arena, and the Las Vegas Convention and Visitors Authority’s $2.3 billion Las Vegas Global Business District.)
I am also looking for networking with other investors in this area including investor-friendly real estate agents.