Hello, I live overseas but I am moving back home to Reno in the next couple months! I will need to buy a place to live and have it as an owner occupied investment property.
Who is investing/flipping in Northern Nevada in the current market with success? The deals I am seeing on the MLS make it look like it is an impossible market but I am sure that is not the case!
Any thoughts or connections in the market to get the ball rolling before I move would be greatly appreciated!
@Bradley Cladianos It is not an impossible market, but one where you have to be willing to make a sacrifice. The prices are going up but the historically low interest rates are attractive.
Investing as an owner occupied is very different than flipping and does open up a few more avenues for you.
@Bradley Cladianos I’m unclear as to what you’re looking to do as generally you purchase as owner occupied OR as an investor which would be tenant occupied. Are you interested in a multi-family where you would live in one unit? There are a handful of those for under $500K but most are converted single family homes. As mentioned above rates are at an all time low and the housing shortage is driving prices up- I wouldn’t wait to long as I see that as continuing with all the new tech jobs coming to Reno. Good luck!
Good questions! This answer is a bit of a cop-out but "it depends". I can tell you, I work with investors in Reno that are successful house hackers, but every situation is different. The primary factors that drive success are determined by your finances (down payment, mortgage insurance, credit score, etc.). A snapshot of the "small multi-family" market for last month shows 43 listings at an average of $233k/door. Hope that helps.
@Michael S. Helton Thanks. Yes, you are right owner occupied opens some avenues up. I am hoping to invest as an owner occupied first. I was just curios if anyone is doing flips in Reno because I heard if there are flips in an area then it is a healthy indicator for long term buy and hold investors as well.
You say you would have to be willing to make a sacrifice. What do you mean?
@Marian Huish Thanks for your input. Do you think prices might begin to level out soon?
Investing off mls deals is not really a great deal finding strategy, I mean it does happen but you reallllllllly need to know your market but you make your money when you buy, and if you buy at retail it’s going to affect your immediate cashflow and appreciation. If this is more of a wait and see then maybe your idea of a duplex or house with a separate unit to rent out or 2 houses in 1 lot (which is common in Reno).
Thanks @Joseph Hummel it is just a wait and see for a Green Card for my partner but once we are able to move back to Reno then it is to purchase something! I see that you were able to buy some investments properties in Tahoe. Did you find those deals on the MLS?