Hey there BP, long time lurker finally ready to get involved. I recently moved to Reno and I'm looking to purchase my first house/investment property. The plan would be to house hack a single family home (rent out the remaining rooms) for a year, then hold long term as a rental. Definitely willing to consider homes with opportunities for minor cosmetic upgrades, but as a first-timer I'm not looking for any major renovations.

Does anyone have feedback on the best areas for cash flow, with potential for appreciation? I have been looking at outlying areas where the prices seem a little lower. In particular I was thinking Fernley could be a good possibility - lower prices and fairly high rental demand (?) with the Tahoe Reno Industrial Center nearby - thoughts? Any other areas worth looking into, or other considerations to keep in mind?

Also looking to network with people in the area! Let me know if you are (or can recommend) a local realtor, lender, someone to help find deals, investor willing to share knowledge, etc.

Thanks in advance!

Hey @Garrett Brown Welcome to Reno. I think you should start with what you can afford, then look at what area you would like to live in. There are a ton of growing zones all around the greater Reno area. Just depends on what you actually want? Do you want to be able to walk to bars and restaurants, or do you want to live in the burbs? Can certainly recommend realtors, lenders and a title company. Shoot me a DM. 

Hey Garrett,

I can def assist. I’ve seen some decent house hack opportunities recently. Let’s connect to discuss more. 

Dusty - thanks for reaching out. I just messaged you, but to reiterate for anyone else reading this thread - the reason I mentioned the lower prices is I wouldn't think the higher prices in Reno itself would cash flow very well - but definitely open to comments on this. As far as area to live in, I'm open to anywhere that can generate a decent cash flow and has some potential to appreciate. Personally, I enjoy the outdoors - fly fishing the Truckee, paddleboarding Lake Tahoe, landscape photography, etc - but that won't be super high priority since this will be an investment property and I will likely spend most of my time at my girlfriend's house in Reno.

Kyle - thank you as well! I just shot you a message.

@Garrett Brown if you are looking to buy out in Fernley, do research on the water situation.  I have heard things are getting tight.

Hello @Garrett Brown  -If house hacking with some roommates and some appreciation is your thing, then you will likely be able to find something with a little patience and perseverance! The market is super tight right now. Houses that are in decent shape and not WAY overpriced, just overpriced a little, are going under contract in a few days. Rents are not far behind. One thing is for sure, prices have been going up. October 2020 median price of a house in the Reno area was $455k; October 2019 it was $399k.  

If you are dipping your toes into being a landlord right now, you should know that COVID has changed lots of rules. I suggest you make sure your up to speed on the new rules. Here is a link to Washoe County website regarding evictions

@Garrett Brown I responded to your message. 

Originally posted by @Michael S. Helton :

@Garrett Brown if you are looking to buy out in Fernley, do research on the water situation.  I have heard things are getting tight.

 Hi Michael, can you expand on this? I did a quick search and this was the only thing I could find - https://www.ktvn.com/story/349...

@Bill Schrimpf thank you for the info! Do you have any thoughts on areas that are still reasonably priced with potential to grow?