Investing in Reno, NV

14 Replies

I am beginning to look at the Reno NV market for buy/hold investing.  My Daughteer is going to UNR next year so looking to buy something near campus within the next 6-12 months. The idea is she will move in to whatever I buy after her freshman year.  I can’t then use the 529 money we saved to pay a portion of the rent.  Still need t check if this is legit or not to do.     Looking to network with other RE investors in the area, meet trades people, and anyone who has insight into this market.  I’m a residential Realtor in Sacramento.  Not completely new to RE investing but not familiar with the Reno market. 

I look forward to any/all replies.  

Originally posted by @Richard Goore :

I am beginning to look at the Reno NV market for buy/hold investing.  My Daughteer is going to UNR next year so looking to buy something near campus within the next 6-12 months. The idea is she will move in to whatever I buy after her freshman year.  I can’t then use the 529 money we saved to pay a portion of the rent.  Still need t check if this is legit or not to do.     Looking to network with other RE investors in the area, meet trades people, and anyone who has insight into this market.  I’m a residential Realtor in Sacramento.  Not completely new to RE investing but not familiar with the Reno market. 

I look forward to any/all replies.  

Hi Richard - I'm a Realtor in the Reno area and have my own investments. Are you thinking of a SFR or a condo? Condo's are much less expensive but most have HOA dues $250 and up. SFR deals do pop up from time to time too, depending on what your looking for. Since your a Realtor im sure you know, good deals move fast, condo or SFR. Please IM or send and e-mail if your would like to get in touch.

A recent repot by KUNR that inerviewed 3 experts on the matter, indicates building in Reno and the surrounding areas is challenging and is likely to stay that way.  This is particuliarly true for affordable housing.  This leads to oppertunity for current owners and landlords.  

Richard,

I can't help you with the RE questions as I am still a newbie when it comes to RE, but I do have 14 years of experience as a financial advisor.  You can use the 529 account to pay your daughters rent but you cannot exceed the school's estimate for room and board if she lived on campus.  The school will be able to provide you with those numbers.  I hope this helps and good luck!

Hi Richard, 

I have a 2 bed/2 bath on Talus Way which is a mile away from both UNR and TMCC (location!) I'm currently renting that unit out for $1,300/month.. Following the market, I think it will be tough to get that 1% back in monthly rent, however, the market here continues to grow and it's better than throwing away money to another property owner. Good luck with your search if you have not already purchased! 

Hi everyone, I'm new to the community and have been exploring RE in Reno and would love recommendations on the best places to turn for local turn-key properties. I'm based in the San Francisco Bay Area, but I am interested in buying an investment property in Reno. Are there any specific areas or suburbs that I should hone my research on? Any rec's for good agents/PMs? Thanks!

There are many desirable areas in Reno. South Reno is very nice and you can't go wrong purchasing a nice, updated home near the University and Community College. Have you looked into Carson City Real Estate? The travel time to Reno is about the same as traveling to Reno from Sparks. 

How is the Reno market? I looked into investing in Sparks a while back when I found out Tesla was moving in. Has having Tesla's factory in Sparks boosted the Reno market in any way? Has it brought more jobs into the area, increasing it's population, thus providing a need for housing?

Hi Sherwin, 

I can't give you specifics on the direct effect that Tesla has had on the housing market in Reno. I can tell you that I have been in contact with dozens of employees of Tesla's that are  interested in renting my rental properties even though they are located 30+ minutes away (driving) from the Tesla gigafactory. 

Northern Nevada is experiencing a major housing shortage, especially when it comes to SF homes available for rent. The market is doing well for sellers and landlords. A new stat just showed that Reno's Median sales price just hit $400,000! Also, everyday there are new articles coming out about how nearly 45%+ of residents living in California, specifically the Bay Area, want out and they have their eye on Northern Nevada because of the overall lower price of living plus it's absolutely beautiful here and you get to experience all four seasons! 

I would suggest that you contact a gentleman by the name of Ryan Kane of the DK Group. He is a great and knowledgable
Realtor and would love to assist you in any way. He has bought and sold numerous properties for my wife and I!

Hi,e

I am new to BP and to Reno, but have a couple of rentals and a fair amount of experience. I can tell you something that might not be in the news. I have a young man helping with some of my properties now that was working at the Tesla factory in Sparks. He and his entire team got called in today, Sunday, which is what they do when they are laying people off. I think Tesla might be scaling back a bit right now until things get on better footing. I will let you know what happens.

I too am interested in buying property in the Reno/Sparks area, specifically a small multi family property under 20 units . We moved to Reno at the beginning of this year and live in the south part near Mt. Rose. I am looking to do some networking in the area and meeting some other BP followers. I would love to know if there is any kind of REI meetup in Reno and if not, we should start one.

 @JeremyG71 There are two active meetings for real estate investing, the first is hosted by Ron Bell at the Reno Sparks Association of Realtors at 5650 Riggins Court near meadowood mall the first Tuesday of each month at 6pm and another hosted by Ginger Marphis every third Wednesday of the month  at 10539 Professional Cir Ste 100 Reno at 6pm, it can be found on meetup.com. They both will not have a July meeting.

The new Southeast Connector is scheduled to open tonight, July 6, 2018 about 9pm. This project is a major milestone for the Reno and Sparks area, connecting the Reno South Meadows neighborhoods with Sparks and the I-80 corridor! Hopefully the RTC’s projections on traffic patterns will hold true and the Southeast Connector will remove some of the burden from the “spaghetti bowl” intersection of I-80 and I-580. Commute times to the Tahoe Reno Industrial Center (TRIC) for Tesla and other major employers in the area should be reduced.

http://www.southeastconnector.com/ 

Thank you all who replied. I never set the notifications appropriately for this post and life, work and family got in the way. I am more focussed about investing in Reno area and others now. I am looking at SFR and Multi Fam. I am open and even more interested in properties that need some updating so I can build equity. I have a plan for hiring and managing contractors for this if necessary. I would be open to recommendations from anyone for any/all trades people. Let me reply to some of you here.

@Bill Schrimpf I appreciated your quick reply to my post. I am looking at SFR or Multi. Wasn't looking at condos but would be open to the right opportunity. I will reach out and start a direct conversation off this thread. I am most focussed on the housing in walking distance from campus, probably on the West side. I am interested in learning more about the Reno market in general as it may be a good opportunity for additional investments. My BIL is interested in partnering with me as well as he has done some research on Reno market and likes what he sees.

@Chris Green I appreciate the heads up on that.  I was aware of that and have looked into UNR numbers.  Again, the comments are appreciated.  

@Jeremy Gray Good insight on the Tesla employees. I, like everyone, thought it would be a big boon to the area in terms of real estate but doesn't seem to have had a substantial impact beyond the market in general. I am there with some regularity now (and Tahoe as well) and am always interested in connecting with other investors. I haven't made either of the REI Meet ups @Nick Basye  commented on but will plan to in coming months.  Let's connect at one of those or one-on-one if you are interested.  

I am checking BP regularly now and will not let months go by without a reply.  Thanks again to everyone who replied.  

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