First time investor looking to house hack in the Reno area

[Garrett Brown]

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!

[Bill Schrimpf]

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