All Forum Posts by: Bill Schrimpf

@Oscar Montealegre - That makes sense, thanks for the clarification.  1031's are often effective in deferring capital gains for federal purposes, does it work to escape CA capital gains?

@Oscar Montealegre - Kinda interested on your comment about capital gains in NV.  I personally have never paid a NV capital gains tax, but Uncle Sam in Washington DC sure has one, so it impacts every state.  

@Jackson Carr - you are correct, NAR and many MLS banned pocket listings. You should be aware that not all agents are Realtors, it's an additional step above being an agent. Good agents are busy. They set you up on auto-search because 1 - They probably do not have pocket listings and 2 - Out of State investors are generally unliekly to actually do a deal. Why should an agent spend much time with you?

If you want to be taken serously in a new market that you are not familiar with, have your existing agent give you a referal.  He/she will be happy to do that becaue they will get a referal fee if you actually close a deal.  You benefit becaue you have another professional "vouching" for your credability as someone that is more than a tire kicker.

@Jackson Carr - ask if they have pocket deals. Some places allow it, others dont, which is why setting someone up on the MLS is often the best thing to do. If your working with an agent assocaited with a national brand, ask that Realtor for a referal into whatever market your interested in. A professional referral will help.

@Seemant Nakra - My decision is based on the time value of money.  Right now, I only have a few tennants and they are great and do not require much of my time.  At some point, scale will become an issue and the time value of money will lead me to paying for managment.  When I do calcs, I do include managment fees, even though I do self manage.

@Brock Richard - Found this, not sure how accurate or up to date it is but should give you a juming off point.  

https://www.xsitesnetwork.com/directory/appraisers/find/united_states/nevada/washoe/default.aspx

@Johnny Chew - Good question! The market is moving crazy fast right now. Homes that are properly priced in the mid $300's go under contract in a few days. Its not too hard to get moderate cash flow in years 1-3 and generally only gets better as rents have incresed 6% or more year over year for nearly a decade. Consider staying away from the HOA's and condos if your using leverage. As far as buy and hold, I do not have a crystal ball but the experts say economic outlook for Northern Nevada is good. Rental rates increades 1% in April, even with all the Covid rules! Take a look at Old Southwest and Northwest Reno. Both are generally regarded as desreable for owners and renters.

Sounds like you need to decide if you are an investor or not. Look it up here

Having relo cover 6% selling costs is a $39,000 cherry on top of a ~$100,000 equity cake. Are you an investor or a homeowner? You are the only one that can really decide.

If you can get yourself in a situation with $200k+ in the bank, Boise might offer some very interesting deals in the coming months and year.  Couple that cash with a good job, decent credit and your in a very strong position.

@Keiffer Putman - This is normally where I suggest we grab a cup of coffee, but, maybe just a phone call these days!

I'm a small time investor and Realtor in Reno.  House hacking / live in flip is quite do-able in this market, particuliarly if you can swing a hammer!  

Do you have a GC license?

I look forward to hearing from you

 Bummer the deal fell through.  Your name sounds really familiar?  Do you know Zeb and Bibi?