All Forum Posts by: Bill Schrimpf

@Carly Baum - Where did you end up investing?

@Carly Baum - No replies for a year!  I can tell you that in NV, state law generally prohibits anyone from being compensated in finding or facilitating a deal unless the person is licensed.  

I would say that if your having problems finding a serious agent to help you find deals, its likely becasue they think your a tire kicker (not giong to close a deal) or the agent is a noob.

@Jessica Sawyer - Thanks for posting! My condolences for how you acquired the new property. I do hope that in the long run, it helps your family find financial freedom!

I’m a Realtor and small-time investor in Reno. I’ve helped a few people from CA buy investments or relocate to Reno over the past few years.

I’m happy to lend an ear and discuss the local market, lenders, CPA’s, insurance, etc. Because you and your brother have other properties, you have some options, depending on what “financial freedom” means to your family.

Please give me a call or PM if you like.

Have a great day!

@Alexander Grullon - Merriam Webster defines investment as “the outlay of money usually for income or profit”.  Merriam Webster Link 

Ask yourself, which option has a good chance of producing a profit. The Tesla or a House? If you want to invest in Tesla, I suggest you buy the stock, not personal property that will most likely depreciate, and not in a good way like real estate.

@Kyle Miller - Good morning!  Its been a little bit since your original post but what @Marty True says is likely correct.  If you make any money on real estate by brokering or somehow facilitating a deal, its possible your breaking NV law and the NV Real Estate Division will file charges in state court.  Obtaining a real estate license in NV is easy.  If your really serious about helping people put deals together and making money from I suggest getting a license.  In the link below, check 645.030 and 645.230.  People do go to court and get very serious fines.  Most activity associated with wholesaling is likely not legal.

NV Law Lookup

Landlording and flipping fall into a different category and generally do not require a license

I'm wondering, how do you see things differently now versus a month ago?  

@AP Horvath

I too have 4 kids and am happily married and have a day job that pays well. I chose to be a Realtor and small-time investor and that works well for me. My primary investment is my family. 10-20 hours a week for a new commitment will have a real impact. Whatever you pick, please consider it’s impact on your ability to do something really crazy like take a vacation an leave the laptop at home.

One thing not mentioned is talking to your CPA. You have a good one, right? If you have a good CPA, he/she probably has a few ideas (and other clients /your future partners) on how to exercise your capital, take care of the tax man, and keep help you keep your time commitment under wraps.

To answer your question, I would buy a few acres of scraggly sagebrush near where I live, subdivide into quarter or third acres, drop brand new mobile homes on each parcel, convert to real property and sell. It’s a cash intensive operation but it’s FAST (1 – 2 years) that could be managed mostly via e-mail and phone calls and conservatively return 15%. It serves a good purpose too, providing home ownership opportunities to a group of people that would otherwise be priced out.

@Casey Johns - I cannot recommend anyone in Vegas but do work with investors in the Reno area.  If you would like to chat about Northern Nevada, I would be happy to help.  What put NV on your radar?

@Bryan M. - 

• You have posted in the local real estate forum for Reno, NV. I believe you were looking for a forum related to renovations. Its not an unusual thing because the terms reno is used for renovations. I suggest posting in a different thread. Also, If you have a minute, please open a ticket with BP support asking them to find a way to clarify this matter. You are not the first…

As for your question, consider removing/relocating the utility closet (outside to the patio hopefully) and make the bathroom entrance off the dining room. You can grab a big part of the living room and convert to a bedroom. I’m not sure what the kitchen layout is, but you might be able to demo half the existing wall between the kitchen and living room and install a breakfast bar on top of a pony wall. That our help open up the kitchen a little and still leave a decent #2 bedroom

The other thing I see is to move the “small room” wall into the den area far enough to make a bedroom.

@Kathryne Omaits - You appear to be a class act and have good head on your shoulders!  Keep up the good work!

@Ashley Boyd - Its a good problem to have, maybe.  Comments from others on this topic are spot on, talking about the need/want for cash now vs. later and lowball offers.  

But are they really lowball offers?

I do not know your market, but be careful about over-renovating on a flip.  One of the most difficult homes to sell is the "best" (a.k.a. most expensive) home in the neighborhood.  If comps do not support your selling price, maybe your strategy needs to be reviewed.  Take a good look at your renovation costs and prioritize.