All Forum Posts by: Bill Schrimpf

Good morning @Kathy Zickenberg . There is money to be made in the Reno area. Yes, appreciation is slowing in Reno and nationally but appreciation is a drop in the bucket if your truly doing a BRRR deal. For a BRRR to work, it's all about the acquisition price and managing rehab correctly.

Wholesaling can be a tricky thing in NV.  Plenty of people are succesful, follow the law and ethical but be careful.  Some wholesalers do not understand the law.  In May of 2019, the NV Real Estate Division finded someone $25,000 for "accepting valuable consideration as a real estate salesperson for the performance of any acts specified in NRS Chapter 645 from any person except the licensed real estate broker with whom she is associated."  Basically, this was a wholesaleing/flipping company that either didn't understand or care about NV law.

If your agent a Realtor?  If so, he/she is obligated to abide by a code of ethics that may not have been followed.  Most disputes and concerns are best handled by sitting down in an office and having a real conversation.  This does not sould like an impossible situation to work through.  

a 10:1 ratio of tire kickers to qualified applicants that @Peter Tverdov seems about right, maybe even a little low!  Lots of good advice above, one more idea is to have an "open house" type of event.  It saves you some time and also stokes the competitive nature in many people.  That in conjunction with what @Anthony Gayden suggests about clipboards might be a path forward.

Hi @Benjamin Herhold - Take a look at the link below.  Its the property managers associated with the office where I hang my license.  They have out 200 doors and simple fee structure.

https://www.renosparksrents.com/

@Cody Strickland - I just sent you a private message

Tennant landlord laws can vary wildly from state to state so you need a local with experience.

Money upfront shouldn't be a bad thing if handled correctly.  Consider putting it writing, add a rider to the lease. If the lease is broken for any reason, regardless of fault, tenant or landlord, any remaining pre-paid rent is forfeited to the landlord.  

Have a good lease - you can find pretty good ones here on BP...

Hi Gene - Welcome to BP and Reno!  The comments above from @Brandon L. about focus are spot on.  There are countless ways to invest, each has it's pros and cons.  

I'm a Reno local so if you would like to know anything about the area, feel free to reach out.  Since the snow will start flying soon, buy a snow shovel and ice melt now.  Both will cost more in a few weeks!

 Thanks again!

Thank you @Ashish Acharya.  Can you give any general guldance on how to take the exclusion (is there a seperate form, etc.)?  I've asked a few people and your the first to shed some light on the situaton.

Hi BP -

A friend bought a home about a year ago and in that time discovered the neighbors are drug addicts. With the addictive behavior has come vandalism, discharging of firearms, threats of violence, etc. to the point where my friend was able to obtain a restraining order against the neighbors.

My friend wants to sell. Is it possible for the extenuating circumstances (lots of calls to police, restraining orders etc.) to qualify as some sort of exception to the 2 year residency rule to avoid capital gains?