All Forum Posts by: Bill Schrimpf

Hi @Kon Zel - Please see the 2n'd post on this thread.  Sage International has been doing this for a long time and operates in all 50 states.  They have helped me and a few others I know.

@Charlene Chow - I'm a "small time" investor and Realtor in the Reno, NV area.  If you have any questons about the area, please feel free to reach out!  Vacancies in Reno are near zero...

I think your the wrong thread.  This is for Reno, Nv, not renovations 

@Aubrey Moffat - Flipister looks expensive, $97/mo to start!  

Checkout this other BP thread on the same topic 

If you just looking for basic calcualtors and contract, upgrade your BP account and use those.  They are pretty good and less expansive.  I do not work for BP...

@Elle Nicole Grunenwald - Old SW is a terrific neighborhood for rentals, has been for decades and rents are rising year over year.  

To really measure the cost/benefit of permitting you would have to first talk to a contractor to find out what the costs are. If your place is in need of major work, then a licensed rehab is more likely to have a positive ROI. If your place is reasonably taken care of, it's harder to say. Good quotes from more than one contractor is a must to really go down this road.

For an as-is listing/sale , Its not uncommon to list homes with a "unpermitted bonus room" or something similar.  I would hope you saw something similar when you purchased.  

If you haven't lived there for more than 2 years, you might also have to pay a capital gains tax on any profits.  

From a selling standpoint there are 2 big concerns:

1. disclose - you know there is an unpermitted room and/or any other problems (you said something about electricial).  

2. the buyers loan/lender.  Some loan programs will limit some types of unpermitted additions.  Its important to know what the buyers loan program is before accepting an offer.

@Cameron Don Meals What you do should be dictated by your goals.  @Cary Crites makes a great point, he's able to turn a profit that works for him, but others may not be happy doing what he's doing.  

There are 3 certianties in life:

Death, taxes and market corrections :)

Are you looking to build, rehab, house hack etc.  There are other big picture considerations such as your down payment.  If your have a large equity position in your property, your more likely to get through a market correction but (some say) it opens you up to liability.

HI @Elle Nicole Grunenwald  - What you do depends on your goals  and your tolerance to risk.  

What neighborhood are you in?  I cannot think of a single area in town where there isn't significant demand for rentals.

I'm local so if you want some specific advice or help please reach out, I'm happy to help.

Unpermitted additions often are not an issue if the construction is done properly.  It just depends...

@Meagan Dorsey

The example in the original post is unethical. Leaving out key facts such as the sellers could make a significantly more money to list FSBO or using an agent is completely different then getting into the minutia of how title and escrow works; or the intricacies of how a global supply chain and distribution network that was built over decades works. God forbid, a seller asks questions to understand the process. What a lazy.... I have nothing nice to say....

I have yet to see a wholesale transaction where the seller really understood he/she was leaving significant money on the table. The fact that sellers “loose” money is obfuscated through the use of technical terms and jargon. At least in the few “deals” I have seen.

In NV, it's not necessarily illegal for a licensed agent to wholesale but its nearly impossible to follow the regulations/rules set by the real estate commission, the MLS and still maintain licensure.

@Megan Stafford

Check out Cheri Hill at  Sage International.  They are in NV but can work anywhere, she REALLY knows this stuff.

Other BP Thread on same topic

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/