All Forum Posts by: Bill Schrimpf

@Ariel Goldenberg - Ginger is a great agent and a good community leader.  I'm a Realtor and investor too!  Depending on what you looking for, the Reno area may be a good choice.  If you would like a second opinion on anything, let me know.  

As a plus, our brokerage has 2 full time PM's with 200+ properties under management.  They do not charge a fee for placing tenants, just straight percentage when the property is rented.

 Great report @Michael S. Helton. It make the REI geek in me happy!

@Michael S. Helton Thanks for the new topic.

If all real estate is local, lets look at some local fundamentals. 

• TRIC along with initiatives by EDAWN and UNR conintue to move companies to Northern Nevada, Reno and surrounding areas
• USA Parkway will connect to US 50 by the end of the year
• Housing is in sort supply in both rental and purchase markets in all but the upper end price range
• The southeast connector is scheduled for completion by the end of the year
• Lending is now much more rational than in the 2000's, reducing the risk of catastrophic failures we saw before.  (contact your congress person and tell them rational lending is a good thing and we need to keep it)  
• Very friendly tax and regulatory environment particularly for for large corporations (TESLA got a huge tax incentive and SWITCH got a sweet deal on electricity.)

These lead to economic diversification from a historically service (casino) based economy along with major infrastructure projects.  Northern Nevada is well positioned for growth.

If you not already invested in Reno, you missed the low hanging fruit but this investor thinks there is still plenty of fruit on the tree, and more trees are being planted...

@Paul OBryan NV offers series LLC's. That may be a more cost effective and elegant solution.

@Lynn Smith I absolutly agree with @Account Closed

Please open a complaint with the state.  We had a similar licensee doing the same shady stuff here in Reno.  The broker was fined heavily and quit his shenanigans!  

Happy Monday @Vu T. 

LLC formation is a hot topic for sure.  The advice I've received from my attorney and CPA basically say that LLC formation is generally for liability protection.  Clearly, everyone circumstances vary and you should discuss with your own legal and financial professionals.  

In NV, you can self-manage income properties all day long without a license.  If you charge a fee for property management service, you need a Real Estate License with an add-on for property management.

NV silver-flume will encourage LLC formation because they want their fees.  Its not necessarily a bad thing but it may not be necessary in your situation.

If your seasoned, understand agency, understand fiduciary responsibility and know how to negotiate then call the listing agent.  If you don't know all those things (and more) get yourself an agent.  

@Ken Deboy Tenant is right, they need heat and the landlord is obligated to provide it.  I'm curious to see what an attorney says, maybe a space heater is acceptable as a stop-gap while primary system is being repaired/installed???  

Consider, county legal services is different than lawyering up...  Its a free service.  Give them a call and see what service they offer a tenant.

As far as what you required to pay back for inhabitable conditions, that depends on your lease or if your on month to month.  Have you fixed the heater?  Have you addressed the code violations?  You may have some real exposure if there was/is a lease and the city won't allow you to use the place as a residence.  The heater is small stuff...  Your right in seeking legal advice...  Please let us know what happens.

@Account Closed - thanks for posting the report.  If Reno was a mall, Amazon and Tesla are the major anchor tenants.  Of course a mall requires more than anchor tenants...

There are other big names like WalMart, Zulily along with others you likely have never heard of such as ITS Logistics and Folcrum Energy that have moved to the Reno area recently; more on the way...

Take a look at this REPORT from the local economic development authority 

@Lane Kawaoka - Keep an eye on new construction if your thinking of apartments.  I can think of 3 large projects in progress and 2 more in the works off the top of my head.  Rents are rising and all indicators lean toward continued upward pressure, even with new supply coming on-line.  

I point out new construction because you may not want to buy a 20+ year old building a few blocks from the new projects...