All Forum Posts by: Bill Schrimpf

@Season Price - Looks like your focused on Vegas.  If your interested in Reno take a look here on meetup.com

What is your policy (it written, right?) regarding tenant approvals?  

Making a decision in any other way may expose yourself to defending an equal housing complaint based on the PERCEPTION of denying housing to a person in a protected class.  

@Revathi Neelam

Good top level analysis! As a local, small time investor and Realtor, here is my 2 cents...

Your right, a majority of the new jobs will be low to mid level paying, although there is a real push to tech. The university and the city are supporting programs like drone development and shared/coop work spaces in downtown.  Watch EDAWN for companies moving to Reno and Sparks

Watch this 5 minute video from the local Realtors association. Boring, unless your a real estate geek RSAR Video

1. 3/2, unattached is considered ideal in Reno/Sparks, although unattainable for many. As everywhere else, cash flow does tend to increase with the unit count. My next purchase will be 2+ units.

2. Rentals demand is high. If you want to capitalize on where the job growth is/will be, look east of the South East connector project currently under way. SE Connector

3. Fernely prices spiked in the last 3 months. It will probably jump again in the spring. Fernley is a small rural community about 45 minutes from Reno. TRIC has caused a jump in prices. Those of us from Reno think a 45 minute commute is HORRIBLE, and we are right :) TRIC however is ~20 min from Fernley...

4. Silver Springs / Dayton = Speculative. USA parkway is scheduled to connect I-80 and US-50, opening up Silver Spring and Dayton to TRIC.

5. Midtown is well into major gentrification. There is some meat left on the bone but not much, unless you have the resources to repurpose formerly commercial buildings. Downtown continues to convert old casino's to Condos and pawn shops to trendy restaurants and shops.

One Downtown Example

6.  As a Reno local, I'm obligated to not say anything positive about Vegas.  It's a Nevada north/south thing... haha

 Good morning Don.  I was in a very similar situation.  You need training and investment from the Broker. Most want someone who is deperate or can drop everything and go to RE.  Its a relationship, and like any relationship you will likely find a few that dont work before finding the right one...

Walk into small offices, maybe 20-30 agents and ask for 15 minutes with the broker.  Be prepared to wait  or come back later in the day if they are busy at the moment.

@Chris Low Tesla investment in the Reno area is a part of what is being billed as the 'largest industrial park in in the world' RENO TRIC

It's likely to bring mostly skilled and unskilled labor jobs needing B- to C- housing.

Take a look at this article from the Reno newspaper regarding the housing shortage RGJ Article

There is opportunity in my opinion.  From some perspectives its an expensive market, from other perspectives, it's ripe for the picking!

Hi Tim - I hope you enjoy your weekend in Reno.  I'm busy with family priorities this weekend but if you have a specific question please feel free to ask.

@Blake Hansen

You're welcome!  Although it's an uphill battle, you will find someone who can/will help in your area.  Let me know if CA is too expensive and want to learn more about the Reno market.   Good luck and IMO Kiyosaki's best book was Retire Young Retire Rich because he talks about different types of leverage and introduces some interesting financial ratios...

If your agent uses electronic forms, it's not time consuming to make offers, maybe 10 minutes...

Agents 'know' each other, at least in my market.  If an agent writes lowball offers all day long, it hurts that agent when they have a 'retail' buyer.

Hi @Patrick H. - What is the best thing you have learned from the site so far?

 Hi Gabrielle.  Lesson 1.  Ask for advice but that doesn't mean you have to follow it.