Carson City/Reno/Lake Tahoe Long Term Investment

[Orion Izzard]

Looking at purchasing an investment property. I just flipped a project on the Oregon Coast and looking at transferring some profits into another rental in the Carson City, Reno, Gardnerville, or Lake Tahoe area where I currently have a few rentals and live full time. I've looked at a few rehab properties that need a lot of work and seemed to be priced high for the work that needs to be done, i.e. new plumbing, electric, foundation. Is anybody else having this experience? Should I branch outside of my local area? May be interested in a turn key vacation rental out of state, anybody else doing this? Maybe Florida? Baja? Would love to hear your thoughts and ideas and what you all are doing.

Thanks,

Orion

[Jimmy Woodard]

@Orion Izzard trust your gut. $525k for a 1bed that's only pulling in $40k will not have good numbers. The PITI alone will eat almost all of your revenue before factoring in costs to run your STR business. Unfortunately South Lake Tahoe has clamped down on STRs and the only area around the lake that will allow them is Incline Village (but good luck finding decent pricing there).

I'd suggest looking into other cheaper markets like Florida if you want to get into the STR game. It's not that hard to self-manage from out-of-state, so if you need advice going down this path feel free to DM me. Good luck!