Loaded question about student rentals

Felipe Diaz Valadez · 2021-02-10T16:27:59-08:00

Hi everyone this is my first post and I'm excited to get some advice to start my real estate journey! I'm Felipe, born and raised in Las Vegas and have lived with my parents throughout undergrad while attending UNLV. I have been fortunate enough to have been accepted into a program at UNR so I'm moving to Reno to continue my education in late August 2021. Since I'm moving to Reno, I've decided to buy a single family, probably 3-4 bd, and 2 bath that's close to University of Nevada Reno (max 15 mins driving distance) instead of renting a dorm/apartment and giving my money to another landlord. Long story short, I want to house hack a student rental via a single family house near UNR. I'm seeking advice from real estate investors that are knowledgeable about the market and/or student rentals, and can recommend great real estate agents (or even which ones to avoid), property managers, respectable lenders (would it matter if I seek a loan in LV vs. Reno?), tax attorneys/CPA (do I need one this early in the game?), and/or great contractor/handymen. I know everything is weird with COVID but if you can recommend a REIA (either in LV or Reno) that'll be awesome! I know that's a loaded question but I want to learn as much as I can about the market and get some advice before buying a house! If anyone in Reno and/or has experience with student rentals, I'll appreciate any advice :) Blessings and happiness, thanks again!

Sonny Vu

Flipper/Rehabber · Saratoga, CA · Member since 2015 · 49 posts · 16 votes

5y

Hi Felipe. That's awesome to see someone still in school who has a plan laid out. I am interested in the Reno, NV market as well. I recently saw a MF unit sell very quickly in this exact market. The unit was a few blocks away from UNR campus and was used formerly as student housing (it was also marketed as such). I am not sure why they were selling but I am thinking that COVID probably impacted the rents. I can't remember the exact price it sold for but I believe it was in the 800K-900K+ range. Good luck to you!

0 Reply

Eric Van Deman

Investor · Castle Pines, CO · Member since 2019 · 57 posts · 27 votes

5y

Hi Felipe,

Congrats on your plan. I invest in student rentals in few different markets. Proximity to campus is always a key. Many campuses charge students for parking, so if you are able to market your rooms as walkable to campus, they will be much easier to fill each year. I would learn more about the campus and search for property managers who work the rentals around the campus. There are often locations/sides of campus where students prefer to live. Best to follow the demand.

I think you can also likely search the forums here to find investor friendly realtors and lenders in the Reno market. Licensing of lenders is done by state, so the same lender could help you in both Vegas and Reno and some carry licenses in multiple states. If you find one specific to Reno, they may just be able to offer a cheaper appraisal through known contacts, but that would not be a deal breaker if you find a good one in Vegas.

Best of luck,

Eric

1 Reply

Michelle Jezycki

Real Estate Agent · NV · Member since 2020 · 12 posts · 9 votes

5y

Felipe, welcome to Wolf Pack Nation! Kudos for getting into investing while still in school! I’ve had several student rentals in a few states, including northern Nevada. I also have some contacts (lenders, appraisers, handymen, etc) that I’d be happy to share.

Per a previous reply, inventory is tight and moves quickly. I would recommend getting pre approved ASAP so you’d be in best position to act when the right property becomes available. Further, you may be interested in working with some off market properties and owners. Reach out if you need any help before you come up north!

A UNR alum,

Michelle

1 Reply

Felipe Diaz Valadez

OP

Member since 2021 · 5 posts · 1 vote

5y

Originally posted by @Sonny Vu:

Hi Felipe. That's awesome to see someone still in school who has a plan laid out. I am interested in the Reno, NV market as well. I recently saw a MF unit sell very quickly in this exact market. The unit was a few blocks away from UNR campus and was used formerly as student housing (it was also marketed as such). I am not sure why they were selling but I am thinking that COVID probably impacted the rents. I can't remember the exact price it sold for but I believe it was in the 800K-900K+ range. Good luck to you!

Hi Sonny! Thanks for your reply and sorry for the late response lol. I've seen some MF units that are cheaper than some SF units so I'm definitely not opposed to it! Thanks for your reply and good luck as well!

1 Reply

Felipe Diaz Valadez

OP

Member since 2021 · 5 posts · 1 vote

5y

Originally posted by @Eric Van Deman:

Hi Felipe,

Congrats on your plan. I invest in student rentals in few different markets. Proximity to campus is always a key. Many campuses charge students for parking, so if you are able to market your rooms as walkable to campus, they will be much easier to fill each year. I would learn more about the campus and search for property managers who work the rentals around the campus. There are often locations/sides of campus where students prefer to live. Best to follow the demand.

I think you can also likely search the forums here to find investor friendly realtors and lenders in the Reno market. Licensing of lenders is done by state, so the same lender could help you in both Vegas and Reno and some carry licenses in multiple states. If you find one specific to Reno, they may just be able to offer a cheaper appraisal through known contacts, but that would not be a deal breaker if you find a good one in Vegas.

Best of luck,

Eric

Hi Eric,

Thanks! I looked into real estate investing in 2020 during my gap year and flipped the switch! That's such great advice because parking permits are pricey and most out of state students may not take a car. It also proves how important location and marketing is in real estate! I figured they were licensed by state so that helps a ton, I'll probably talk to a few lenders from Vegas and in Reno, to network and have a comparison. Thanks for the advice and sorry for the delay in response.

Best,

Felipe

0 Reply

Felipe Diaz Valadez

OP

Member since 2021 · 5 posts · 1 vote

5y

Originally posted by @Michelle Jezycki:

Felipe, welcome to Wolf Pack Nation! Kudos for getting into investing while still in school! I’ve had several student rentals in a few states, including northern Nevada. I also have some contacts (lenders, appraisers, handymen, etc) that I’d be happy to share.

Per a previous reply, inventory is tight and moves quickly. I would recommend getting pre approved ASAP so you’d be in best position to act when the right property becomes available. Further, you may be interested in working with some off market properties and owners. Reach out if you need any help before you come up north!

A UNR alum,

Michelle

Hi Michelle,

Thank you for the well welcome and once my move to Reno is official I will definitely reach out! I've been looking on a few for sale websites/apps and I've noticed that inventory is limited lol. Sorry for the late reply, but thank you so much for the support! :)

Warm regards,

Felipe

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Loaded question about student rentals

Loaded question about student rentals

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