Welcome to the Jungle! Super Fun STR Ground Up Development in Reno, NV

[Wesley Pittman]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $75,000
Cash invested: $625,000

Ground up project we built in the Wells Avenue District in Reno to be a short term rental.

What made you interested in investing in this type of deal?

Always wanted to do development and felt that small scale like a duplex was a good size to make my mistakes on.

How did you find this deal and how did you negotiate it?

Was listed on MLS as a probate sale. Property didn't have access to water so we had to negotiate with a neighbor prior closing to get an easement for water access

How did you finance this deal?

Construction financing from a local lender

How did you add value to the deal?

We built two units on the property.

What was the outcome?

Super sweet short-term rental