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Updated about 1 month ago, 11/18/2024

User Stats

14
Posts
9
Votes
Patrick Osterling
Property Manager
Pro Member
  • Los Angeles, CA
9
Votes |
14
Posts

Turning a Long-Term Rental into a $3,000/Month STR in Reno, NV

Patrick Osterling
Property Manager
Pro Member
  • Los Angeles, CA
Posted

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $360,000
Cash invested: $96,000

Purchased my first investment property in summer 2017 while living in SF, a new construction home intended as a long-term buy-and-hold. Initially rented to long-term tenants, it generated modest cash flow of a few hundred dollars a month with a 4.25% rate. Refinanced in 2020 to 3%, boosting cash flow to $500/month. In 2021, after completing the BiggerPockets STR course and analyzing market data, we transitioned the property to a fully furnished premium short-term rental after the tenant moved out. It now cash flows ~$3,000/month with over 100 5-star reviews across Airbnb, VRBO, and Booking.com. Our guests have ranged from newly hired UNR football coaches relocating their families to individuals traveling for medical care, couples on ski leases for Mt. Rose, and beyond. Guests also include families visiting Reno, travelers relocating, weekend visitors, traveling workforces, and Tahoe adventurers. Reno's STR demand has been unexpectedly strong and rewarding.

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Haus Ventures Hospitality Group
5.0 stars
2 Reviews