All Forum Posts by: Alev G.

Hi

I have had a 4plex in NV for a few years now. They are 1 bedroom apartments and I'd say C class (if you're going by A-D).

Since I purchased it, I've had regular turnover and some challenges. I've got a proper manager as I'm out of state, but as I've got only this property, I have no other reference point. I'm trying to understand if some of the issues I'm experiencing on this topic of vacancy are normal and that's hard to gauge without conversations with other landlords. I'm wondering if anyone is open to talking with me about it.

Quote from @Matthew Drouin:

@Alev G. the litmus test I use in exploring an area is incomes and population density.

If the population density is too low and not somewhat close to an employment center it’s not going to be a Green light for me.  
In terms of incomes I use the 30% rule.  I’ll take the median area income and multiply it by .3.  That gives you a sense of housing affordability threshold.  Since I only do value add deals, I want to make sure there are rent comps and income that can afford my renovation spec. 
And then the third calculation I do is median home price.  If the median home price for an area is on par with rent, it’s generally not a good sign.  For instance, I had a 72 unit apartment deal where surrounding homes in the area were $130k and because of this I couldn’t push rents to where I wanted them to be because qualified renters could just buy a house for around the same monthly payment of my two bedroom apartments.

Thanks for the insight!

Quote from @Robert Rixer:

Congratulations on the fourplex. Best way to learn an area is to drive/walk around as much as you can. Get a feel for the neighborhoods and streets that you can't get from reading stats on the internet. Work with multiple brokers, as a buyer - don't restrict yourself to a single broker. See who is doing the most multifamily deals in the area and you may get some off-market/pre-listing opportunities.

Thanks for the tips! 

Quote from @Bradley Buxton:

@Alev G.

Analyzing deals can be the most stressful part because of the assumptions that have to be made and there are so many unknowns that can change a deal from good to disaster.  If you're looking for local data in northern NV check out Address Income there is a rental map with hyper-local rents to use for your underwriting. Happy to share other references and resources in the area. 

Thanks Bradley

Hi everyone, 

I invested in my first property (a 4plex) in Carson City in late 2022. I originally had the thought and opportunity to do so in Reno/Sparks in 2015 but didn't move on it. (Sigh...). 

I'm looking to make my next deal this year, another multifamily. I do have an agent but I'm just looking to learn more about the market on here. At the time my agent took me to Fallon and Fernley, which I poo'poohed but I'm seeing how high costs are in Reno that I'm willing to learn more about these areas. 

Anyway, just saying hello. Would welcome connecting with others in the Northern Nevada area.

Alev

Quote from @Ty Coutts:

Hi Alev,

It’s awesome that you jumped into a 4-plex in Carson City as your first deal, especially out of state. That takes courage! It sounds like you’re on the right track, refining your strategy and preparing for your next move. Since you’re focused on buy & hold multiplexes, consider networking with local investors, refining your underwriting skills, and researching markets with strong cash flow and appreciation potential. With one deal under your belt, financing may also be easier this time. Keep learning, stay patient, and take calculated action—your mini empire is in the making!

Thanks Ty. I know, I think I took a big leap but it came after many years of trying to buy my own place and giving up bc I was always just out of reach. So I had a solid enough down payment that I thought, why not go out of state where it's cheaper, where I have friends who've been successful and can get more bang for my buck? It's not as high performing as what's traditionally recommended (it's still cash flow positive but has a small margin) but that has a lot to do with the high interest rate. I only wish I had gotten in sooner as I initially looked at that area in 2015! I'm now trying to analyze deals on my own.

Advancing my knowledge of underwriting is a key area for me to grow, as I've always understood this to be something the lender does but I keep hearing that we as investors get creative with underwriting.

Thanks!

Hi everyone, 

I'm new to the BP community. I listen to the podcast and the Real Estate Rookie pretty religiously. I have one property that is a 4plex in Carson City, NV. I closed in late 2022 and have had a journey since that hasn't allowed me to make any more moves but this year I'd like to get buy my next property. My niche is buy & hold multiplexes. I bought my first property with no knowledge or history and out of state. I really trusted my agent and knew several people who had invested in Reno so I took the leap after trying and failing for years to buy my own home in really high cost cities where I lived (NYC, DC, SF Bay area). 

Now I'm in learning mode as I'd like to build my own mini real estate empire and want to be better informed for my next deal. 

Cheers!
Alev

Greetings!

Just wanted to introduce myself and welcome new contacts. I'm a digital nomad who purchased a 4plex in Carson City, NV a couple of years ago as a buy & hold. I have a property manager. I've been transient since and am looking to expand my portfolio this year. My journey right now is learning more about real estate investing as I've been very passive and bought without much research beforehand. I regularly listen to 2 BP podcasts and am reading about real estate investing right now.

When I've got more clarity about where I land this year (ie. Stop being nomadic) I'd like to buy again. I like small multi-family properties and buy/hold strategy. Whether that's through house hacking or just another set of units I hold, I plan to purchase again this year.

if there are tips on how to build a trusted network of people on here, I would welcome that.

Thanks!