All Forum Posts by: Alexander Yates

@David Johnson like you said, try areas around Reno/Sparks if you want to try cheaper, though a deal is a deal. Fernley, Cold Springs, etc. are still heating up as people look further out to cut costs.

Feel free to connect and we can grab a drink to talk RE or you can let me know if/when you find something to take down.

Cheers,

Alex

@Samuel Tzeng you’ve already gotten some good responses so far. I won’t mimic what’s been said but will add that you should think about what level of involvement you’d like to have. Can be anything from buy and hold to hard money lending to ...whatever you decide you’d like to pursue.

I’m currently in Reno and have been investing locally here. A lot of investors from the Bay Area have been looking here as well. Feel free to connect and message me to discuss this market further.

Yessir! What’s good, @Vance Wyatt-Bel?

@Scott McGuire welcome! I’m currently house hacking/BRRRRing here in Reno on my first deal. Have been looking out for the next deal as well.

Good luck to you! I’ll send a connection request in case you want to meet up some time.

Sounds good @Garett Collins. There are a couple investor meetups here as well if you end up coming over this way on the 3rd or 4th Wednesday of a month. Great networking opportunities.

Hi Garett,

I'm just getting started with my first live-in flip in Reno (numbers look great!) but can tell you this area is really booming. Depending on your strategy and bankroll, you should look for deals in north Reno (north of the University), Sparks, and Fernley (east of Sparks). A lot of investors have been taking advantage of the recent expansion and demand here, so prices continue to rise. I'd be glad to talk more in-depth if you're looking for more specific information. I'm very familiar with the area and can even provide zip codes if your strategy involves sending mail to find deals. I'm helping some friends in southern CA find deals here and will be assisting with property management as well.

Happy hunting!
Alex

Hi Ricardo,

I'm in the Reno area as well and had a similar issue regarding what I could qualify for based on income. Hakeem is definitely right about contacting as many banks as it takes to find one that will work with you. They're going to look at your debt-to-income ratio and the right one will also take into account the projected rents. It will help to present to potential lenders showing what your deal looks like with all of the numbers and BP calculators should do the trick. 

If the unit needs any work done, you may consider using private money to flip it and refinance out of the short-term/higher-rate loan. There are a few in town I could recommend. Personally, I am partnering with a friend since he has money for a down payment and I have local knowledge/sweat equity to contribute. In general, though, look at local lenders that may be more willing to work with you than some of the bigger national ones. Sometimes it can even depend on the specific person you work with in an organization who wants to help make your deal happen. 

Do a simple Google search for "Northern Nevada mortgage lenders" and make sure to look at local options such as Greater Nevada Credit Union, Bay Area Equity, etc. A couple lenders I know personally are Desiree LeBleu at PrimeLending, Ron Moschetti at Summit Finding.

Best of luck in your search! Feel free to connect as I'm just getting started in the area too with my first house hack.

Alex

Thanks, Grant!

Hello BP Community!

My name is Alex Yates. I am brand new to the idea that ordinary people can invest and do well in real estate. A friend got my wheels turning with the introduction of the FHA loan and after discovering the Bigger Pockets podcast, I am hooked! Now I want to actively get involved and hopefully meet others in the Reno / Sparks / Tahoe area that have found success in this hot market.

I am originally from Southern California and went to school at the University of Nevada. Moved to the Midwest (Columbus, OH) to get some experience in Human Resources under my belt right out of college and just moved back to the Reno area after almost 3 years out in Ohio. Very happy to be back out on the West Coast and start my real estate investing journey.

As of now, I am focusing on finding buy-and-hold rentals in the Reno/Sparks area. There is a huge demand for lower-priced housing with the growing university and manufacturing boom happening out off of USA Parkway (for those familiar with the area). Considering buying single family properties with individual leases for each room rather than renting out the unit as a whole. Does anyone have any experience with this? I would love to hear from you!

If you are in the Northern Nevada area (or anywhere, really), please feel free to reach out. Looking forward to meeting like-minded individuals and closing my first deal! I am a notorious procrastinator but am fully dedicating myself to this new venture in hopes of making a lasting positive change. I've been sticking to analyzing at least one deal a day since attending my first BP webinar about a month ago.

Wish you all the best of luck out there!

Alex