All Forum Posts by: Alex Ficco

As always, it depends. Are you looking for a turn key unit at that price point or is that your purchase price with a full rehab needed? Median sold price for December was $450k for Reno/Sparks. SFR's in that price range are becoming increasingly harder to get.

Hi Everyone. Quick Reminder for tonights meetup, hosted via zoom. Come armed with any questions you may have and we will see you at 6pm. Thanks!

Hi Everyone. Please join us for our December Meet Up. Info Below. Thanks! 

RSVP Here: https://www.meetup.com/meetup-...

Every Real Estate investment starts with finding the deal. This meet up is geared towards finding good deals, putting the deal together, and wholesaling.

Text 775 464 0999 with any issues

Topic:
DEAL DEEP DIVE. We will be going over all the details of our latest flip completed in Northwest Reno. We will cover everything from finding the deal, funding, rehab, listing, and the numbers - how we ended up with $45,000 net profit.

Basic meetup schedule:

6:00pm - Attendee Introductions

6:20pm - Topic Discussion

6:50pm - Q and A / Open Discussion

7:30pm - Networking

8:00pm - Finish

Topic: Reno Real Estate Investors - December
Time: Dec 30, 2020 06:00 PM Pacific Time (US and Canada)

Join Zoom Meeting
https://us02web.zoom.us/j/81572903173

That's awesome Mitch. You guys are crushing! 

Probably because a "deal" is subjective. Everyone's numbers and criteria are different. As a flipper, that FSBO deal mentioned above wouldn't even be close for us, but obviously worked for them as a rental in that market. I'm sure "deals" with those types of numbers are much more abundant on MLS vs inventory that works for us. Also, it's very market-specific. Here in Reno, we are in probably the strongest seller's market of all time for the area. We have an influx of California cash coming in from relocation and investors looking to get their money out of California and into Nevada. Their numbers are MUCH different than ours, and I'm sure much different than a NV based buy-and-hold investor. Even with inventory that is really distressed and probably would only make sense as a flip because of the rehab needed, we don't offer on. The flip competition is so stiff here, there are other buyers in town that can pay more than we can for many reasons, IE using their own cash, have their own crews, have other RE related businesses they can make a profit in on the same transaction etc. We pivoted to using my license to offer on behalf of these other buyers and represent them in the transaction, and only attempt to buy deals produced by our own marketing and relationships (wholesalers and agents - pre listing). We figure at least make a commission on deals we would have lost on anyway, and deals that would be tough to wholesale. 

Long story long, yes there are deals on the MLS. I offer on about 5 of them per week in a metro area of about 500k. They just aren't deals for most investors, especially new ones that aren't quite ready to pull the trigger immediately when they see a potential deal. When you look at MLS inventory once a week, don't really know your numbers, and arent willing to offer on anything that has potential, it's easy to get into that anti-MLS mindset. 

How are you finding your deals in KC @Ryan Fox?

Hey everyone. Always curious to see what our local investment community is working on! I wanted to start a thread to find out and if anyone has any current needs/wants, post them up here so the community can help out! I'll start:

Flips: 

-2 done and in escrow (both in Reno)

-2 in rehab (1 in NW Reno, 1 in Gardnerville)

-1 in escrow to buy (Reno)

Rentals: 

-4 unit we will start rehabbing shortly (downtown Reno)

-SFR near the university in rehab (converting to 6bd/3ba to rent by the room)

Development: 

-Parcel in Midtown closing Tuesday to build 2 townhomes on. 

Needs/wants: More deals to buy! 

The cash flow game is tough in Reno right now, especially if you're trying to find a "1%" deal or anything close to it. We just bought a 4/2 SFR near the university as a flip. We are converting it to a 6/3 to hold, as we will be able to rent it by the room. Numbers look good for a cash-out refi. You may be able to do something similar to get closer to your goals.

Hi Everyone. Reminder about tonight's virtual meetup! 6-8pm. Come join us in a discussion about funding your real estate deals. We will go over a few different types of funding we have used at Reno Area Home Buyers and have some resources prepared for you to do the same. Come armed with questions you have about anything real estate related. Thanks!

ZOOM:

Topic: Reno Real Estate Investors - November Meet Up

Time: Nov 25, 2020 06:00 PM Pacific Time (US and Canada)

Join Zoom Meeting

https://us02web.zoom.us/j/8119...

Meeting ID: 811 9784 3069

One tap mobile

+13462487799,,81197843069# US (Houston)

+16699006833,,81197843069# US (San Jose)

Dial by your location

+1 346 248 7799 US (Houston)

+1 669 900 6833 US (San Jose)

+1 253 215 8782 US (Tacoma)

+1 312 626 6799 US (Chicago)

+1 929 205 6099 US (New York)

+1 301 715 8592 US (Washington D.C)

Meeting ID: 811 9784 3069

Find your local number: https://us02web.zoom.us/u/kcXB...

Reno, Nevada

*This event will take place ONLINE. See below for zoom link.

Every Real Estate investment starts with finding the deal. This meet up is geared towards finding good deals, putting the deal together, and wholesaling.

Text 775 464 0999 with any issues

Topic:
HOW TO FUND YOUR FLIP DEAL - I get this question at every meetup. "How do you pay for these projects?" We will dive into several different ways to get your deal funded, most with little to no money out of pocket.

Basic meetup schedule:

6:00pm - Attendee Introductions

6:20pm - Topic Discussion

6:50pm - Q and A / Open Discussion

7:30pm - Networking

8:00pm - Finish

ZOOM:
Topic: Reno Real Estate Investors - November Meet Up
Time: Nov 25, 2020 06:00 PM Pacific Time (US and Canada)

Join Zoom Meeting
https://us02web.zoom.us/j/81197843069

Meeting ID: 811 9784 3069
One tap mobile
+13462487799,,81197843069# US (Houston)
+16699006833,,81197843069# US (San Jose)

Dial by your location
+1 346 248 7799 US (Houston)
+1 669 900 6833 US (San Jose)
+1 253 215 8782 US (Tacoma)
+1 312 626 6799 US (Chicago)
+1 929 205 6099 US (New York)
+1 301 715 8592 US (Washington D.C)
Meeting ID: 811 9784 3069
Find your local number: https://us02web.zoom.us/u/kcXB30pvoH