All Forum Posts by: Charlie Lockwood

S. Lake Tahoe. After the recent fires this summer, you might be able to find an undermarket deal. Lots of vacationing from Sacramento and other areas. Winter skiiing, summer lake vacations, and casinos nearby (Stateline, NV). 

The main downside is forest fires the last few summers have had an impact on vacationing to the area. Worth doing some DD, def an area I'm looking into..( I live an hour away in Reno, NV).  

Hello all, 

   I am getting ready to list my first rental property. I'd like to post it on one platform that will post it on multiple sights..Additionally, I'd like to use the same site for managing the rental (collecting rent, maintenance requests, etc). 

I've heard good things about Avail.co (thru realtor.com) and apartments.com. Any other sites you'd recommend using for both managing and advertising my rental?  

I think 2100$ is reasonable in that part of town. I'm about to list my first rental in old Sparks and planning on starting at 2k (3/1 1100 sq ft, detached garage, big yard). 

Glad to hear Reno, NV got some love! The market here is pretty nuts. 

@Joe Villeneuve  Thanks for your comments. Definitely a lot to think about and I appreciate the input. 

I had no intentions back in '16 of renting this property out.  I'm grateful that it's provided my family a home for the last 5yrs and now we're able to move to a better part of town..All thanks to this house providing the funds for the 20%. In my mind, it's amazing that I can get another property with no money down because the first property appreciated nicely. 

In my newbie mind, I like to look at the two properties as separate. Although, I can see how that might not be the best way to go about it. 

I'll def keep tabs/spreadsheet on rental income and all other costs associated with the property.  

Hi BP Community, 

  New investor/landlord here from Northern Nevada... I bought a house in 2016 (Reno, NV area). My wife and I have lived in it for 5 years. It's appreciated nicely and we've paid down the loan. We recently did a cash-out refi and used these funds to purchase a new home and turn our 2016 property into a rental (close of escrow is end of July)....

Numbers- bought in 2016 for 200k. Appraised in 3/2021 for 350K, loan paid down to 142K. About 200k in equity. 

Cashed out 100k (20% on new place).  New loan around 248k...expected rent around 1650$-1700$,  new mortgage - 1210$ 

My question to ya'll...How do I determine COC on a property I've lived in and now want to make a rental?

I know COC is the amount invested divided by annual cash flow from the property; this is easy to figure out on a property you buy and then turn into a rental right away. I've used the BP calculators but the CoC calculator doesn't seem to fit in my circumstance.

Does this mean I calculate all the money I've put into the property and then figure out my expected annual cash flow (after expenses) to determine COC?

Is there a better metric to use in this instance? 

I know the different in mortgage and expected rent is about 450$ and I know I need to put aside a decent percentage of that for repairs, vacancies, cap ext, etc...

Basically, I'd like some suggestions on how ya'll would keep tabs (numbers, metrics, etc) on this property to ensure that it generates positive cash flow and doesn't turn into a money suck.

Thanks in Advance, 

Charlie  

@Samuel Dykstra  

Hi Samuel, I found a property by mailing hand written letters. I'm a runner so over the last few months I've been running neighborhoods, writing down addresses of properties that look "distressed", then finding the info on washoe county's website, and sending letters to the homeowner. I sent 30 letters, got two responses, and am in the process of closing on one of the those properties. Def got lucky on this, found my family a home. We live in 89431, the new property is 89523, a step up from where we currently are. I hope to rent out my house in Sparks and make 89523 our new home. Good luck!

 #runningfordollars

Thanks guys for the input. I do live in Sparks (89431) and I will look into Infinity Engineering. 

Hello BP Community, 

   I live in Reno/Sparks Nevada. I have a detached garage that I want to convert into an additional dwelling unit aka Granny Unit. The goal being to create a stand alone studio that I can rent out. I have already met with my local city planning department, gotten feedback from them, and now I need help finding someone who can help me create a site plan before I take next steps. I have already called architects in my area but most say my project is too small for the work they do. Anyone know of online architects that can create a stamp approved site plan?

Any tips, resources, or advice on garage conversions would be greatly appreciated. 

Thank you all in advanced, 

Charlie