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All Forum Posts by: Chris Moton

Chris Moton has started 9 posts and replied 14 times.

Post: Reno Multifamily Rental Rates Q1 2023

Chris MotonPosted
  • Investor
  • Reno, NV
  • Posts 15
  • Votes 14

The apartment rental market in Reno/Sparks leveled off in the first quarter of 2023. For 80+ unit properties, average rental rates increased by $19 per month to $1,644, but this is only $10 more than Q1 last year. Overall vacancy decreased to 2.66% since the last quarter of 2022. This is due to a combination of factors: increased interest rates have made it more difficult to purchase a home, new renters continue to enter the market and job growth. Employment levels in the Reno and Sparks metropolitan statistical area (MSA) are still above pre-pandemic levels and appear to be able to hold strong through 2023.

Post: No walk through before offer acceptance

Chris MotonPosted
  • Investor
  • Reno, NV
  • Posts 15
  • Votes 14

@Alazar Wubet

We see this all the time and in fact list properties routinely with no ability to view before at least submitting a good offer. Tenants just get overwhelmed and the owner usually wants to minimize the amount they are disturbed. It’s the tenant’s home and they aren’t the one selling after all. We understand the position the buyer is in though and it is typical (at least in Reno for investments) to have a period of time written into the agreement where you can walk away with the deposit. On the sell side it never looks good to go into contract, take it off the market and have the buyer cancel right away so we want to make sure they have an opportunity at the beginning of the escrow or just before to do a walkthrough, make sure everyone is good, and move forward. Make sure your contingency is there before going into contract to walk away if you don’t like what you see with your deposit in hand. Check with your agent and title/escrow office (or even an attorney) to see how deposits are handled in your state if the transaction is cancelled. In NV the escrow company probably won’t do anything unless they have both parties agree in writing to the cancellation and distribution of deposits, or unless they have a court order/binding arbitration, etc.

Post: Are we in a housing market bubble that is likely to burst?

Chris MotonPosted
  • Investor
  • Reno, NV
  • Posts 15
  • Votes 14

Interesting article on credit cycles.   It's a couple months old but I'd be interested to hear if anyone in the group thinks his analysis bears any weight.

http://www.corelogic.com/blog/authors/sam-khater/2017/04/is-the-credit-cycle-turning.aspx

Post: Need a Custodian for Self Directed IRAs

Chris MotonPosted
  • Investor
  • Reno, NV
  • Posts 15
  • Votes 14

I've heard good things about Quest. Madison Trust is another I've heard of. They have a checkbook IRA a friend of mine seems to be happy with.