All Forum Posts by: Account Closed

This article by Reno-area realtor Ron Bell (not sure if he's on BP) addresses your question:

http://renohomevoices.com/2014/09/03/tesla-coming-...

-Vincent

Cool.  If you decide to make the leap into Fernley be sure to let me know what you're looking for.  My wife and I have been here for almost two years now and have a pretty good feel for the place.  Would be happy to help however I can.

Great feedback, folks, I appreciate you taking the time. One thing I did not mention is our flips have thus far been cosmetic rehabs--paint, carpet, appliances, light fixtures, landscaping, etc.--we have yet to add square footage, move walls, or put on a new roof. I'm not afraid to do those things, in fact the challenge is intriguing, but our flips have all been within our comfort zone and we probably could benefit from branching out a bit to properties besides just ones we could see ourselves living in. I realize now finding homes on the MLS is the "easy" button.

@Hattie Dizmond realtors in Nevada can represent the buyers, sellers, or both--similar to most other states, I'm sure.  Your point is valid about buyers' agents but I was speaking in general terms.  With her limited understanding of direct marketing (probably based on my poor explanation), my wife thinks it somehow denies sellers what they could otherwise get for their properties if properly represented.  However, after reading @Jim Viens 's response I realize there is a segment of the market that either cannot or does not want to work with a realtor and having someone willing to help them solve their problem is a big benefit.  That is probably how I should broach this going forward, particularly if I take @John D. 's advice and offer to refer certain sellers to my realtor if that is in their best interests (which would also keep our broker happy).

  All good points and I hope your feedback is the push I need to branch out and continue building my business.  Thanks again.

-V

  Hey everyone, let me throw this out to see if anyone has any suggestions:

I am a flipper and things are going okay, only the spreads are thinner than desired because all my deals come through the MLS. I've heard the podcasts and done some reading on direct marketing but it's not a good fit with me for two reasons:

  1.  I am a Navy Officer stationed in a small area where I would inevitably come across other Navy members.  There's nothing illegal about that but it just wouldn't be proper based on my rank.

  2. My realtor wife is opposed to me going directly to sellers and doing a deal without her or another realtor's involvement for three reasons:

    a.  She's concerned we may alienate her broker, who we are also good friends with.

    b.  She maintains it is a realtor's job to ensure sellers get as close to fair market value for their properties as possible, thus any direct marketing campaign on my part would conflict with her obligations as a realtor.

    c.  She believes involving a realtor ensures transactions goes as smoothly as possible, including all legal requirements, disclosures, etc.

  I have yet to meet any wholesalers in my area and for all I know there are none (anyone want to start a wholesaling campaign in western Nevada?) so that option is out too.

  Any thoughts?

Thanks,

Vincent

Pinnacle Homes & Properties

Hey Graeme,

  I am a relatively new BP member in the next town east of where the Tesla factory is going in.  Fernley is a small town, less than 20,000 folks, and so far my realtor wife and I have not seen a significant impact from the Tesla announcement.  Houses currently run between $80-100/sqft, depending on location (duh).  If you are looking for a buy & hold here I'd say check out the houses in the golf course.  A $150k 1,500 sqft 3/2 there won't quite draw the 1% rule in rent but you can get pretty close.

Vincent

Hey, thanks for the support, everyone.  I can see the benefits of this already!

@April W. Lake Tahoe is one of my all time favorite places--it would be awesome to explore opportunities to do something together there.

@Elizabeth Colegrove Flying fighters certainly is a thrill!  Currently I get to fly the F/A-18 and F-16, which is incredible.  Not looking forward to hanging up the flight suit next year but excited for the other aspects of a new beginning.

Have a great weekend...

Hello everyone,

After listening to the BP podcasts for the past several months I finally decided to take the plunge. I am a Navy fighter pilot and the owner of Pinnacle Homes & Properties, LLC, a small business specializing in flips in the towns of Fernley and Fallon, Nevada, east of Reno. My realtor wife and I have flipped 7 homes so far this year, which is our first time back in the market since 2005 when we flipped in Hanford and Lemoore, CA (luckily we got out just in time).

  For the future I am interested in expanding operations into Reno, doing some buy-&-hold, and am I always looking for financing solutions for funding homes.  Also, after 22 years in the Navy I will be separating next summer and looking for a transition into a second career, as well as a possible move out of the area.  I am considering real estate investing as my second act.

  I look forward to learning from, and hopefully contributing to, this amazing network of like-minded professionals.  See you around the way!

Vincent