All Forum Posts by: Jameson Schwab

Looks like it turned out great. We just took out a home equity loan to put a 600SF unit on our lot in Truckee, CA. Crazy times right now in the construction world but excited to get it rolling and get it rented. What sort of rents are you getting in that part of the bay area for a 1 bedroom unit?

Discover has Home equity loans currently at 4.49% I believe. We just closed a HELOAN with them last month at 4.15% to build an ADU on our property.

@Nicholas Libertin

I live on the other side of the lake in Truckee. They have come down hard on STR here, seemingly doing anything in their power to prevent new ones from being established and doing everything they can to make them long term rentals. They have given out very few new permits since before COVID or somewhere around then, lots more strict regulations, fees, etc. We are down around 10,000 workforce housing units combined with the headaches of having STR's next to year round residents in our neighborhoods has made it a touchy subject.

@Charlie Lockwood that is awesome. Yea I think you could have got a tad more $$$ in rent, BUT I think you scored getting teachers with killer applicant quals in there. That has both monetary and non-monetary value that will pay off. Congrats

@Charlie Lockwood How is your listing going in Sparks? Were you able to get $2k? Trying to keep my finger on the pulse with what rents are doing in different areas. 414 5th St in Sparks has been on the MLS for some time now, it seems like one would be able to get it to cashflow if you could get the $2k for the front house and something in the $1k+ range for the rear unit?

@Leon Huang I think they were familiar with the rent ranges. As you stated it seems to be 550-800. I think if the place is more of a college house that is ready to take a beating then you may want to plan on the low end. But with our spot being fully updated all new appliances/floors/paint/fixtures/etc, really just lacking larger square footage, we went with trying to get $700/room with the understanding we may possibly need to float our rent down. But then we had around 20 contacts and 5-7 applications in the first few days! It seems the rumors of rentals being in high demand are true... I think we got lucky too, as our place is walking distance to the elementary school and the schools in NW Reno in general are pretty decent (I don't have any first hand knowledge on this just going off what what we are experiencing now). Ie. I believe our location attracted a young family with a child that will be attending the school close by which added value to the spot.

We closed on a house in Old-NW about a month ago off 7th street. Our first investment property. A small 3/2 just under 1100sf. We were open to the idea of students but pretty happy we landed on a young family of 3. Funny enough it looks like the house next door has students in it. We are getting $2100/mo so $700/room. Our place is a cute little farm style house but nothing special no garage but definitely new and updated. Houses with larger SF and bigger garages look to be getting around $800/room in similar neighborhoods around Reno. We paid $385k and it still cashflows $550/mo after capex/maintenance/vacancy.

Also, we almost landed on a student house just east of campus on Bartlett St, put an offer in and didn't get it but to be honest we were both relieved as we are definitely happy to be renting to a young family that works at Tesla vs a bunch of young students. No guarantee that one will be more/less destructive than the other but went with our gut feelings for our first place.  Just our .02

Does anyone have input on the Foxwood Heights/Ridgeside area? 807 Moss St is a duplex that caught my eyes on zillow. Looks like a super fair price but maybe I am missing something? I have been trying to follow the market for a few months in the area (both property prices as well as rent costs), and is $450-$500 per room in a duplex the average rent in a decent area to run my numbers with? Thanks for the local knowledge on here! 

Thank you!