All Forum Posts by: Jameson Schwab

Awesome! Yea that sounds reasonable. We had good luck with Zillow rental manager. Keep us updated on what happens!

Lots of good info on here thanks for the input!

To update, we just signed a lease to start Nov. 1 2021 at $2,100/mo. We are happy because this was the higher end of what we were hoping to get for rent. With that being said it looks as though rent prices are ever so slightly continuing to rise in Reno... We used Zillow, had it up for about a week. We had around 23 inquiries and 7 applications. Lots of flaky generic "is this available i'd like to look at it messages", but had a couple people chomping at the bit so I think the demand is still pretty strong in the area. 

Good morning BP Reno,

Curious if anyone has leads on a CPA/tax attorney firm in the Reno area familiar with REI and the formations of LLC's. We currently house hack in our primary residence in California, and have a rental SFH in Reno, NV. We are new investors and want to maximize our tax bill and also file for an LLC to move at least the Reno home into.

Thanks for any input!

Things are indeed crazy here. Me and my fiance "scored" last year, got into a 3 bedroom house in Truckee for $600k that we are house hacking (renting out the master bedroom). Our goal in the next 1-3 years was to build a new master bedroom and convert the one we are renting into an ADU. At $600 a square foot that will put building the new master bedroom at around a quarter million dollars (400SF x $600/SF= $240,000). We are both employed in the local workforce with healthcare jobs, and there will be no way we can afford that. But as stated above the labor shortage is real. Local fire departments, hospitals and helthcare jobs, police dept. (all of which make over $100k/year) are still unable to meet staffing needs.

Thanks for the input. Agree with the thoughts on student tenants. We will be self managing for now. One reason we wanted Reno NW is its a quick drive down the hill for us. Was planning to use Zillow to list the rental and use for background/credit too. Heard from another investor friend down there that people use zillow to search for rentals. Do you use it as well, or craigslist/facebook marketplace/something else? 

Will update here once we get some tenants in.

I am in escrow for our first rental property, close in a few days :) I grew up in the bay area but live in the Lake Tahoe area. We just bought in Reno, Nevada. It seems to meet the recommendation of choosing a city with safe and economically diversified areas with population growth and their incomes appear to be rising as well. Our full PITI should be right around $1300/mo with rent around $2100. Definitely doesn't meet the 1% rule and won't have the insane cash flow as some other parts of the country. But Reno being only 35 minutes from our house is the route I wanted to take for our first investment to alleviate some of the "first time jitters" and being able to keep things hands on. For me it was worth the higher purchase price to keep it local, it will still cash flow, and as stated above it seems like the long term appreciation will be more as well. Both with equity as well as rent increases in the coming years. With all that being said, i'm seeing how REI becomes addicting and we're definitely interested in OOS now as well!

Done lots of research the last few months and feel like I have a grasp on this, but thought it was worth throwing it out to the community here as well. 

I am in escrow for a property in old NW Reno. This will be our first rental investment so we are nervous but excited. For reference its a 3/2, fully updated, all new floors, int/ext paint, newly remodeled kitchen/bathroom and appliances. It is definitely a nice and newly updated home, but not huge at just under 1100sf.

As everyone here knows, Reno prices have jumped recently. But (assuming we close next week) we are excited we broke into the market around $375k.
The question to the community here is what is your consensus on current rental rates? As stated we are Old NW, off 7th street near Grace Warner elementary, MaeAnne/McCarran shopping, UNR, etc, so think we have a good chance of getting a young family or some college renters as well.

For 3 bedroom SFH, It seems like the cheapest room rates are in the $600 range, $700 a room is what I see most, and the nicer luxury properties with large garages and bigger yards are in the $800 a room range. I know there are outliers of things slightly cheaper and slightly more expensive, but does anyone agree with this ballpark? Anyone trying to fill their rentals currently or recently?

Our mortgage should come in around $1350. We are thinking of asking $2100, but will still be able to contribute to the maintenance/vacancy account comfortably if we come down to the $1800 range. Not the crazy cash-flow as in other parts of the country, but we are still excited to get started and be in the green.

Thanks for any input!