I want to purchase a small apartment in Reno NV
It's absolutely insane to me that my neighborhood has real estate this cheap:
http://www.trulia.com/property/3232909878-
280-Island-Ave-1106-Reno-NV-89501
Basically it's a 1bdrm 2bath apartment with nice tile floors and a gorgeous view of the Sierras, I was looking through the price history and these apartments were worth around $64,000 back in 2005-06 so they have doubled in value over the last decade. If I was to make a down payment on something like this ($35,000) I would have no shortage of people to rent it out to and it could be a retirement place for my parents in 15 years once my mortgage is paid off.
I'm really thinking about doing this since I have about $20k in /biz/ savings, but I need the help of oldfags and non renters.
>reno
Wow, what a steal!
>>1360860
Bigger pockets
>>1360860
property being that low, must be a horrible area
>>1360860
Fuck you I wanna escape the Bay Area to Reno before the rest of Californians do.
Sherrif's department!
>>1360957
Reno has legal prostitution and some good casinos, its not all bad.
>>1360999
Too late. The VCs have started buying up everything, at least.
>>1360860
>Thinking it's a good idea to buy housing when marking is highest it's ever been.
Landlord here. If you wants this to live in and are prepared to move in the next couple of years, then I'd say ok.
But, from an investment pov, condos are generally bad because of hoa fees. Sfh is a better way to go.
Additionally, the price may be high. Generally, you want the monthly rent to be one percent of the purchase price. I somehow doubt that you'll get 1800 / month for that place.
>>1360860
$182,000 for an 801 square foot condominium/apartment is not inexpensive at all, especially for the Reno area. A 30 year, fixed-rate mortgage after putting down approximately 20% for a down payment puts your P&I at roughly $700 per month (it'll actually be a bit less) assuming you get the best rates.
However, as others have said, the homeowners' association fees and any condominium maintenance fees could really kill you. Those fees could be $300 to $800 per month. Add in property tax and you'll be hard-pressed to break even renting this thing out.
This complex is quite close to the University of Nevada at Reno, about two miles south of it, so that might help real estate values. However, how much can you rent out this property for and what kind of wear and tear will they introduce especially to the flooring?
If it were my money, I would not buy it as the price is just too high and the HOA fees and condo fees will never go away.
>>1363339
shit thank you for this information
I could rent it out to friends or UNR students I know tons of both.
crime is very low in Reno, hard to commit any crime when most people conceal carry 1911s and have ARs at home. Could still rent this out for $1100/month easily
>>1360860
Yeah but then you live in Reno.
>>1360860
No HOA fee listed?
Its prob. high. I've seen some that are 1/2 again as much as the mortgage payment.
