Are you looking into buying rental properties in Reno Nevada? You are in the right place. We help people find the best rental properties in the Northern Nevada area. Including All of Reno, Sparks, Tahoe and more.
If you are a new or experienced real estate investor you want to make sure you are purchasing the the right investment properties that fit your investment goals. Taking the necessary steps will help you avoid buying a bad rental property and allow you to focus on finding the best rental properties. Here are five steps for buying rental properties in Reno Nevada.
Step 1. Why Are You Buying Rental Properties?
Before you get started you need to ask yourself, “what is my goal?” The first step is to identify why you want to buy a rental property. Is your goal realistic? What type of rental are you looking for? :single family, condo rental, townhouse? Are you going to hold onto the property long term and collect rental income? Will you live in one of the units? Once you figure out exactly what you are trying to achieve, you will be able to narrow down the right property.
If you are unsure what type of questions you should be asking you can contact us and we will send you a detailed questions list that you must ask yourself. These are the type of questions that will help you along the way so you will avoid making big mistakes.
Step 2. Financing Your Property
Financing your property is a big step. So you need to get this done as soon as possible. Not just in terms of paying for your deal, rather deciding how and where you are going to get the necessary funds to pay for your rental. Are you paying with cash, are you getting a loan through a bank, credit union, hard money lender, etc. The last thing you want to do in find a property rental and not be able to purchase it because you have to way of funding it.
Deciding what your options are will make a big impact on your ROI. Which we will discuss below. There are plenty of loans your can use when it comes to financing property in Reno, Nevada. Figure out the best method that will give you the biggest return on your investment so you are able to maximize you rental income. If you want to minimize your finacial risk, you might be interested in forming a partnership to invest in real estate.
Step 3. Locate Your Rental Property
Once you figure out what your goals are you will need to find the right one. We live in a time were you can get information anywhere. You can work with a local Realtor who is investor friendly with access to the MLS, search online, social media sites, attend public auctions etc.
It might be best for you to work with a real estate agent in the area if you are looking at buying rental properties in Reno Nevada. Most agent know that the market very well and will be able to locate the right property that meets your goals. Due to the healthy local market, rental properties in Reno Nevada, can become extremely competitive due to the healthy local market. As a result has become very difficult to locate a good rental. Use all the resources you have available.
If you do not know where to look or if you are having issues finding something, feel free to call us at 775-525-0980 or Email us today. We will help you find good investment properties in the Reno, Nevada area. We often have access to off market rental properties that are far less competitive than whats on the market. Gaining you a huge edge on the competition.
Step 4. Evaluate Your Investment Property
You can easily achieve this by hiring a real estate agent to complete this for you. Since they have access to the majority information sources even those that are not available to the public. However, you can still complete this on your own and it would not hurt you to double check everything.
Search the ownership history of the property by searching the county records. These records are often public information so they will be easy to gain access to. What you need to check is if there is a clean record of ownership throughout the properties history. If you see any issues with the title you might want to consult a title company. Even if things look to be in order. There is a possibility that thing were missed in the past. One of the last things you wan to do is buy a property with title issues.
You also wan to look up the property taxes. Check to see if there are any outstanding tax liens on the property. Failure to do so could cost you down the road. Local and state government might levy additional fees onto the property in which you could be responsible for. You might have to pay past dues taxes. Also, see if there are any open certificates on the house. There is a possible that the owner of the certificate can take the property back after you purchase the property.
Also review the characteristics of the property. Is the house large enough or too large? Does it have access to utilities? Is it connected to the city? Are there any current or future assessments? Also check to see if there are any easements that you should be aware of.
When you are buying rental properties in Reno Nevada, check to see what your ROI will be. You want to get as high of an ROI as possible. Makes sure you calculating everything when determining this. For example, rent, mortgage payments (if any), property taxes, insurance, utilities, management fees, HOA fess, etc.
If you would like help generating a of what you can rent you property for, need help estimating what your ROI will be for each property, or if you are looking for a property manager in Reno Nevada, we can help. We will send you detailed reports on each property and we will manage your investment for you.
Step 5. Hold Your Rental Property
Now that you’ve purchased your rental property, what is your holding plan? Are you going to flip it right away, or will you hold it for a few years? Keep in mind, the faster you make a profit by reselling, the larger tax you may have to pay. The longer you hold it, the less capital gain tax you will have to pay when it’s sold. Always contact a tax professional when you are deal with taxes.
If you follow these steps, you will be on your way to achieving your financial goals in real estate. Start your journey into real estate today! We will help guide you through the process and answer any questions you have.