Welcome Back,

Hi, welcome back to The Wealth Wagon. I hope your week is going as fantastic as you had hoped. If not don’t worry it will finish strong. Today I’m excited to be back discussing another U.S. market in Nevada. Enjoy!

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Real Estate Investing

Market Snapshot:

Reno, Nevada
The Reno real estate market is experiencing steady growth, with the median home price reaching $550,000, up 3.9% year-over-year. The city continues to attract tech companies and remote workers, driving demand for both single-family homes and rentals. However, higher interest rates have slightly cooled the market, leading to a 4% decrease in active listings, with 1,500 properties currently on the market. Reno’s proximity to Silicon Valley and its outdoor lifestyle make it a desirable location for both investors and homeowners.
Median Home Price: $550,000
YoY Price Growth: 3.9%
Active Listings: 1,500 (down 4% YoY)

Deal Of The Day:

3 unit Property in Reno, NV
Price: $850,000
Units: 3 (1 3-Bed, 2-Bath, 1 1-Bed, 2-Bath, 1 1-Bed, 1-Bath)
Monthly Rental Income: $6,000
Cap Rate: 7.2%
This 3 unit property is located in Midtown Reno, one of the most popular neighborhoods for both locals and renters. With a 7.2% cap rate, the property generates $72,000/year in rental income. The property is newly renovated, with updated kitchens and bathrooms, making it a great option for investors looking for a property with little upfront renovation work. Its proximity to downtown, local shops, and restaurants makes it highly attractive for long-term tenants.

Real Estate Tip:

Investment Strategy:

BRRRR Method
The BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy is an effective way to build wealth through real estate. With this method, you purchase a distressed property, rehab it to increase its value, rent it out for cash flow, refinance to pull out equity, and then use that equity to purchase another property. For example, you could buy a $300,000 fixer-upper, invest $50,000 in renovations, rent it for $2,500/month, and then refinance at the new market value to pull out equity for your next investment.

Current Interest Rates:

Reno, Nevada
30-Year Fixed Residential: 6.7%
15-Year Fixed Residential: 6.1%
Commercial Rates: Starting at 6.5%
Interest rates in Reno remain relatively high, with the 30-year fixed residential rate at 6.7%. However, with strong rental demand, investors can still find opportunities, especially in multifamily properties where the cap rates and potential for appreciation remain attractive.

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Economic Conditions

Reno’s economy is growing, with unemployment at a high 4.7%, driven by tech companies relocating out of the area. However, inflation is impacting construction costs, which have risen by 4.8% over the past year. Despite these rising costs, the city's affordable living compared to other West Coast cities keeps demand for both residential and rental properties high. Reno’s thriving economy, boosted by tourism, tech, and manufacturing, continues to fuel the housing market.

How to Invest in Vacation Rentals in a Regulated Market

As short-term rental platforms like Airbnb grow in popularity, many cities, including Reno, have introduced stricter regulations. Investors looking to enter this market need to be mindful of local laws, such as occupancy limits or zoning restrictions. To succeed in a regulated market, focus on areas where short-term rentals are allowed, and consider partnering with a property management company that understands the local laws. In markets with high tourism, vacation rentals can yield 20-30% higher income than long-term rentals, but staying compliant with local regulations is key to maximizing profitability.

The Real Deal: Myth busting

• Myth: The Stock Market is Only for the Wealthy
  False. With the rise of apps that allow fractional shares, anyone can invest in the stock market with as little as $1. You don’t need to be wealthy to start building a portfolio; consistency and long-term thinking are the keys to success.

• Myth: Successful Entrepreneurs Always Start with a Clear Business Plan
  False. While planning is important, many successful entrepreneurs start with an idea and adapt along the way. Flexibility and the ability to pivot in response to market demands often lead to success more than a rigid business plan.

• Myth: You Need to Be a Math Genius to Manage Your Finances
  False. Managing personal or business finances doesn’t require complex math skills. Basic budgeting, understanding cash flow, and using financial apps can help anyone keep track of their finances, regardless of their math ability.

Common Real Estate Questions

Q: Why do I need a home inspection before buying a house?
A: A home inspection helps you spot any hidden problems with the property, like structural issues, plumbing leaks, or electrical problems. It protects you from unexpected repairs and can give you leverage to negotiate the price or ask the seller to fix issues before closing.

Q: How much should I budget for closing costs when buying a home?
A: Closing costs typically range from 2% to 5% of the home's purchase price. They include things like lender fees, appraisal, title insurance, and attorney fees. It's important to factor these into your budget so you're not caught off guard at the closing table.

^{If you have a questions regarding real estate reply to this email or email us at [email protected]}

Key Takeaways:

• Reno Market Update: Median home price $550,000, up 3.9% YoY, with 1,500 active listings.

• Deal of the Day: 3 unit property in Midtown Reno generating $6,000/month rental income with a 7.2% cap rate.

• Tip: Always check local zoning laws to ensure your property can be used as intended, especially for short-term rentals.

• Investment Strategy: The BRRRR method can help you build wealth by rehabbing, renting, refinancing, and repeating the process with new properties.

• Interest Rates: 30-year fixed residential rates at 6.7%, with commercial rates starting at 6.5% in Reno.

• Illyrian News: Change Your Life in Under 5 Minutes Per Day - Learn More

• Economic Impact: Reno’s 4.7% unemployment rate and thriving tech sector are driving demand for housing despite rising construction costs.

That’s All For Today

I hope you enjoyed today’s issue. If you have any questions regarding today’s issue or future issues feel free to ask. Come back tomorrow for information on how to grow your income and wealth. I hope to see you.

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