Overall, Reno, NV is 32.9% cheaper than Los Angeles, CA
Your Money Goes Farther in Reno
$370,600 Reno, NV
46.3% lessMedian Home Cost
$689,000 Los Angeles, CA
52% lessProperty Taxes
(annual based on avg price home)
$4,861 Los Angeles, CA
Reno, NV Webinar
Everything you need to know about Reno, NV real estate
Webinar originally recorded for LeavingTheBayArea.com
FULL TEXT TRANSCRIPTION:
- I want to welcome everybody for joining us today. My name is Scott Fuller, founder of leavingthebayarea.com, and welcome to another edition of our Market Insider Series where every week we travel the country, go to lots of different places to show you some of the more popular areas that people are relocating to. Today I'm super-excited. We're gonna be going just on the other side of the California border to Reno, Nevada, to the biggest little city in the world. Now, do they still say that, or did I just kind of date myself?
- No, no, they still say that.
- There's still the sign that says that. It's been a little while so I wasn't sure. But I'm really excited today because Reno has certainly become a very popular destination for Californians. A couple reasons. We'll talk about a lot of these in more detail with my guests today, but obviously the tax advantages that you might be able to take advantage of in Nevada, but also the close proximity that you have to still being in Northern California and the Bay Area. So, today happy to welcome my guests here. We've got Michelle Goode and Jen Colley from Northern Nevada Real Estate Group. Ladies, welcome.
- Thank you.
- Glad to be here.
- Awesome. Appreciate you guys being with us today. I know that we've got a lot of people that are very excited in learning more about kind of what's going on up in the Reno area, and we're gonna dig deep. We're gonna go get a lot of great information in a period of 45 minutes, so we'll get moving quickly on this. For those who are joining us on our webinar today, on our live webinar, feel free, ask us questions. We wanna keep this as interactive as possible, so go and hit that little button which allows you to raise your hand and ask a question, and then we're also going to push out a couple of polls during the session, just so we get a better understanding of what it is you're looking to learn, and maybe we can put a little bit more of an emphasis on certain things than others. So, ladies, tell us a little bit about yourself and kind of what's happening in the Reno market right now.
- I'm Jen, and I've been a broker for about 10 years and in the industry for just over 17 years. Michelle and I opened our boutique brokerage so that we have the autonomy to help our clients in the best way that we saw fit, which is thinking outside of the box, oftentimes. Reno has been an ever-growing market and extremely fun to work in, and we're just happy to be here and be a part of this great growth that we're seeing.
- Awesome. Michelle, you wanna give us a quick intro?
- Yeah, I'm Michelle Goode, and Jen and I, like she said, we are so excited. We've got a great community and growth happening here. We love our community. We're very involved in watching the growth and being a part of that. So, we are super-excited to be here today, to be able to share what we have to offer here in Reno.
- Awesome. Okay, let's get into it. So, I just launched the first poll, which I always start with. What are you most interested in learning about? Right now, we are looking at housing prices and cost of living, which makes sense, right? We're gonna jump into that and then retirement. We're actually gonna get into a lot of this, but let's start off with some of, for the people that are coming up to the Reno area, what are some of the more popular and desirable communities that they're looking to get into that you're showing them property in, and give us some ideas of what you can get and what it costs.
- Sure, I think I'll start off with, we always ask the question what's their lifestyle like and what do they do outside of work? If they're retired, obviously we have some dedicated retirement communities that we can talk about. If they're golfers, there are golf communities. If they wanna be close to the lake, if they are outside skiing. We identify those things first, and Reno has so many, Reno-Sparks as a whole has so many little pocket neighborhoods that people just, either they have family living there, or they have friends that they've heard about. But for example, Del Webb, 55 and over, which is next to Somersett. It's kinda within the Somersett community. Has a fabulous golf course. It has a indoor pool, gym facility, biking trails everywhere, and for the active adult living, and then, if you're not 55, Somersett's just outside of that, which is a really popular area. That is the furthest most northwest neighborhood that's closest to California. We have a lot of people that may have family in Truckee that wanna be 30 minutes away.
- Awesome, okay. Give us some other areas, maybe specific master-planned communities, or pocket communities that are popular, and what are some of the price ranges, and what are you getting for that? That's what a lot of people know, 'cause if they're selling a house in the Bay Area, they might be selling for a million dollars, they've got a good amount of equity. Do they have to finance something up there, or can they pay cash? What does that look like?
- Well, we see a lot of cash transactions. A lot of cash buyers coming from California. For example, you take the Damonte Ranch area, and they just did a connector, so if someone's still working they can take that connector easily out to Sparks or the Reno-Tahoe Industrial Park. You can get a three-bedroom two-bath, four-bedroom two-bath 2,300-square-foot house for about 450 to 500,000, depending on amenities. There are some other gated communities that may be a little bit more, that offer more amenities in terms of pools, and gyms, and stuff like that, so it's a little bit variable. Or you can go up on the other side of the freeway, more towards the lake, and ArrowCreek community, which is a gated, planned unit community. There you're going to be more around 800, 900,000. It just depends on what kind of lifestyle somebody's wanting to--
- Damonte is really, again, family-oriented, lots of trails, biking trails, close to shopping,
- Lots of parks.
- and the Summit Mall, which is one of our malls out here that's outdoors so it's very accessible in that manner.
- I've heard of Damonte Ranch before. How large is that, as far as how many homes, how many builders?
- There are currently about four builders building new homes in Damonte Ranch. Right now I think that they're just about built out because they've completely filled in. There's, I'm gonna say well over 2,000 new homes being built in Damonte Ranch at this point, but there's building everywhere, yeah.
- A lot of building going on, that's right. You kind of have some people that are coming in. Obviously, you're gonna have different levels of people and the lifestyle that they're looking for. Damonte Ranch, is that going to be kind of like the middle tier, and not necessarily the lower or the higher, but more of a middle tier housing prices?
- Yeah, I would consider Damonte Ranch more upper middle tier. It's one of our better school districts that we have in Reno, so we get a lot of families, like Michelle said, that want their kids to go to those schools.
- There is a new middle school and a new elementary school that is also going to be 'cause we've had so much growth that the school district has decided that they need to build some more schools, so that's exciting for all of the families here.
- Yeah, that's great, and I think that's one of the challenges that we've had in the Bay Area is there's a certain level of growth, but with the lack of land and resources, the schools don't always follow as quickly, so it's good when they have those master planned communities that are putting all of that together: the parks, the schools, everything ahead of time, so you're really presenting a great product for the people who are moving in. What are some of like, so you said, so the Damonte Ranch again, that's maybe around the, what, 500, 600 range, that reasonable?
- Yeah, you can even go up to a million in certain areas in Damonte Ranch, but very selective. We talked about Somersett being in the northwest. Damonte Ranch is very south of South Reno, more towards Carson. They have some other neighborhoods in Sparks off of I-80, off of Vista, which is called the The Vista, which is very popular. I personally think some of those areas have the best views of downtown Reno and of the mountains. Again, close proximity to downtown Reno out to the Reno-Tahoe Industrial Park to South Reno, you can really get anywhere in Reno-Sparks in about 20 to 25 minutes.
- Awesome, okay, and so for some people who might be on more of a budget, let's say, for example, they're looking maybe 350 to 500, is that a reasonable price range within Reno-Sparks to get into something? I mean, obviously it's probably not gonna be this luxurious gated community, but can you get into a reasonable area that's safe, with decent schools, within that price range?
- Yeah, it depends on the size of home, obviously, but if they wanna get a bigger house they're just gonna have to go a little more towards the outskirts, but North Valley, Golden Valley, which is about three miles north of the I-80/580 interchange. They have some new housing out there that are very nice builds, and those will be around 350 to 400,000 out there for about 2,500 square feet, roughly.
- Yeah, and then you can even--
- Go ahead, go ahead.
- Oh, go ahead, sorry.
- No, go ahead.
- I was just gonna say you could even go a little bit further north of town, out towards Cold Springs, which is about 12 miles north, and again, it just gets a little less expensive the further out you go.
- Got it. What we call it here is try till you qualify, right?
- Yeah right.
- Okay, so we did a poll. People who had visited Reno before versus people who had not visited Reno before, and about 80% said that they have been to Reno before. We are gonna have some people that are familiar with the areas, and obviously you've got a few different areas there that might be outside of Reno and Sparks. What are some of the outlying areas? I know that we just met maybe four or five weeks ago in Carson City, and you guys service Minden, and some of those. What are some of the areas, as well, that you guys service there that people already kind of know this is where they wanna be, that they know that you guys can help them?
- Fernley seems to be pretty popular, and that is really scheduled to grow over the next five years, I would imagine, because of the affordability factor, but they've got some great new builds out there. So, Fernley, and then wrapping around to more south, you have Dayton, which has a great golf course, and it's not a scheduled retirement community, but there are a lot of retirees that like to live out there, and then wrapping back into Carson, Minden, Gardnerville, all those communities, again, depending on what someone's looking for, they're all great options.
- Yeah, and they're all very unique in their own ways, so it's almost like it really does depend on what kind of lifestyle are you looking for, and that sort of thing, so--
- Yeah, I mean, they all have plenty of shopping. You're not gonna find a Macy's out there. You're gonna have to come to Reno for some of the more Target stores, but you can find your typical other stores over there.
- But if you want some more land, and you don't particularly like neighbors, that's a great option.
- But you want to shop, that's a great option.
- Or if you wanna, yeah, shop, or horses, or farms.
- Oh, yeah, yeah.
- Go out there and get five acres and just have a little bit of privacy, right, which a lot of people are looking for.
- Let's talk a little bit more about, you mentioned Del Webb Somersett. A lot of the people that we're seeing move from the Bay Area, Northern California into Reno are going there because they're going into retirement. Maybe they wanna take advantage of the tax situations which, again, we'll talk a little bit in more detail about. What are some of, tell us a little bit about the Regency Damonte, as well as the Del Webb Somersett: what kind of property types those offer, what kind of amenities that they have, and what those price points look like.
- Sure, so with Del Webb you're gonna have an indoor pool, gym. It's pretty expensive, and that is for the 55,
- 55 plus.
- and only one person has to be 55. Your homes are gonna be anywhere from really 400 to about 600,000, in that price range, depending on square footage. Your 14, 1,600 square foot's gonna be right around 450, 475,000. Up in the 2,300 square foot you're gonna be closer to 600,000. Again, lots of trails, a lot of biking paths, and then you go down to Regency Damonte, you're gonna be up in eight, 900,000, depending on your amenities and your upgrades that you're having in your home. Again, pool, gym, lots of walking paths. Del Webb is not gated; The Regency is gated. Half of it's 55 and older; the other half is just regular living.
- In Del Webb, you have beautiful views of the mountains. You feel like you're in town but out of town, and so it is a completely different feel than in Damonte.
- It's up on the hillside. Damonte's down in the valley, in the flat. There's also Toscana, which is off of Vista in Sparks. It's a little bit smaller community. I think there's about 150, 200 homes in there. That price point, from 350 to 450. Again, indoor pool, little bit smaller floor plans, though.
- Got it, okay, so it sounds like there are, again, a lot of options for retirees or soon-to-be retirees who may want to go up to the Reno area. As far as property types, if you wanna get into something that's gonna be a little bit smaller, condos, townhomes in some of these communities, all the way up to the beautiful large home with updates and all the amenities you could ask for, right?
- That's right.
- Yeah, okay. I have a question here, and so here's a question from Pixel. It says, "Hi, I want to downsize "and go from a three-bedroom 1 1/2-bath "1,100 square feet "located on a 1,600-square-foot lot. "I'd like to know if there is any regulations "on tiny homes 800 square feet or less. "What kind of regulations are tiny homes and land, "and the cost of land under an acre?" I know we could probably take this conversation pretty, pretty deep, but would you have kind of maybe a quick response for that?
- Sure, yeah, land's gonna vary, depending on where you're at and what kind of hookups are needed. They've gotten pretty strict with drilling wells. You have to get a certificate from that from the Department of Ecology. The City of Reno is working on some areas for tiny homes. I'd love to chat more about that later if we could get more information on where they're at.
- Absolutely, yeah.
- But it really, it's really gonna be individualized to where you wanna locate, but anything's possible, and they're definitely open-minded to that.
- Sounds like it's definitely an option. It's just more of, okay, let's put together what the right strategy is to get in exactly, to define exactly what you're looking for. So, Pixel, feel free to reach out to us outside of the webinar. We can definitely have them answer those questions. Let's talk about some of the home price trends. We talked about some of the different communities. We talked about the 55-plus communities. How aggressive is the market up there? Would you say it's a seller's market, or a buyer's market, or is it kind of in the middle right now?
- I think it's still very much a seller's market. Of course, anything priced right, and especially in the 350 and lower price range, we're still seeing multiple offers. Working with some buyers, you have to be aggressive where it really counts. It helps to have that conversation with the sellers and find out what's important to them to be competitive. You really can't go in and offer 20, $30,000 under asking. It just doesn't work in this market right now. That being said, I think we're gonna see a tremendous amount of future growth. It's a great market, but like anything else it has to be realistic.
- As far as appraisals, too, we're still within, we're still coming against, or across. We want to make sure that it's appraised and--
- We're still seeing appraisals come in lower than what they need to, even $3,000, so we're still going back and negotiating--
- Oh, okay.
- 'Cause they just haven't caught up yet to the market now.
- Yeah, okay, got it. Well, markets change quickly, and kind of what you guys said is very similar to what we're seeing here in the sense that if it's on the higher price range, and let's say higher price in a lot of the Bay Area's gonna be over 1.5 million, there might be an opportunity to get it for under what the list price is, and it might sit on the market a little bit longer, but as you get, especially under the million-dollar price range, as a buyer you've gotta be, put your best foot forward. You've gotta be pretty aggressive and say, "We wanna do what we need to to make this happen," and obviously have you guys work your magic on your end as far as being able to put the deal together, so yeah, okay. Let's talk a little bit about, let's jump into health care a little bit because I know is we had a lot of people, especially on the poll, and just in general, who are looking at the 55-plus communities. One of the first questions we get is, "Scott, we really are interested in such-and-such area, "but we're concerned "about being far away from health care services." Usually you wanna be within 15, 20 minutes, depending on what your age is. Tell us a little bit about what's going on with health care options and providers up there in the Reno-Sparks area.
- Well, the great thing is we have the Northern Nevada Hospital--
- Medical Group.
- Medical Group that's in Sparks. We have Renown, Saint Mary's. We have Carson Hospital and Carson Valley Medical Hospital. We have quite an array of hospitals that are in no more that 20, 30 minutes from any really area.
- What I found, just from a consumer, which has been really convenient, as I get in my world, I want my doctor to be right next to my house. I just want it all in my pocket area, 'cause it's time, and time is valuable. They have all the major hospitals, and they have several of them that, like Renown, for example, they have all these pods, little offices everywhere you go. They've done a really good job of infiltrating--
- And it's not urgent care. It's actually offices. They have made it very accessible. They're also, well, Northern Nevada is, they have another local one that's right down the street. That's their building.
- And they are. They're really everywhere. They're very accessible.
- As far as convenience, yeah, absolutely. Again, and then also insurance. That's also a, if you're Medicare, or if you, depending on what you have, I mean, you just would have to, then, check with your insurance to make sure of that, but there is definitely a variety.
- Yeah, and we always suggest if somebody's looking to relocate, especially if health care's a big concern of theirs because maybe they're aging, yeah, look at what the insurance changes might be if you're going across state lines. Absolutely, that's something for, I think, a lot of people--
- I just know if you have Kaiser insurance, we don't take Kaiser, so that's not as about it, so that would just be... Definitely take a look. See what you have.
- You have to look. You have to have some different options 'cause Kaiser certainly has a big footprint here in California, especially in Northern California. Okay, that's great to know. Now, for a lot of the buyers who are moving out of the Bay Area, and considering maybe going to the Reno-Sparks area, they would, these what we would call working class families. They may be planning on having kids, maybe they already have school-age children, and a big concern to them is we'd love to be able to get a better cost of living and enjoy a better quality of life. That might be one of the couple of reasons that they're looking to move out of the area to begin with. So, they start looking at jobs, and they start saying, "Okay, well, "what is an area like Reno and Sparks going to offer me," and maybe, "What are some of those job opportunities?" Without getting real specific into that, tell us about some of the growth, some of the industries that you guys are seeing growth in, and maybe who some of those key players are who are leading that growth in the area as far as employment.
- Well, I would , because if people have pets, like Chewy, for instance, they're the big pet online deliverer for dog food and supplies, and they came out here, so we have a huge industry or plant that was just built, and so they've created, I mean, I don't know exactly the number, but quite a few jobs.
- We just learned that there's a new facility that is in the medical equipment, and they're bringing over 200 jobs. You've got Apple. Of course Tesla's the big one, but they are--
- Tesla, yeah, sure.
- There's Panasonic, a lot of tech industry, a lot of food manufacturing companies coming out.
- You have Zulily, which is the online for clothing and other apparel.
- Yes, but really, a lot is tech, like you said, manufacturing, so they've just done an amazing job at bringing--
- Well, and with that, there's a need for teachers. There's a need for medical. I mean, infrastructure flows downhill, so--
- That's right, that's right.
- area, the more--
- You could even, and like support positions, right?
- Support positions, not necessarily, doesn't have to be tech with the very high-level positions, but the positions that support those, the infrastructure.
- Well, I know, I mean, all the growth with building. I mean, there's tons of jobs for construction, but again, with the schools being built, we need teachers, too, though.
- Yeah, yeah, no.
- To fill all those positions, yeah.
- I think that Nevada seems to be a very friendly business state, and they seem to be very welcoming of making deals work for businesses, whether they're small, medium, or large. Not that we're seeing an exodus of businesses here by any means, but I think that a lot of companies are starting to look at, "Does it make sense to open a satellite operation in Nevada, "or perhaps even consider moving our headquarters?" I think that we're certainly seeing a lot of that. I've got a couple questions here that I wanna get to before I forget. Irene asks, "Can Jen restate the name "of dedicated retirement communities?"
- Sure, so you have Del Webb, Toscana, so Del Webb's in Northwest Reno, Toscana is in Sparks.
- How do you spell that, Toscana?
- Okay, got it.
- And then there's Regency,
- And then--
- which is a Toll Brothers community, and that's in South Reno.
- Okay, all right, Irene. Hope you got that. Again, if any of this if you didn't get, get with us and we'll get you all the information that you need. Hank has a question in regards to health care. He read a while back that Nevada in general has a high patient-to-doctor ratio, and this makes finding a quality doctor hard to get. Can you share any info about this kind of news and what a newcomer can do in the Reno area? Is this something that you've heard about?
- I mean, they are definitely, there's a little bit of a challenge. However, I know for a fact, like Northern Nevada in Sparks, Medical in Sparks, they are hiring, and they're bringing on new doctors, and hospitalists, and primary care to fulfill that need. Now, if you're talking about the difference between seeing your medical doctor versus a nurse practitioner or a mid-level, that is a little bit more challenging because doctors are bringing on more mid-levels to help facilitate the growth. It's just really having that conversation with whomever you choose, like, "Okay, am I gonna see my doctor "or am I gonna see a mid-level?" and just your comfortability in that.
- I think, like anything else, when you have such a tremendous growth like we've seen, there is always a little bit of growing pains until they get a hold of it. I see a lot of effort with a lot of the facilities just really just stepping up and creating infrastructure that's necessary for this economy.
- But it is a question to ask your physician because it's what you're gonna feel comfortable with if you're, "Am I gonna be seeing you, doctor, "or am I gonna be seeing your mid-level?" It's just a conversation to have.
- Absolutely, and like you said, it's understanding with those growing pains that's gonna happen anywhere. I mean, we know that when you have a significant amount of growth, but how is it being addressed, and how much are they planning forward to fix that, and that's really what I think is the most important factor in it.
- It's also specialty. If you're talking about pain management, or if you're oncology, or if you have, it just depends on your specialty, too. If it's something where you're just going to the doctor for a checkup, and you need blood pressure medication, but if it's cardiology, and if it's, it just depends on what you're talking about because then that does get a little bit, it's just different.
- Okay, awesome, okay, so think we've got that covered. Let's switch gears a little bit into something that everybody loves to talk about: taxes, right? They might like to hear this conversation a little bit more about the tax situation in Reno, or in Nevada. Reno, or I should say Nevada is one of the few states that has no state income tax. Is that correct?
- That's correct.
- That's absolutely correct.
- I just wanna confirm that with the experts here because you read it online, and then you're thinking, "Well, if a state doesn't have state income tax, "how are they generating income to put back into the state: "infrastructure, roads, programs, social, "everything like that," right? Is that through Nevada's gaming? Is that where they're getting the money from?
- A big portion, yeah.
- Okay, awesome, so no state income tax. By the way, if you live in California, which I'm sure most of you do, and you're watching this, I don't wanna remind you, but I'll just remind you that California state income tax rate is 7 1/4%, sliding scale up to 12.3%, which certainly is very significant for a lot of California workers and income earners. Tell us about what the, now, I'm gonna say within a lot of the East Bay counties, and a lot of the counties in the Bay Area, the property tax rate is generally about 1 1/4%, and then that can go up if there's assessments, and Mello-Roos, and some other things that we have here that you may not there. What is your average property tax rate in the Reno area?
- We are at 0.77 for an average property tax rate. It does not reassess upon sale. You're looking at a reassessment about every four years. The way they do it is basically what it costs to rebuild it, and then they take their assessment off of a percentage off of that, so it's been very, very steady.
- So, they reassess it every four years unless if it's in a down market and the value's gone down, then they probably don't wanna reassess it too quickly, right?
- They actually, yeah, I've actually looked at quite a few different properties, and I have seen them decrease.
- Yeah, it's funny how that happened. When property values, when they go up then they're quick to reassess, but when the property values are dropping, well, we'll just, we'll see in a couple years.
- Yeah, exactly.
- What's your sales tax rate there?
- 8.1 in Reno, but it's gonna vary by county, obviously.
- Yeah, Carson's a little bit less.
- We're probably just a little bit more than you. We're about 8 1/4%. It's gonna vary by county, but probably just a little bit more. Again, for a lot of people, in Reno, also, you don't tax retirement income, Social Security, is that right?
- Well, not at the state level, right. There's no
- Yeah, not at the state level.
- Right, and there's no death tax, either, or the right-to-die tax.
- Okay, no tax on that. That's good because that's not something you wanna worry about paying taxes at that point. We ought to preface this by saying we always suggest that before somebody, as part of their planning and their due diligence process of making a move, especially out of state, talk to your wealth advisor, financial planner, CPA, just to make sure that you know everything, every tax implication. We are not tax professionals. We are not. We can read you data, but it's really important that you get your own information as well on that.
- Talk a little bit about transportation in Reno, as far as, now Reno isn't a real large city. We're not talking about Dallas, or Houston, or something, but is there public transportation? Is there a need for it? Tell us a little bit about that.
- Yeah, we have RTC, which is our bus system. They're great. They actually have a lot of options, especially for older individuals that really can't get around. They have special services for them, and is there--
- I mean, we have Uber, and Lyft, and there's taxis also, but yeah, I think the RTC is a great public option. A lot of people ride their bikes when the weather's nice, and Reno does a great job of having the bike paths and trails.
- Everybody knows that they need to share the road and be cognizant of your fellow bikers.
- That's right. You must be a biker, Michelle. Reiterating to share the road.
- So, yes, it's very, very good. Yep, got lots of options.
- Okay, awesome. Couple of questions here. Christine asks, "Can you repeat the property tax percentage," and I think you said that was 0.77%
- assessed on the purchase price of the property. That correct?
- Yeah, mm-hmm, correct.
- Okay, Lynn asks, "You mentioned the need for teachers. "Are teachers in Reno paid enough to live there?" That's a great question.
- Yeah, that's a great question. I think that, just as a general, at least for Washoe County, the administrative, the school district is working on that. They're working on bringing more teachers in and making their salaries competitive. There have been some, in the past, about the administrators getting paid too much and not being paid to the teachers, but they are working through that.
- They're definitely--
- 'Cause the public's just not tolerating it.
- Right, there has been a lot of discussions lately, and holding Washoe County School District accountable for those dollars, and so they're definitely going back to the drawing board and starting to look at how they need to reallocate things.
- Okay, excellent. Another question here. Hank asks, "What is the weather like in the wintertime? "Is traveling to California via I-80 an issue?" Guess it depends
- It can be--
- on which wintertime we're talking about, right?
- Yeah, yeah.
- Yeah, and chains, do you have an all-wheel drive?
- You definitely want, at the very minimum, an all-wheel drive
- An all-wheel drive, yeah.
- if you're gonna be, or chains. I mean, a couple years ago in winter I went golfing, like ArrowCreek in the middle of December, but as a general rule, before you go over the pass you wanna make sure you have extra food, water, blankets, and chains to make sure that if you do hit a storm you're prepared.
- But DOT, they've done a really good job at just making sure that the alerts. We've got the billboards that they hate. Snow tires required or chains--
- In so many miles.
- And so there's a lot of communication going on. Again, we can get the additional information for you. It's just, our winters, it just depends. The couple winters before this one was a lot of snow, I mean, crazy amounts, but this one was a little bit more doable.
- I think a lot of it's just having access and checking what the travel conditions are, what the advisories are--
- If the summit at 80's closed, you take 50, so just maybe a little bit of a planning ahead there. I have a question from Jerry. Jerry asks, "As an investor, "how is the market for rental property?" Now, obviously there's a couple different classifications of rental property. Could be talking about single-family homes, or maybe multi-family five units plus, but give us the lowdown on both of those different types. Sure, well, I happen to do some property management, so this is kind of in my wheelhouse. It's very competitive, there's not a lot of rentals available, and property owners are seeing higher rents than they've seen in history. An average cap rate that you will see is from five to 6% here. Sometimes if you come across the one or two particular properties, you might see a seven, eight, 9%, but it's . As an average, five to 6% on your return for a cap rate.
- Got it, okay. Jerry, if you had any other questions on that, or again, if you wanted to maybe look at a specific scenario of what you're looking to accomplish because again, some people are saying, "I want to try to get a higher cap rate "by doing a five-plus unit," and maybe somebody's like, "I'm more comfortable just doing a single-family "because that's the type that I understand." Okay, so I have another question here: "Do any of the retirement communities "offer a migration path to assisted living? "I think they call these "continuing care retirement communities."
- Well, there are some living out in Sparks. It's a higher-end retirement community that has an assisted living portion to it. It has a movie theater, a steak house. It's quite spendy from what I understand, but if someone's looking for that, that option is there. Those other retirement communities are for active adult lifestyles, so I don't think that they offer that, but we can definitely do some more research on that.
- But they do have multi-living situations that have, depending on what stage you're at, that has the options. There's one down by the river, and there's a couple other ones that just popped up, but it definitely is just dependent on what your needs are.
- Yeah, and it seems like what we've been seeing a lot more of, as far as the assisted living, is these continuing care communities, they'll have, here's the section, and these are kind of new developments. This is the future of the new development for assisted living is they're saying, "We're going to have a section "where we have the 55-plus active adult community. "We're gonna have the condos, "the townhomes, the single-families, "but within the same community, "then you can transition very easily "into an assisted living: dementia "or different types of specialized facilities like that." It seems like that's kind of going more that direction, but I would imagine that you can make a pretty, there would probably be a lot of opportunities up there to make a good transition going from the 55 active adult, if needed, nearby, into a great assisted living facility or even a home care type of a--
- Yeah, we do definitely have great options for that.
- And there are some near Renown, near the hospital, and I did even hear that they were gonna start building where, say your spouse has to go into a more skilled nursing facility, and you're not ready, to have all of that on the same community.
- I think it's an incredible idea, and I hope that they continue to roll that out. Okay, so let's talk about some fun stuff here. What do people love to do? Now, I know both of you are golfers, especially you, Jen. You're a big golfer out there.
- We know that we're near one of the most beautiful areas and the best ski resorts in the world, Lake Tahoe, so people kind of know what's going on with that. But let's say if you're not a skier, all right--
- I'm not.
- You're not, okay, you're out swinging the club.
- What do people like to do there? What's the recreation? What are some of the popular activities there?
- For me, being not a skier, and every time I'm looking up at that mountain I feel kind of guilty 'cause I should be up there. You could snowshoe as a winter sport. Snowshoe, maybe you wanna do some cross-country skiing. We like to go on our side-by-side, and this is one of the things I absolutely love about this area is you have the desert on one side, you have the mountains on the other. You have the best of all the worlds. You might wanna go ride your motorcycle or side-by-side, golf, hiking, going up to the lake, hopping on a paddleboard or your kayak. It's all really accessible and all within about 15 or 20 minutes, and then you can share--
- Well, definitely just if you cycle there's great trails if you like to be on the dirt versus the street. They've just done a great job at providing lots of different options if you are an outdoor enthusiast.
- And I wanna say that Reno, as a whole, does a fabulous job of events. We have the Barracuda Golf Tournament. We have the Lake Tahoe Shakespeare Festival. There's the Reno River Festival. The rodeo, I mean, it's just so well-rounded. There's something for everybody to do at any level.
- Yeah, and if everyone, I don't know everyone out there in California, if you know about Burning Man, but that's always a big
- Yeah, that's fun
- to watch people.
- to go out in the middle of the desert and it's just a huge art show of one-of-a-kind. Yeah. So, yeah.
- There's the Hot August Nights, right, still going on there downtown?
- Yeah, if you like to see rib cook-off.
- Rib cook-off.
- You can't go wrong. They're always doing a pub crawl somewhere--
- The rib cook-off, yeah, yeah.
- We just like the free beer.
- There's probably a chili cook-off, I think, going on there as well, right?
- There is, yeah.
- Okay, Jerry says, "Don't forget to mention baseball with Aces."
- Oh, absolutely.
- Oh, that's right, and then soccer
- that you can see.
- And then obviously the balloon races are a big one as well.
- And if you like to ride the motorcycles, they have the, what is that called?
- At Target Park.
- No, Street Vibrations.
- Street Vibrations in September.
- We've got a great event brochure that we can go ahead and send you that you can provide to everyone as well if they wanted to look through it and see all the events that are coming up in Reno.
- Awesome, okay, so you guys got the calendar of events, and you've got that ready to show people. Okay, looking at another question here: "Is Reno a retirement/vacation area? "How many residents do you have live in there year-round," and then, more specifically, "I'm looking for possible friends and activities, "not an old-folks retirement community." That's a great distinction because we're talking about two different spectrums and maybe two different types of lifestyles. If somebody was looking to relocate there, perhaps they're relocating individually. How conducive is it to getting involved with other like-minded individuals? You're older, but you're young at heart, and you're active, and this situation likes to swim, so what would you say to that?
- When I think of the adult communities, that's exactly what I do think of are people that are, I mean, we're not far off of there, so and we're very active. We wanna go out and have good times like anybody, and find like-minded people. That's definitely available. There's a lot of social media groups that focus on certain activities, different areas, different communities. There's Nextdoor. The Nextdoor app is great to find people that are like-minded. There's meetups. It's very well-versed, and I think people come here to have that lifestyle of going out and experiencing life.
- Yeah, for instance, at ArrowCreek they have a club up there which you do not have to actually live there and other people can join, so that's even at other country clubs. They've got tons of activities and social events that you can join that you don't even have to live in the neighborhood.
- Yeah, yeah.
- There's always something going on.
- 55 is the new 30, right?
- That's right.
- Yeah, so I mean it's like you think of these 55 retirement communities, but I mean, people are active. They're doing things that they were doing at 25, 30 years old, so there's, I think, definitely a lot of options throughout that whole spectrum.
- Yeah, absolutely.
- Yeah, absolutely.
- Okay, I got another question here, and I don't know if you guys know the answer; I certainly don't. Did Nevada expand Medicaid under Obamacare like California did?
- Huh, that's a good question.
- Well, so the Medicaid here is there's different, there's a couple different types depending on also what area because we've got something different in Reno versus if you're in Carson. Again, that's just something that we have to do a little bit more research, but I know that there are a couple different options as far as Medicaid and the expansion. I know that a lot of the doctors are obviously some don't take it at all, and some are contracted, and so they'll move forward with that, but it's a little bit of a touchy situation depending on--
- Yeah, and it's probably one of those sayings where you, since every person's coverage is very specific, and you wanna make sure that you're asking the right people, which frankly may not be us, but there are certainly ways to get a lot of those questions answered through your provider.
- Yeah, if they want more information we can definitely get them in touch with
- Yeah, okay, I see. people .
- Okay, I think, so we were slated to run 45 minutes. It's 12:45 on the dot. Ladies, you did fantastic. Any final words, anything else besides have everybody contact you if they have questions about maybe moving or learning more about Reno?
- Again, I would say just come visit. Come see what we have to offer, and call us, and we'll be happy to take you around, and show you around town, and give you some suggestions. We've got amazing places to eat if you're a foodie, or if you're into art, so there's lots of great things to do. We're not that far from California, either, if you're feeling homesick.
- Well, that's true, and then there's a great book which I'm working through it right now, but it's like the top 100 things to do in Reno and Northern Nevada, and it's pretty fun to go through and check things off the list.
- Oh, that's great, that's great. Michelle, I agree with you because a lot of times if you're making a move that's a farther destination, let's say you're moving to Texas, or Florida, or somewhere else, it's a lot more planning, and it's a lot more difficult to make a commitment to go out there and to start looking around. But we're talking three hours, 3 1/2 hours, depending on traffic, depending on weather. I mean, it's not that far. People could come up, schedule an afternoon with you, and just kind of look around: "Here's what I'm looking for "and I don't wanna make a commitment "because I haven't committed to myself "that I'm making a move, "but I'm willing to come out and just kind of look around "and see if it might be an option."
- We're so happy to be able to, I love giving tours. I do that with other physicians that are coming into town and making that move, and so it's one of my favorite things to show you our town, so absolutely.
- That's fantastic. Okay, so last comment here. Robert says, "I missed some of this. "How do we get the recording?" Great question, Robert. I was actually just going to lead into that. This is being recorded, so if you've had the opportunity to watch this, great, thank you again, and if not, we'll have it recorded. It'll take about a little bit less than a week to process, but once we have it, it will be on the website. That link is MarketInsiderSeries.com, and on there you can register for other cities that we're going to feature during our series, as well as the replay of this one. Again, if you have any friends who you think might benefit from this, pass it over. Sharing is caring, right?
- Sharing is caring, yeah.
- We have somebody who said, "Thank you." Jen, Michelle, thank you both. I appreciate it. We're gonna go ahead and end it now, but again, if you have any questions and like to contact us, firstname.lastname@example.org. Hope you all have a fantastic day. Thanks again, ladies. We'll be in touch.
- Thanks for having us.
- Thanks for having us.
- Thank you.
- Thank you, everybody.
- Okay, my pleasure. Take care, all right, bye-bye.
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