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If you want to purchase an investment property, look no further, Northern Nevada is the place to buy. Here are 7 reasons why:
1. Growing Economy. It has been projected that there will be more than 50,000 new jobs in the area by 2020, with more than 50,000 new residents coming to fill these jobs.
“According to Brian Bonnenfant at the UNR Center for Regional Studies, many in the housing industry like to use 0.75 new housing units per job. When you do the math: 0.75 times 50,000 new jobs equal 37,500 new housing units needed in the next five years.” Taken from a recent article written by Mike Kazmierski
2. Business Friendly Environment. Businesses and business savvy people want to move here which means an increasing demand for places to live, whether it is a rental or a purchase. Nevada has no state income tax, no franchise tax, no personal or corporate tax, and some of the best corporate laws in the US. With these benefits, it is no wonder that properly structured Nevada Corporations are utilized by thousands of large companies and savvy entrepreneurs. There is no other state that compares when it comes to business and corporation protection and privacy.
3. Property Values Increasing. The median price is $349,000 in Reno, up 17% from last year. The median price in Carson City is $274,900, up 10% from last year. Despite the rising prices, properties can still be found at reasonable prices. There are still properties priced $150,000 and below coming on the market. Check out affordable areas such as Dayton, Fernley, and Silver Springs.
4. Increasing Rents. Year over year, for the past several years, as a company we have seen the rental rates on our management properties increase, and most rentals have multiple applications as soon as they go on the market, especially single family homes. The average rent in Reno has increased from $806 in Jan. of 2012 to $1043 in Sept. 2015, an increase of over 20%.
5. Landlord Friendly. Properly managed rentals rarely have to face the eviction process, but in the event an investor is faced with the unfortunate situation of doing so, the Nevada legal system has the landlord’s back. Nevada makes the eviction process much simpler than many other states. In Nevada, a 5-day notice to pay or quit is issued, and the tenant has 4 options: pay the rent, move, oppose the notice, or file a motion to stay. In many Nevada jurisdictions, if a tenant opposes or files a motion to stay, the hearing can be set and resolved within a few weeks instead of months or years like other areas of the country. Some Nevada jurisdictions vary, so be sure to verify processes and time frames with your legal counsel.
6. The Telsa Effect. Tesla has begun the construction of a $5 billion Gigafactory just outside of Reno. The Nevada state government expects the Gigafactory to create as many as 9,000 jobs. The factory isn’t even done yet and Northern Nevada is already feeling the effects. Restaurants, entertainment, and supporting businesses are popping up. Companies such as Apple and Amazon have also opened facilities in Northern Nevada. Tesla employees are already relocating from the San Francisco Bay Area to Reno and surrounding areas to put down roots, with some already enrolling their kids in the local schools.
7. Northern Nevada is a Great Place to Live: With long summers and fun winters, there is always something to do; hiking, biking, boating, visit ghost towns, hunt, explore amazing geography, ride endless ATV and horse trails, ski. The list of opportunities goes on and on. Nevada’s extraordinary natural resources are the reason the area is often called America’s Playground.