Driving or walking down the 200 block of Linden used to be quite a site with the homes boarded up and very little lighting. Times are changing as the city of Reno completes the installation of the sidewalk on the south side of Linden (stretching from Kietzke Lane to Wrondel) and most importantly the purchase of several homes on one acre of land. The new owners are in the process of fixing up about 3 homes plus a 4-plex and soon will see these buildings house local residents. Our hats are off to the new owner.. THANKS!!!

As I was driving around the neighborhood checking on a lot for one of my clients, I ran into a some folks from the City of Reno Public Works department.  They informed me that the city is going to put a continuous sidewalk down the south side of Linden that starts at Kietzke Lane and will continue all the way to South Virginia.   Just one more step to show the city is working towards fixing the area up.  Now, if only someone can get the owners of 241-247 Linden to fix up the property or sell! 

Homes for sale under $100,000.   Condos selling for under $50,000.   Would you believe residential property can give you over 10% return, without any appreciation?  One investor is looking at the following deal:  $34,000 condo purchasing with his Self Directed Individual Retrement Account (IRA).  Rent $550 month, Expenses $130 month.  Cashflow Annually = $5,040.  That equals a 14.8% Cash Flow on Investment!!  Also, because the condo will purchased in an IRA, the investment is growing 100% tax deferred.  Call for a full explanation on how to invest your IRA into real estate deals like this.                       

After attending a stakeholders meeting a few months back with local residents, the City of Reno posted the following article, which confims their promise to improve the Yori/Linden/Grove area. 

http://cityofreno.com/Index.aspx?page=576&recordid=3114

"Reno City Council approved a bid Wednesday from Action Electric Inc., for the lighting project in Yori Park, in an amount not to exceed $28,920.

Through a neighborhood survey, residents in the Linden/Grove area determined that it was a high priority for them to have the existing vandalized light fixtures in Yori Park repaired. The project will install new vandal-resistant fixtures on existing poles. The new fixtures will incorporate energy saving light emitting diode (LED) technology, high impact, vandal-resistant lamps, and low motion activated dimming capabilities.

Funding for this project is to be provided through a Community Development Block Grant (CDBG). The CDBG Program provides annual direct grants to communities that can be used to expand affordable housing and economic opportunities, to revitalize neighborhoods, and/or to improve community facilities and services, principally for the benefit of low to moderate income individuals.

In October 2008, the Reno City Council approved Linden/Grove Yori as the fiscal year 2008-2009 Neighborhood Revitalization Program target area. The Neighborhood Revitalization Program focuses on assisting in efforts for families to engage in positive community gatherings and improving community esteem along with reducing blight and crime in the area. "

I attended a stake holders meeting (2/3/2009) that was run by Sharon Zadra, Ward 2 City Council representative.  In attendance were families, police officers and other city officials. 

Here, I learned about the CRIME FREE MULTI-HOUSING PROGRAM, (contact Kellie Fox, RPD, This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) sponsored by the Reno Police Department.  This program trains and shows how property owner/management can use the law and codes to eliminate the crimes in their building.  Time and time again, a vacant apartment is more profitable in the long for everyone, than renting to drug dealer, prostitutes or other known crime activity. 

 

The Stock Market is in shambles, the residential real estate market has not been this bad in my lifetime, and the commercial real estate market was doing well up until the credit crunch stopped development and acquisitions dead in the tracks.  Property values are down 40% and more from a few years ago.  What is a prudent investor going to do?  Buy!  In the next 18 months I believe we will see opportunities in the real estate market that are once in a lifetime opportunities.  But first let's examine what has happened in the past and what we need to look for going forward.

One of our Specialty's is 1031 Tax deferred exchanges on a national basis.

We solve people problems using real estate as the vehicle

Is commercial real estate still a viable option? How low will it go? Those questions are just the tip of the ice burg that some investors and many speculators are asking themselves. With all the negative press regarding the overall economy, mortgage markets, and lack of liquidity, it's easy to see why. While all the news regarding the economy and the government bail out is warranted and is worth being informed on.

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Real Estate investing can be the most lucrative investment you can make, it can also lead to finacial ruin.  The diffrence is being an investor VS being a speculator.  A good majority of "investors" are insterad speculators and not investors.  The greater fool theory prevades the industry. 

The city of Reno has identified the Linden/Grove/Yori area of the RDA2* as a focus to clean up.  In addition the city is researching other ways to help create a community feel in the area.  One of the suggestions is to create a community garden for everyone to enjoy that may not have yards.  I will be assiting with that process.