50 and 80 closed. Ski resorts closed…Biggest monthly snowfall in history…well over 200 inches headed to 250 by 2/1…almost a year’s worth…Buy when there is snow in the streets. …or as Warren Zevon said, bring money guns and lawyers…lol
Cool, you will own a home, but can not reach or live there ! LOL
That is why it is a great time time buy…People have been shoveling for a month…One friend is giving up and moving to Vegas…This is a once in a lifetime event…Heavenly has had 350" of snow and the season is just starting. …The average is yearly amount is 250…even 2011 was only 300"…plus the drought is over and the lake will be full…first time since 2011…
Is it the tenant’s responsibility to shovel the snow? If the tenant calls me and requisting me to clear snow, it would be a nightmare.
And if it’s a vacation rental, the tourist could well expect the landlord to take care of snow
Cost of maintenance? Could be very high.
Good idea, even if we can not reach ! How much discount, from the normal price range, we may expect now? Which location or zip code to look out (better for living, but high discount)?
How about Nevada state-tahoe border homes?
My sfhs pay for their own snow removal. .At my house I do my own. At my apartment building it costs $85 each time. …It has been an expensive month…Last year I plowed 8 times…This month I have plowed more already…
January is always a good time to buy…However since everything is covered in snow, I wonder if you can see what you are buying. .BTW, the Cantina restaurant is for sale on loopnet. $1.5m with a full liquor license, 6200sf, 1/2acre…A steal, includes the business and the RE…Could net $500k per year…
If you buy the restaurant and sell the business, how much rent can you get and how much can the business sell for?
It seems a very good price.
Even if it is $400k/year is worth looking. What will likely be the operational cost to run for an year? Is there any site or sample (as I am new for this kind of business).
The key question is this: can you run it as absentee owner? Because none of us, besides @Elt1, is living the dream life in Tahoe.
There is another restaurant near the casinos for $1.9m… $3.4m gross $600 net. …My wife vetoed both…Restaurants are too much work…Might be smart to own the property and lease out the business …Tough to work in a resort town…No business for 4 months a year and a shortage of good employees in the high seasons…
As far as buying sfhs here, the Keys, waterfront, is my favorite in Cali…Also prime near Heavenly. …On the Nevada side it is more expensive. …Glenbrook is the most expensive, Lower kingsbury the least…There are no bad neighborhoods in Nevada. …Most of the housing stock is dated and needs updating. …plenty of opportunities for flippers…Building new is a nightmare. .less than 20 houses allowed per year which means gaureenteed appreciation. …
Less than 20 houses allowed in Stateline or Tahoe?
I looked at a few open houses there last year, Stateline houses are all on the hills and Tahoe has more on the flat land. Not sure how many owners use the houses as vacation home.
8-plex in South Lake Tahoe. 700K. 6 Cap.
Was on the mls for a long time…8 one bedrooms…Market rent is $900/unit… $7200/month
Shows net of only $42,000…some potential for adding value…figure 30% for expenses. .Net potential about $60k…8cap?..not bad…But I prefer 2bds…Rent for $12-1400/m
Is it flat roof though? How can you have flat roof with heavy snow up in Tahoe?
Stateline population is only 800? That’s too small to be a city.
South Lake Tahoe has 21k population, 75% white, 26% Latino and 6% Asian. I guess Stateline is almost part of Tahoe but it gives you free state tax.
Where do the wealthy tax evaders live? Reno, Stateline or somewhere else?
If you have a big net worth and you decide to retire, Stateline or Reno could be a good option. You can keep your BA rentals and your rental income will be free of state tax. Only problem is that there is very few business opportunities in NV.
80 new houses per year allocated around the lake…The City of South lake Tahoe got 18 last year…Demand is huge…Probably could handle 5 times that…
The rich live in Glenbrook or Incline…Roundhill, Zephyr Cove and Stateline are also fairly highend…none are incorporated cities. .In fact South Lake Tahoe is the only city on the lake…And the only place with very strict controls on vacation rentals. …I own a vacation rental in Stateline. …much easier to deal with Douglas county than the city