HOUSINGNEWS REPORT
Finding the Next Reno MY TAKE
BY SAM FRESHMAN CHAIRMAN, STANDARD MANAGEMENT COMPANY
Standard Management Company has been praised and congratulated by its investors for acquiring a substantial amount of property in Reno, Nevada, shortly before the Tesla announcement in September 2014 that they would be building a Gigafactory in the area that is projected to provide 6,500 new jobs to the region. This was at a time when most real estate professionals had discounted Tesla’s pre-development activities in Reno believing that they only put pressure on Texas and California to make more concessions and encourage the company to locate in those states.
lending to make decisions in favor of a number of acquisitions that presented themselves both on market and off. During that 58-year period we acquired properties in 15 states and 27 metropolitan areas. While the real estate business is one where you make your profit when you buy not when you sell, we make two mistakes; we did not buy enough and in many cases sold too soon. When asked how I have acquired my wealth through real estate and how it was done, my answer is very simple. I made every mistake you could
Being perfectly honest that was our conclusion as well. However in doing our homework in preparation for deciding on these purchases we determined that Amazon and Apple had already made major commitments to Reno and that the city had many basic advantages, probably the most important being Nevada’s low tax rate and general business incentives. There was a trend of Bay Area high tech of relocating some of their facilities from Northern California to Reno. Buy More, Sell Slower We were able to apply our 58-year history of real estate investing and
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FEBRUARY 2018 | ATTOM DATA SOLUTIONS
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