Investor · Seattle, WA · Member since 2015 · 4 posts · 1 vote
Hello all,
I am a new real estate investor living in Seattle and considering whether to invest locally or out of state. I have been researching areas of potential appreciation that are good for cash flow and have come across Boise, Idaho and the surrounding areas. The area looks very nice and seems to have potential. I would like to see if there are any other investors with properties in this region that live out of state.
Are there good property management companies that service this region? I am also interested in finding out if there are any unique issues to consider and look out for when investing in Idaho (taxes, etc).
I have found a property in Caldwell that catches my interest, but I would be interested in knowing how that particular area compares to other Boise suburbs.
Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
11y
@Mike C. - In my experience, I have not found a true turn-key company in Boise for single family homes. When I think of turn key, I think of solid companies like Memphis Invest. That said, as an agent, my colleagues and I work to find the best property management solutions and resources to fill out an out of state investor's team here on the ground. I hope that is helpful!
Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
11y
Welcome @Matthew G. - I live and invest in Boise. Just like anywhere, the market varies depending on where you are in the valley. As an overall picture, Canyon County (where Caldwell is located in), has lower pricing than Ada County (Boise, Meridian). However, there are many other factors to consider such as taxes, proximity to Boise, rental demand, school district, etc. Yes, we have lots of out of state investors and proeprty managers here. If you are seriously considering investing here, please come here on the ground and check it out. I would be happy to give you the lay of the land.
It sounds like the first decision you need to make is whether to invest in your area, or go out of state. I would also look at markets that are within 2 hours drive from you. Sure is easier to address something when there is a problem. I would think there have got to be some suburbs that make sense, but I am unfamiliar with your market.
Yes, we have lots of out of state investors and proeprty managers here.
Hi Jonna (or others in the area),
Are there any reputable turnkey investing companies in Idaho? Or would the main option for an out-of-state investor be to work with an agent and property manager?
Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
11y
@Mike C. - In my experience, I have not found a true turn-key company in Boise for single family homes. When I think of turn key, I think of solid companies like Memphis Invest. That said, as an agent, my colleagues and I work to find the best property management solutions and resources to fill out an out of state investor's team here on the ground. I hope that is helpful!
Anyone ever think about Pocatello? With Google coming in, right now land prices are are fair, average lot prices are 89k to 120k I imagine those prices are going to sky rocket shortly. Like my own 5.5 acre farm all around me builders have bought up the ground and are sitting and waiting for the Re zoning of Chubbuck, What blows me away, is the way things are changing so fast in the area! My farm can be broken into 25 lots at with a deep well and Fort Hall irrigation I imagine that if a person builds top quality homes you would stand to make millions, so just don’t look at Boise area for investing, not with what is happening in Bannock County.
Anyone ever think about Pocatello? With Google coming in...
Who's saying Google is coming in to Pocatello? This is not confirmed by any source I am aware of. The FBI is the major economic development win right now.
Real Estate Agent · Hayden, ID · Member since 2010 · 89 posts · 31 votes
6y
@Mike C. I have been looking at Caldwell. Prices are pretty sweet but the taxes are high. I think the prices make up for the taxes though. Caldwell and Nampa have 2 excellent universities but the county seems to have problems with crime. @Jonna Weber is a great resource for essential information. Check out Coeur d'Alene, we are closer and our prices are no way near as high as Seattle's. In fact, we are getting a lot of new residences who are escaping the traffic in Seattle.
Anyone ever think about Pocatello? With Google coming in...
Who's saying Google is coming in to Pocatello? This is not confirmed by any source I am aware of. The FBI is the major economic development win right now.
Please be more specific. I was just at a presentation from Mayor Blad. He talked about Amazon choosing a location in western Idaho (Nampa?). There was plenty of excitement about NorthGate and how the I-15 interchange is opening this fall. And lots of talk about how we're going to place 140 families relocating to take jobs at the FBI. Nothing about Google.
Rental Property Investor · Greer, SC · Member since 2013 · 35 posts · 8 votes
6y
"The questions on people’s minds, are we getting a Target, an Olive Garden, or is Google coming? No answers on that but KPVI will continue to ask questions." This is the closest thing I could find in regards to Google in Pocatello. Both Boise and poce are on my radar right now. I have been getting a lot of leads from a wholesaler out in the pocatello/northern Utah area about MFs with some really decent cap rates (9-12%).
Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
6y
@Matthew G. A few people have commented but I'd just keep an eye out for taxes! I'd also just vet your team. Ask to talk to people that they've helped lock down investment properties. It scares me when real estate agents act like they understand investments haha!
"...wholesaler out in the pocatello/northern Utah area about MFs with some really decent cap rates (9-12%)."
Be careful with these. There's no such thing as a 7% cap rate in Utah along the Wasatch front. Pocatello is a lot like Ogden 3-4 years ago in that the rent-to-value ratios are very high. But the 9-12% returns your seeing are pro-forma usually on buildings that have some combination of needing a ton of work, high vacancies, non-paying tenants, etc. After you address all the issues of a half century of neglect and poor property management, you can get market with good paying tenants. But it's not 9% cap any more.
If you're going to invest in these markets, make sure you have a good sense of what real returns are from landlords who have good properties. I'll bet you'll find that there aren't that many that have gotten into the market in the past two years that are getting these numbers.
Anyone ever think about Pocatello? With Google coming in, right now land prices are are fair, average lot prices are 89k to 120k I imagine those prices are going to sky rocket shortly. Like my own 5.5 acre farm all around me builders have bought up the ground and are sitting and waiting for the Re zoning of Chubbuck, What blows me away, is the way things are changing so fast in the area! My farm can be broken into 25 lots at with a deep well and Fort Hall irrigation I imagine that if a person builds top quality homes you would stand to make millions, so just don’t look at Boise area for investing, not with what is happening in Bannock County.
I live and invest in CHUBBUCK/Poky. We have plenty (maybe too many) developments happening right now just drive around. We need more affordable housing and apartments. Also, Google is not coming here; but there is plenty commercial growth going on especially with ICCU, FBI, and the City of CHUBBUCK.