I'm considering moving my family from Kansas City to the Boise Idaho area. It looks so pretty and I love the idea of year round outdoor activities. However, before I can move forward with that decision, I want to know more about the Boise market. In particular, I would like to know more about the market for flipping houses. I know it is a popular area but wondering if its an oversaturated market for flipping? Wholesalers, are you having success finding properties well below market value? Flippers, are you able to renovate and sell for a profit? What is the competition level in Idaho? Is it easy to acquire lists?
Any info would be helpful! What are the areas of Boise I should concentrate (Eagle, Meridian, Nampa)?
@Paul Herman , you are absolutely correct on the benefits of Boise and the quality of life. Flipping here is competitive and I've personally seen margins dropping, but it's still a definite possibility. Wholesalers seem to be finding a few more deals in the winter months then they were in the very hot market summer months. There's also a lack of quality contractors with all of our growth, so be aware if you are not going to be doing the work yourself. It seems those that are doing really well flipping here are doing large volumes at smaller margins. Makes those of us that do smaller volumes work that much harder for deals that make sense.
On the plus side the inventory here is very low so prices are continuing to rise for resale and there are some very good resources right here on the BP network in Boise.
That's great information! Thank you for the response! I'm really shocked at the inexpensive prices of new construction in Boise. I wonder if this also plays a role in the low margins of a flip?
@Logan Knight is correct. Inventory levels are extremely low here in the Treasure Valley. Deals have been harder to find and we have needed to get more creative on finding off market deals. December has been our best month to date!
As more and more people discover how great of a place the Boise market is, prices will continue to rise and profit margins may shrink. However, isn't investing in a market where people are moving to make sence? I believe so. I would also ask, "Compared to what?" The market here might be the best in the nation. The Boise metro has been ranking as #1 fastest growing area for the last few years. Idaho has seen a huge influx of people since 2010. Rents are definitely rising along with home prices and finding a good buy can make for multiple strategies to work for investors.
@Paul Herman Hey there, I lived in Overland Park for a summer job back in the day and I grew up in Meridian Idaho, both are very nice areas but you're right, the Boise Valley is an amazing place to live. I'm not up on the flipping market as much as the multi family market but I would say you can also focus on Kuna, it's growing a ton and is close enough to Meridian. We're building another fourplex community off of Ten Mile and Franklin where there's a ton of growth going on, I've also seen a ton of growth off of Eagle Road south of Victory Road. Good luck!
@Paul Herman - glad you are checking out the Boise market! Others have said things succinctly above. All of the markets you mentioned are great. If you have not gotten your feet on the ground here - I would highly recommend it.
@Paul Herman I am based out of Eastern WA but have been doing business in the Boise area for the last 3 years. I definitely have seen the same as the others when it comes to some of the margins shrinking, etc. But I do see some good potential wholesale deals through the lists I am on like @Logan Knight was saying. I would recommend finding any wholesalers to get the deal flow coming in to be able to analyze as many as possible. Maybe @Cody Stone can add you to his list. The other key is finding affordable and reliable money that can work with you in building your business. Feel free to reach out if you have any questions. Thanks!