New(ish) Investor in Twin Falls, Idaho

14 Replies

Hi there! I am so grateful for all I have gleaned from BP already, and I've barely scratched the surface. I'm looking forward to soaking up lots more real estate investing savvy from everyone, and hopefully learning enough as time goes on to be able to give back in a meaningful way.

My husband Corey and I are moving from Nevada to return to our farm country roots and take the leap to full time real estate investing in the Twin Falls, Idaho area! We will be changing out of our flip-flops here in the desert in favor of winter boots as we get started with our new venture in the snows of November or December.

We have been married and in full time church ministry for about 25 years, and have always had some sort of real estate project or involvement on the side...
- I worked in the finance industry (banking, accounting, & facilitating 1031 exchanges)
- He designed and/or helped build a couple churches
- We had a rental property for a few years
- We built a log home with our own two hands, chainsawing the doors and windows out of the logs we stacked -- He did the plumbing and I did the electrical, so our joke was that when you flipped the light switch the toilet flushed :)
- We've usually lived in a bit of a fixer-upper that we could add some value to

Our goals are to flip 4 houses a year in the beginning, doing all cash deals, and then begin to hold some properties as rentals in a few years.

I feel intimidated when I listen to the podcasts because I don't have the ability to analyze all the options like the hosts and guests do! I just don't have that kind of brain. :) My husband's and my strengths are the DIY skills for renovating and styling/staging properties, plus managing the finances and other administrative-leaning aspects. (I had a successful photography business for about a decade, so have some degree of comfort with creating proposals, tracking dollars, marketing, handling insurance/permits/etc.) Any recommendations for a financial advisor who specializes in real estate in Southern Idaho who could help us review our skills and assets and advise us as to the best way to invest our time and money (flips vs. rentals, SF vs. MF, using our cash vs. borrowing some money, etc.) would be very appreciated!

Looking forward to connecting more!
- Jamie Zanotti

Originally posted by @Jamie Zanotti :

Hi there! I am so grateful for all I have gleaned from BP already, and I've barely scratched the surface. I'm looking forward to soaking up lots more real estate investing savvy from everyone, and hopefully learning enough as time goes on to be able to give back in a meaningful way.

My husband Corey and I are moving from Nevada to return to our farm country roots and take the leap to full time real estate investing in the Twin Falls, Idaho area! We will be changing out of our flip-flops here in the desert in favor of winter boots as we get started with our new venture in the snows of November or December.

We have been married and in full time church ministry for about 25 years, and have always had some sort of real estate project or involvement on the side...
- I worked in the finance industry (banking, accounting, & facilitating 1031 exchanges)
- He designed and/or helped build a couple churches
- We had a rental property for a few years
- We built a log home with our own two hands, chainsawing the doors and windows out of the logs we stacked -- He did the plumbing and I did the electrical, so our joke was that when you flipped the light switch the toilet flushed :)
- We've usually lived in a bit of a fixer-upper that we could add some value to

Our goals are to flip 4 houses a year in the beginning, doing all cash deals, and then begin to hold some properties as rentals in a few years.

I feel intimidated when I listen to the podcasts because I don't have the ability to analyze all the options like the hosts and guests do! I just don't have that kind of brain. :) My husband's and my strengths are the DIY skills for renovating and styling/staging properties, plus managing the finances and other administrative-leaning aspects. (I had a successful photography business for about a decade, so have some degree of comfort with creating proposals, tracking dollars, marketing, handling insurance/permits/etc.) Any recommendations for a financial advisor who specializes in real estate in Southern Idaho who could help us review our skills and assets and advise us as to the best way to invest our time and money (flips vs. rentals, SF vs. MF, using our cash vs. borrowing some money, etc.) would be very appreciated!

Looking forward to connecting more!
- Jamie Zanotti

 Welcome, Jamie! Twin Falls is a beautiful area although I know nothing about it Re-use.  I checked out some houses in little Buhl while staying with friends on my way through last summer.  A- class houses would not pencil as rentals there I can tell you that.  

It sounds like you guys are set-up to flip.  If you do that, just learn about tax consequences.  SE taxes and more ordinary income to report surprises a lot of people. 40%?! Why does anybody do this?  Then another 3rd of my slice is transaction costs?  I've seen the threads.  Learn before you jump is all.

I wouldn't be afraid of the analysis part. It's 6th grade math. What matters is market knowledge.  Some places will make good rentals, some good flips, some to pass along as wholesales.  It's about being in the market and recognizing value and exit strategies.  That takes time and meetups/networking.

If you do get a rental, I suggest b class and not over-improving.   I love b class and strive for decent.  You don't have to bring it up to your standards.

Set up key word alerts for towns in your area.  Lots of good info up top under how-to and education.  Most financial advisers only know paper equities and insurance products so hard to find a RE-focused one.  I'd ask other investors in your area for good consultants, possibly on the accountant/EA/CPA side.

Just wanted to welcome you and offer some bad advice real quick;) See ya around the site! 

Welcome to the BP family @Jamie Zanotti ! Good to have you here! Here are some recommendations for you: 

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best! 

Hello! @Jamie Zanotti

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp



The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I have other blogs that may be helpful here on BP in my personal blog that you can check out. Good Luck :)

Welcome to the Magic Valley @Jamie Zanotti , I hope to see you at the REI meeting that @Meghan Billings hosts. As a newbie to the investing, I am at a stage where I’m looking for buyers and if your interested I could be on the look out for you on a wholesale side.  Just let me know what your looking for and I’ll help keep you on the proper side of town  

God Bless and safe travels. 

Well I can definitely say that you have some skills and qualities that I'm trying to learn about but of course I don't have the time yet Implement some of the stuff so just learning how to build from the ground up.b the only one thing that I do have to offer anybody is that I do have a certain amount of time that I could use to be on the phone pretty much all day long from 6 a.m. to 5 p.m. now those are my working hours and I work Monday through Friday however I have my Bluetooth headset on literally have all day long with me and can negotiate a deal or talkto someone about their house and go the distance for due diligence least from digital perspective and can do comps where I can do them. 

Welcome to bp and look for you around the site.

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