Howdy y'all. I am interested in possibly purchasing multi family properties (2-4 units) in Boise and would love to connect with anyone that is doing so to get a lay of the land.
I am also looking to get into multi family as well. Mine will be a little while. What location lady are you looking into?
I am interested in Boise as well, a lot of west coast people are flocking there.
I am a small investor in the Boise area and own a couple multi families. A lot of people look to Boise because prices are lower and it is a growing area. From my perspective ( I am no expert) prices have risen substantially over the past 7 years (as everywhere) and it is difficult to find properties that meet good cash flow criteria at the moment.
Thanks Ryan. That is what I was able to find as well. Looks like I would have to find a distressed property to be able to get any value.
@Steven Gillmer @Account Closed I am also a small investor in the Boise area and I have found it very hard to find deals that pencil out in the last year. We have had strong appreciation in Boise since 2011 and the cash flow is just not there. Unless, you can find a property where you can really add value. The area is growing and there is new job growth, but the market valuations are starting to feel similar to 2008 when the prices fell by 40%. I would not expect such a significant downturn this time around, but it might be best to keep looking until the market cools a bit. The prices might be better down the line. Good luck on your search as Boise is a great area.
@Nathan Carter have you looked at commercial scale properties as well? Your feelings on valuations at the moment?
Hi @Taylor L. I only own one small commercial property so I am less familiar with that market. I focus primarily on traditional residential properties with a buy and hold strategy.
Hi @Steven Gillmer -I love that you are looking in our beautiful town of Boise, but I find it fascinating. I hear so much about investors flocking to Tennessee. Is it because too many investors have gone there lately that you are looking out of state?
Hello @Steven Gillmer , much of the comments you have received on this post speak about how prices in MF have risen in Boise and the difficulty of finding a property to pencil. I would agree with that statement. However, despite that, we are still having out of State investors snapping up 4-plex properties between $385K and $450K. Many of these investors are using 1031 exchange tax benefits to transfer assets from higher priced markets to Boise. Also, some of these investors plan to move here themselves and want their investment properties positioned in the State they plan to live in. Good luck with your search. If you have questions on professional management for investment properties in Boise and the surrounding area, please don't hesitate to reach out.
@Jonna Weber , I was interested in the area as a place to live for me and my family and I do have an Aunt and Uncle that live in Meridian, so I was scoping out the area for possible investments.
@Claire Fenton , thanks for the info. One of the posts that was removed, probably because it was an advertisement, mentioned a cap rate below 7%, which is very low compared to other markets. I appreciate the info and will certainly reach out if needed.
@Ryan York - I agree with you that while the purchase price is lower than people from more expensive areas are used to, SFR still is not producing great cash flow unless you're buying serious fixer-uppers, in which case there's a ton of competition. We continue to re-evaluate this and are looking at Multi-family and areas within commute distance from Boise.
Good to know. Thank you @Sam Newell
With the prices in Ada County being pushed up has anyone looked at Nampa? There seems to be a lot of development out there and the traffic on the 84 going into Boise each day seems to be getting worst by the month, so it would appear there are a lot of people commuting.
Has anyone done the analysis there? (I haven't as I'm just getting started in to investing) I know @Jonna Weber did tell me property taxes there are higher so that might be a negative.
My gut tells me Nampa will flourish in about 10-15 years. The vacant lots continue to fill in around the Meridian locations. The great thing about Boise in terms of development is it can old fill outwards! The borders of Meridian/Nampa I believe will the developed on with new construction especially having big hospitals such as St Lukes and St Al's build new hospitals in those locations. They are also business for profits which tells me that's where to keep an eye out as locations closer to downtown tend to have premium pricing on real estate.