Hi all, I am looking for some advice
My girlfriends and I have been living in Boise for a few years now and we are looking to start our real estate journey. Originally our plan was to buy and hold rental properties, but we're not sure that it is feasible for us right now with this market. The issue is that we both work in education and the market is very competitive right now. After talking to a lender it looks like we can qualify for a low money down loan (3-5%) for a property in the $300,000-$325,000 range. These number are not exact since we have not gone though the pre-approval process yet. We are waiting because our lender told us that it would be almost impossible to buy a house at that price range in Boise because of cash offers and people overbidding for properties. The goal would be to buy a fixer upper in a decent location in Boise, but not sure if that is possible for us anymore. So, what do you all think? We would love to hear from agents and investors, any advice would be appreciated. Also, would Meridian or Eagle be better options?
We appreciate you time and any feedback you have for us,
@Nick Schiele fixer uppers on the MLS are almost non existent and the ones I have seen are still moving for over appraised value. Moving a little farther from Boise you might be able to get closer to that number. Think Nampa, Caldwell, Middleton.
At 3-5% down I take you are currently looking for a primary residence? Are you after a multi family for a house hack?
I would recommend reaching out to @Corby Goade if he doesn’t end up commenting here.
@Nick Schiele in meridian and eagle will be nearly impossible. What will be an issue is appraisals are coming in low, so if you are approved for 350, and you offer offer 350 on a house it may appraise low and thus you can't borrow the 95% of 350. If you are open to areas a bit further put like nampa and Caldwell things would look a lot more promising.
If you want to talk more shoot me a PM amd we can meet up and talk about different options.
I know how stressful it all is however I just had a couple listings come into my brokerage that came In Around 265k - 300k range in the Boise meridian area. They do exist but they go quick:) if you’re open to it I could keep an ear out for you guys :)
Thanks for the shout out, @Tyler Kruenegel ! @Nick Schiele I work with @Chris Davidson above. Happy to advise and give you some direction on how to get your portfolio started- sounds like you are looking to house hack, which is an excellent way to get started. Let me know if we can buy you a cup of coffee and answer any invstment quesitons you have.
Sure, the market here is competitive, but don't forget that when you invest in a competitive market, you are the one who gets to take advantage of the appreciation that comes with that.
Best of luck!