First Investment - House Hacking in Idaho

7 Replies

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000
Cash invested: $9,000

House hacking with roommates. Plan to live in for two years, complete renovations, then sell and use profit for multi-family rental investment.

What made you interested in investing in this type of deal?

"Safe" purchase for first home. In a good area, less than 15 years old, spacious, and functional floor plan. According to nearly all projections, the property will significantly increase in value in the next two years (5-10% per year).

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Conventional loan & first time home buyer program.

How did you add value to the deal?

Planning small exterior remodels and small interior remodels such as new light fixtures and window trim.

Lessons learned? Challenges?

A good realtor for your first purchase makes all the difference.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Judy Trimble - ReMax Elite Properties

@Adam Fleck Not yet, but I plan to! I am new to the area (just moved here from Nashville) and new to BP (figured I should join after listening to 100+ BP podcast episodes in two months, haha).

Anyways, I'd love to connect! I haven't seen many posts about Boise/Idaho since joining, but definitely have a lot of thoughts/questions on investing in the area.

@Brenna Doherty excellent! And welcome! There's a quarterly meetup ran by @Jonna Weber (though she's probably tired of me tagging her in these 😁) that I went to last week and met some great folks!

I'm new to the Treasure Valley as well, from Oregon, but have been in BP for about 9 years. Plenty to learn, but it's great seeing you dive right in! As @Brandon Turner likes to quote, "if knowledge was the answer, we'd all be billionaires with six-pack abs." 😝

@Adam Fleck   what part of Oregon are you from? I live in Springfield, and I've been eyeing a move to Idaho for a while. How has the transition been for you?

Also, do you think there is more upside left in this market cycle in the RE market in Boise than there is on the West Coast?

@Ross Leavitt I'm from the Tigard area. It's an amazing area to live, very similar in values to what I remember Oregon being 15 years ago. That's more of a political discussion though!

As for the real estate market, there's still deals to be found for sure. It's basically a scaled-down version of Portland, minus the party politics. Prices are definitely on the rise, but that's a supply and demand issue, rather than speculation. That means it's more stable than any coastal city. I'd recommend subscribing to BoiseDev's newsletter, as it has a lot of great market-size news.

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