3rd BRRRR Property in Boise/Meridian

13 Replies

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $205,179
Cash invested: $22,632

Contributors:
Corby Goade

My 3rd BRRRR property in Boise to date - this one had an unpermitted finished bonus room. This sq footage was not accounted for in the listing. With some extra rehab measures and working with the city, I was able to get an extra 261sqft of additional footprint approved. Now it is occupied by another great tenant at $1600/month! Reach out to me for additional questions or detail.

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@Mitxel Totorica PM me and we can set up a call sometime

@Matthew McNeil it is $58/month. But ARV is 265+ so not a cash flow play for me.

@Jordan Rundell Wasn't great... I don't want to publicly shame the city.  But I learned quickly this isn't something they come across often as it's a newer city.  So they sent me on a bit of a wild goose chase saying I need a plethora of different things and in the end completely retracted all of that when an inspector with more experience was back in the office and I made enough of a fuss. Cost me about 3-4 weeks of back and forth communication and about a 1.5k in holding costs + random 3rd party energy reports that they initially required.  I expected some headache and in the end they worked with me to approve it so I can't complain too much.

@Jordan Rundell thanks appreciate it!

@Nasir Cureton Yes I do but Boise has such an extreme shortage of supply in the MF space it is compressing returns and value add opportunities.  Additionally because of double digit price appreciation last few years the space is competitive.  A lot of work but not impossible

@Ryan Weimer thank you for replying would there be anywhere on the outskirts of town you’d advise to look into or in a different town altogether wilder for example ?? Sorry I’m really new so I’m trying to get as much information as possible

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