From Zero Single Family Investments to 52 units in development.

From Zero Single Family Investments to 52 units in development.

Boise, ID · Member since 2020 · 83 posts · 87 votes

I've always been interested in finance but housing had always been a rather boring investment. Buy properties, get rent, buy more properties, get more rent. I didn't have much imagination for it. 5 years ago I started looking at buying a larger home I could house hack because it allowed me to get a larger property than I could afford. In that process, I got my real estate license to buy the house and save on fees. 

That was March of 2020, needless to say we didn't buy or sell our house as the world fell apart...but I had entered into the world of real estate and started to ask new questions. Where single family rentals weren't exciting to me, building and developing land and redeveloping old spaces really intrigued me. I didn't have much money, and not much experience but I used my background in finance to put together a syndication and buy an old office building and drive thru on .59 acres with the purpose of developing housing.

My passion was creating housing in a city with under 2% vacancy and skyrocketing housing costs. When you start asking the question, where are we going to get more housing for all of the 20,000 people moving to our valley every year, you look around and say: "I guess I will".

Our first project has been over 3 years in process with a handful of friends and my Dad as the primary investor, we are ready to break ground on 17 units of townhomes and multifamily units for sale in West Boise. We have learned so much, the main thing is that your architect matters a ton. Our architect has been slow to communicate and get the work done. We had delays from his lack of knowledge about the process and a city that was bureaucratically slow. 

This fall we launched 2 more syndications for infill developments in Boise. a 30+ unit Live-work townhome project in West Boise that has never been developed on 1.3 acres of land and an 8 unit lot split on the Boise Bench with a house to flip on an acre. 

I've learned a ton about syndications, partnerships, funding for construction, the development process and so much more about managing consultants than I will ever care to admit. 

I've still never owned a single family rental property or collected a rent check, but I hope that jumping into development will create opportunities for others to own their own homes and rentals that will serve families for generations.

If you want to follow along for more of the journey let's connect. My goal is to build 1000 units of housing for a city that I love.

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Investor · Orem, UT · Member since 2014 · 25 posts · 22 votes
1y

Great post Robert. What kind of cost per square foot are you seeing in Boise to build multi-family / townhomes?

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  • Andrew BoscoBusiness Member
    Rental Property Investor · NH · Member since 2023 · 441 posts · 416 votes
    1y

    Great work! what's your intention for continually raising capital? just syndicate through eternity? 

    Andrew Bosco - Candor Investment Group529 Reviews
  • Boise, ID · Member since 2020 · 83 posts · 87 votes
    1y
    Quote from @Andrew Bosco:

    Great work! what's your intention for continually raising capital? just syndicate through eternity? 


     Limited capital means that partnerships will help us move faster while the environment is profitable.

  • Lender · TX · Member since 2024 · 308 posts · 196 votes
    1y

    What an amazing achievement!

    Best of luck breaking ground on your projects—excited to see you hit that 1,000-unit goal!

  • Joe S.Pro Member
    Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
    1y

    How much of the 52 units do You own? 

  • Boise, ID · Member since 2020 · 83 posts · 87 votes
    1y
    Quote from @Joe S.:

    How much of the 52 units do You own? 


     With our structure, the development company owns about 45% of the equity when complete, and I own 50% of our company.

    So it will be about 22%

  • Investor · Orem, UT · Member since 2014 · 25 posts · 22 votes
    1y

    Great post Robert. What kind of cost per square foot are you seeing in Boise to build multi-family / townhomes?

  • Boise, ID · Member since 2020 · 83 posts · 87 votes
    1y
    Quote from @Race Ostler:

    Great post Robert. What kind of cost per square foot are you seeing in Boise to build multi-family / townhomes?


     For vertical we're getting 120-135

  • Member since 2022 · 7 posts · 3 votes
    1y

    Hey Robert!  Looks like you're doing great so far.  I'm in Boise as well and pretty new to the game.  I'd love to connect and maybe grab lunch with you sometime.  I have a feeling 2025 is going to be a great year. resp, Isaac

  • Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
    1y
    Our bank will let us use equity that exceeds 25% across multiple properties that are either owned free and clear or where they hold the first so long as the deal still cash flows with however much cash is brought to the table.
  • Boise, ID · Member since 2020 · 83 posts · 87 votes
    1y
    Quote from @Isaac Bonney:

    Hey Robert!  Looks like you're doing great so far.  I'm in Boise as well and pretty new to the game.  I'd love to connect and maybe grab lunch with you sometime.  I have a feeling 2025 is going to be a great year. resp, Isaac

     Drop me a text and let's connect. 

  • Property Manager · Nashville, TN · Member since 2025 · 66 posts · 35 votes
    1y

    Awesome job! Looking forward to seeing what else is in store.

  • Member since 2025 · 39 posts · 15 votes
    1y

    Your story is incredible—going from finding housing investments “boring” to spearheading syndications and tackling Boise’s housing crisis head-on is no small feat! I love how you flipped the script, starting with a house hack idea in March 2020 and ending up with a passion for development instead. As the CFO of a regional developer, I’m all about creative solutions in real estate, and your focus on building housing in a tight market like West Boise really resonates.

    That first 17-unit project with your friends and dad as the lead investor? Huge props for sticking it out over three years—breaking ground soon is a massive win! And oof, I feel you on the architect struggles and bureaucratic delays. It’s wild how much hinges on the right team—your takeaway about consultants is spot-on. Launching two more syndications this fall (30+ live-work townhomes and an 8-unit lot split) shows you’re not just in the game—you’re rewriting it. Boise’s lucky to have someone asking, “Where’s the housing coming from?” and answering with action.

    Your finance background clearly gave you the edge to pull off syndications without ever owning a single-family rental—straight to development is gutsy and inspiring. And your goal of 1000 units? That’s a legacy worth chasing. I’d love to connect and follow your journey—your passion for creating housing that serves families for generations is contagious.

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