All Forum Posts by: StacyA McBain

Hi @Mike Morehouse, 

I support Cody's advice 100% and look forward to inviting you to AVID Investor's Club! Also, I can't speak highly enough about @Jonna Weber or her meet ups. Jonna is a fabulous resource for single family home investors (as well as high-end owner occupant purchases in the Meridian area and beyond). My focus is on the multi-family side of the spectrum.

Patience has been the word in this market for a while now - and that applies whether you're waiting for the right on-market or off-market deal because they both require patience. The one good thing about that is that it gives new investors time to really learn the market before leaping - something @Chris Low probably can attest to. I have a lot of respect for the conservative approaches out there. I see value in acknowledging any projected rents that are proven as legit, and allowing them to influence a buy-and-hold decision as much or as little as your individual preference allows (if the current/actual numbers are palatable). A great way to validate projected rents (after checking Zillow, Craigs List and asking your agent) is including your future property manager in the conversation (particularly as you get serious about a listing or hit the due diligence phase of your contract).   @Claire Fenton is a great resource for that. 

It's interesting how it's all about the numbers, yet still is quite personal in terms of the individual approach, property preference, risk tolerance and number crunching. 

Happy Investing and Happy New Year!!!

Here's my rationale on why I took the leap without certainty on legal requirements and how I'll prevent having to replace them on my own dime before their 6 year expiration. 

(I wasn't sure of the law when I provided them, but understand that extinguishers have to be within 50 or 75 feet of the door for properties with a certain number of units).

I provided some for my properties and made sure to label it with the property address using a sharpie, and note its existence on the walk-through sheet. If it's not there on move out, I will charge the tenant for replacement. I also delivered it with a fire safety reminder sheet. I picked them up for $20 each and had tenants put them under their kitchen sink, avoiding installation time/labor/holes.

I combined delivery with property inspections (having my handyman check filters, and detector batteries, and look for secret water leaks). 

In doing so, I felt like I had just decreased my own liability in case of emergency, by demonstrating my safety-consciousness (which only comes up if something goes wrong, when the stakes become high). 

There have been deaths due to fire and CO in Idaho, at which point detectors and their expiration dates were reviewed, as people looked for any liability on the Landlord's end on which they could blame their tragic loss. 

Resource: http://fire.cityofboise.org/fire-prevention  Their brochure states warnings about using extinguishers , and that apartments must have smoke detectors and that apartment units with gas fired appliances, wood stoves or attached garages must have at least one CO detector near sleeping areas.

Hi Bentley, 

It really can't be done until spring. At this point, you could include a bid-based "landscape credit" in with the sale as an advertised feature, or a feature you're willing to offer during inspection negotiations if/when the Buyer calls it out. 

If you hit market after April, the work can be done at that time. It should be easy to plan for right now, as landscapers should be pretty slow at the moment.

Happy Investing!

Stacy

Hi @Kurush Italia

Are you looking for single or multi-family? Attached please find a couple slides from the latest Avid Investor's club meeting as well as SFR infographics divided into the two main counties Ada County (Boise/Meridian) and Canyon Count (Nampa/Caldwell). Inventory is the biggest obstacle here at the moment. With that, I'd advise working forward from properties of interest, as they hit the market, to then evaluating the omps and DOM as relevant to the subject property's immediate area. Here's some juicy data to give you a picture of the local market. Keep in mind the 4plex 63 DOM includes some unappealing properties that skey the numbers- the good ones move more quickly and aren't necessarily clustered by zip.

Happy Investing!

Stacy

Swope Investment Properties

Hi @Suzi Scher, 

Are they single family or multifamily properties? Jonna and I are both Buyers and agents who are connected with investor buyers (we both lead up local investor clubs). I've been involved in multiple partnership deals and would be interested in hearing more and connecting your accordingly. Are you in Boise? AVID Investor's Club meets tomorrow night - that might be a great place to connect.

Happy Investing!

StacyA

Swope Investment Properties

"Building Your Portfolio" is the topic of the November meeting. Special guest presenters include private lender Joe de Vera or Veristone mortgage and a local builder who has built everything from single family homes to 4plexes. 

Find out more about how the building trend in Idaho is relevant to regular investors, and whether it makes sense to take advantage of any extra land you may have, or find. 

Please contact me for your official invitation, complete with all the meeting details, and to RSVP. 

Thanks and happy investing! 

StacyA McBain

Swope Investment Properties

Hi @Joe Ferrin, 

I love your goal! (And share my own version of that same goal with my engineer husband). I find that getting started with properties near home is one step easier/lower risk. Especially if you plan to self manage. I find it comforting that most of my properties are within 5 miles of my house. 

Your choice of team members is always important, but doubly so if you travel to invest toward Magic Valley, since you'll be one step more reliant upon their local connections, knowledge and availability (including service after the sale).

Here in treasure valley, the meet ups hosted by @Jonna Weber will serve as a fantastic way for you and your wife to get acquainted with experts like Jonna, who live, invest and work in investment real estate locally. You're also very welcome to check out AVID Investors Club on November 16th. 

Both Jonna and I have helped first-time investors start down the path leading to their first income properties - that's a good question to ask or point to watch for as you start to assemble your own team in one of Idaho's valleys.

Happy investing (and investment market selection)! 

StacyA McBain

Swope Investment Properties

Hi @Don Spafford 

I know a couple private/hard money lenders in the Boise area. Both are attendees of AVID Investors Club. PM me if you'd like their contact info. 

Happy Investing! 

StacyA McBain

Swope Investment Properties

Hi David, 

Let's plan a meet and greet coffee or happy hour in downtown Boise with your crew on early side of your arrival. I'm certain we can convince @Claire Fenton into joining. If you add single family investment properties into the mix, we'll absolutely want Jonna's expertise as well. 

Happy travels and happy investing David! 

StacyA 

Swope Investment Properties

Hi Carly,

I recommend Erik Bolinder of Exceed - Strategic Legal Counsel for an attorney. He has decades of experience but only just opened his own practice, after serving at a major firm in town and has been more accessible and knowledgeable than some others. PM me for his info, as desired or search by his full practice name and you'll find one Yelp review and a holder/temp site.

You're welcome to mention my name if you reach out to Erik.

Neal Colborn also is good. Both recently spoke to various investor groups in Boise. 

Happy Investing!

StacyA McBain

Swope Investment Properties