All Forum Posts by: Becky Farnsworth

@Dave Passey it's Boy-see!  That's how us locals know who is from out of town!  haha!  And I agree with most postings.  You can't go wrong investing here.  I have 3 houses in Meridian with great cash flow, but I know people with rentals in almost every city in the Treasure Valley.  It really depends on what you are looking for.  Canyon County has had huge growth and appreciation, and the prices are cheaper so that is where a lot of new investors are going.  Good luck with your search!

Hi Devon!  I own a few rental properties in Ada County.  I just sold my one in Boise and the others are in Meridian.  I am actually looking in Canyon County now because of the lower price point.  I have been told many times to stick with Ada County, but I also know investors in Canyon County that are doing well.  I agree that you need to look at the whole picture.  Taxes are just a small part.  Find something in a good area that will cash flow and that will continue to appreciate in value.

Hi @Anita Hartshorn,

I am a local realtor and investor in the Treasure Valley, and I would love to meet up and chat if you would like to connect.

@Don Spafford, Thanks for the reply!  I am in real estate school now and definitely see all the expenses.  You are exactly right, its not cheap!  I am loving class and will likely dive in once I have my license.  I need some flexibility with young kids, but I can't wait to start on my own deals and help other people.

@Jonna Weber I completely agree!  I have worked with a lot of agents in the past, and I know that the good ones have a lot of experience and a great level of service that is almost impossible to give if you aren't sure what you are doing.  I just finished module 1 of real estate school today and I am loving it (except for the thought of the test), so I think I will likely jump in when I get my license.  I want to learn the business and be a great agent in a couple of years. I'm glad my rental finally gave me enough incentive to start this journey!

Thanks @Rolanda Eldridge!  I agree its all about timing!

My husband and I own a few rental properties in the Boise, Idaho area and we are planning to sell one soon, so I have decided to go to real estate school and become an agent.  I have always loved real estate and wanted to do this, and now is finally a good time.  I currently manage our rental properties, but am mostly a stay at home mom so I likely won't jump in full time.  I just want to do our deals and maybe help a few friends and family members.  I am wondering what advice you have for going this route?  What are the draw backs to selling your own house?  I know people often get their emotions involved, but this has been a rental for 8 years so that won't be a problem.  Legally is there anything I need to think about?  Also, do you typically give family and friends a discount when selling their home?  How do you handle that?  Any other advice for starting this journey would be greatly appreciated.

I personally don't like to by houses that are more than 40 years old.  My husband and I renovate and manage our own properties, and older houses have a lot more problems than we want to deal with.  You have to think about things like lead paint, asbestos, bad wiring, old plumbing and the list goes on.  Also, in the area where we buy, the older neighborhoods are pretty run down and don't attract a high quality tenant.  Its all about the numbers and in some areas I think old houses are a good investment, but they also carry a higher risk.

3 bed/2 bath 1350 sq ft with 2 car garage in Meridian, Id for $1300. We make $50 more per month for allowing pets.

I love the idea of a small gift.  I have never done quite that, but when renters move in the spring, we like to give them a $30 discount on rent for "planting flowers" in the garden out front.  Its a win/win because the house looks nicer and they can plant what they like to make it their home.  We also used to discount December rent by $50 as our Christmas gift. We have 3 houses now, so we don't do that anymore, but when we just had just one rental, we did it for our tenants and they loved the gesture.  I stay out of our renters personal lives and have a professional relationship with them, but I think we have always had such great tenants because we treat them so well.  

@Emily Allred I'm far from an expert, but I have 3 rental properties in the Boise/Meridian area and know it is very hard to find good deals around here, especially come spring and summer.  It appears the properties out there now are sitting longer than normal (showing some price reductions), but once the snow is gone, stuff will start moving quickly.  If you are devoted to this area, you might have as good of a deal as you are going to find in the near future.  I wouldn't buy a property based on these numbers, but with home prices and interest rates going up, they aren't going to get any better.  Would you be able to come up with a little more money down?  I know that often isn't an option, but without 15-20% down, houses here don't cash flow very much.  

And I agree with the advice about trusting your gut.  If you can't sleep cuz this "deal" is keeping you up, its probably not worth going through with.

As for the appraisal, I have been told by several realtors and bankers that appraisers try to come in close to what you are getting the house for since a house is generally "worth what someone will pay for it".  We bought a house a few months ago that the realtor had several comps showing it was worth about $10k more, but our appraisal came back at $3k over what we purchased the house for.  Our realtor assured me that was a very conservative appraisal.  I would have your realtor run some comps and you might find the house is a better deal than the appraiser led you to believe.  Also, if you are doing some renovations, have your realtor run comps to tell you what the home will be worth after that.

Also, have you confirmed with your realtor that there is no way to get your EM back?  I had a realtor tell me before that she would never let me lose my EM because there is always a loophole in the contract.  If your partners were on the original loan paperwork, I would think you could back out now due to a "financing contingency" because the loan likely changed. Just a thought....

Good luck making your decision....its a tough market here!