All Forum Posts by: Brady Watkins

I purchased my first single family home at 19.  At the age of 21 I purchased a new home and turned my prior home into a rental.  I am currently 22 and actively looking at closing on another property by the end of the year!

Does anyone know of any lenders willing to do a HELOC on a rental property? I have one lender who will do 80% LTV on a rental. They stated they are pausing the HELOCs on rentals due to the market instability right now though therefore I'd have to wait until there is some more stability. I would love to find somebody who can do a HELOC right now.

Meridian and Nampa are two cities just outside of Boise with more affordable housing (especially Nampa).  Meridian has a great family feel and many people commute to Boise from Meridian for work, including myself!  Both Meridian and Nampa also have tons of new construction if you are looking for a new home.

I work with Molly Wallin at Hughes Group.  She has been great to work with.  Send me a DM if you would like her info! 

Does anyone know of real estate investors clubs/associations that meet in the Boise area?  I would love to start getting to know others in the area! 

New construction can work great.  I purchased my second property that was a single family new construction with the plan to live in it for a year then rent out.  I am about to rent it out and based on rent in my area I should be netting about $300 a month.  New construction can work with the right loan! 

I am in the Boise, ID area and there does not seem to be a large effect yet here on home or rent prices. I found new tenants for a rental last month and was able to increase rent by $50 a month over the prior lease.

One note - appraisals may become an issue. My sister had a deal to sell before much of the COVID restrictions were put in place w a two month close. The appraisal happened right in the middle of lockdowns and came in $25,000 under the agreed on price. Talking with my realtor is seems appraisals are going back up again. Seems they were coming in low for a while almost in anticipation of a crash. 

I currently own one single family rental property that has over $550 a month in positive cash flow and own a personal property that I estimate could have cash flow of $300-400 a month if I rent it. I am trying to decide between pulling equity out of my cash flow positive rental to purchase a fourplex (living in one) or just purchase a single family home and rent my current personal (no need to take funds out of current rental). Also there seems to be a shortage of fourplex/duplex’s in my area. Has anybody built them, rather than finding already finished units?