All Forum Posts by: Cody Stone

Welcome to the site Sergio! D4$ is how my wife and I found our first home, guess you could call it a house hack. We have had good success with it and it is such a great strategy because most people will just go out and buy a list. Door knocking will also separate you from the rest! Congratulations on going full time and joining BP!

It is also important to do your own comps. Have a seasoned agent do this for you if you are not licensed. Often wholesalers are full on optimists and will inflate the ARV (after repair value) and underestimate rehab costs. Don't forget the cost of money, holding costs, ect. The BP calculators are excellent to pencil these things out. Using a HML will help in most cases by evaluating the deal in order to protect themselves by not lending on a lemon.

@Steve Watson. There are deals that meet the 1% rule in the Treasure Valley. Like @Steve Allen mentioned above, they are non-existent on the MLS. You can find off-market opportunities that meet that 1% rule, but will require the end-buyer to make some repairs to bring it to rental condition. More than likely, these properties will be in D to C class areas around Boise. If you are interested in anything in particular, reach out to me.

The great news is that our area is experiencing huge population growth as you will find on @Jonna Weber's blog. If you have yet to read one of her posts on the expanding areas around Boise, check it out! Vacancies are extremely low right now and rents are on the rise!

Jonna's post: https://www.biggerpockets.com/blogs/9735/62286-bey...

Happy investing, 

-Cody

Joshua it is great that you have gotten your first post completed! I have similar passions that you have for Bigger Pockets and the absolute wealth of free information they provide. It is unfortunate that some REI programs are tens of thousands of dollars and most people can't swing that type of cash. There are no excuses for those of us with ambition to conquer our dreams thanks to this site! I am looking forward to meeting up with you and wish you all the best in your endeavors.

More than likely banks / credit unions that are BRRRR friendly will also do portfolio loans (loans they do not sell, they keep them in house) Your best be would be to call around and I would tend to favor credit unions. Just my 2 cents Will. See you around, maybe on the next conference call 😀

@Brandon Pelfrey We have done small multi-family deals and find them driving for dollars. You can also go to Listsource.com to pull a list of multifamily properties in your area and mail them. You might try developing a relationship with a realtor or broker who list multi-families and see if they can let you know of any pocket listings (before being listed on the MLS).

@Brandon Pelfrey You have made it to the right site! BP is where I started my journey along with listening to many, many real estate podcasts. Analyzing deals is very important to learn what a great deal looks and to learn the market. That way you won't make the mistake of paying too much which is easy to do with a white hot market.

Don't be concerned with competition with other investors are established and those who are entering the market. Our market is MUCH less fierce than other markets like Phoenix, San Diego and so on. Most players with huge marketing budgets are not doing the marketing that requires a lot of time and there you can find your deals.

Remember that we are in a seller's market and deals will go fast so making a quick decision and having the ability to close fast is crucial. Go for the off-market deals. Try driving for dollars, door knocking, and tracking down owners of vacant houses. Get your printer fired up and start sending your own letters. The key is to be consistent. Take a little action and you will get some results, but it may take a while. If you like, take massive action and get massive results!

@Shayna Harrison. Welcome to BiggerPockets!  The single greatest online  resource when it comes to real estate investing! BTW, you already have the courage to go to your first meeting. There is no courage required. Lol. Don't sweat it, every single person who goes to them is there to learn, to help others and to grow their network of connections. It's a great way to make friends anyways. 

See you when you get here 😁

@Jaimy Swanson. Ask your lender about the FHA 203k loan. That will allow you to finance the rehab costs into the loan. It was something my wife and I considered when we first embarked on our journey. That maybe your best bet.

Enjoy 

@Jen Harwood. Check out @Claire Fenton. She is a great resource when it comes to evaluating rentals in the valley. Check out her quarterly blog at rentalsinboise.com 

Cheers