Boise new guy- Buy and Hold Investing in West/Northwest

[Jim P.]

Hi all,

I'm normally a lurker(always researching something)- but after learning so much from this site- decided to register and give back(If/Where I can).

I'm from Montana, have lived in Boise, Idaho since 1995. I have a good paying/low rewarding job- that's why I'm here(to create options in my life)...

Looking to invest in lower priced properties fairly close to Idaho/Montana/the Northwest for buy and hold cashflow. May change my strategy later as market conditions/my investment positions change...

I'm a very frugal guy, having a decent amount of cash in savings, not doing much.

Anyway, to limit my expenses (and decrease my dependence on my job) I refinanced my primary residence last year to get my mortgage down to about $500/month. That(plus an amazing vacation last year)- pushed me to invest more heavily into Real Estate. I didn't think REI was "my thing", but I am learning a lot and am quickly making it "my thing". Its been fun already. (soon Donald Trump can buy MY books)... :)

Just a couple weeks ago- I finally closed on my first duplex(a long-drawn out process, where I learned a million things). Previous landlord was a burned out slum lord and wanted out. It's a solidly built 3bed/1bath duplex with some maintenance needed. I bought at $56,000- gross rents are $1250(and rents are slightly under priced currently). Through many delays with realtors- i learned many things the hard way. BUT, I also learned that this section of the city will be undergoing "urban renewal"- so I should receive money for the paint, roof, etc... Score!

Already in the middle of my second purchase (2bed/1bath duplex with a 1bed 1 bath house with an empty lot). Same basic area of town. Not a lot of details yet, but its going smoother since I know a little more(and have a different buyers agent) than the first one...

And... Still looking until my options for financing/savings account run out.

Anyway, thanks to all here. I've already asked a few questions- and have learned immensely from other people's questions.

Thanks for a great community! Its amazing how helpful(and not secretive)- people are here. No need to reinvent the wheel!

Jimmy

[Jim P.]

@Brandon Turner

thanks for the welcome! Also, thanks for your work on this great site... The podcasts are an amazingly great way to learn. Its great to learn from you guys and your guests, and we can tell you and Josh have fun doing it... Nice!

thanks again,

Jimmy