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Updated almost 11 years ago,

User Stats

45
Posts
18
Votes
Jim P.
  • Boise, ID
18
Votes |
45
Posts

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

Jim P.
  • Boise, ID
Posted

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

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