New guy from Lewiston, Idaho

[Eric Lunsford]

Hi everyone! Just wanted to stop by and introduce myself. I've been entrenched in the Bigger Pockets world and REI in general for some time now. I have yet to make my first deal but am excited to continue learning, meet new people doing the same things, and eventually the stars will align to buy my first rental.

That said, anyone around here close to Lewiston, Idaho? I've looked and doesn't seem like there are any local REIA meet ups but I could be missing something.

Something tells me I'll be contributing a lot to this site! Looking forward to it all!

Eric

[Wayne Snyder]

Hey Eric,

I am a new investor up in Moscow, I grew up in Lewiston and Cottonwood so I am a local, my wife and I bought our first duplex in December.  I did the same thing you are doing now, learning everything I can, looking at the market. 

What I have found in the last year around here.

1) Moscow and Lewiston are not the same markets. Moscow's market last year was on the edge of being cash flow positive and the last few properties that have come on the market this year plain out don't make sense. Lewiston seems to give you the same property for around 10k less.  Lewiston also seems to be more stable since it doesn't rely on a student population.  

2) REI groups. I have found three groups in our area. 1) There is a Lewiston/Clarkston REI group you can find on meetup. I haven't been there but have talked briefly with them. The last two meetings were at a Clarkston property and on the same day as another REI group that I go to. 2) There is an REI group that is based out of Pullman that meets maybe once every three months, I have met a few Moscow contacts and while the people are great they mainly focus on Pullman. 3) Coeur d'Alene REI group. https://www.northidahorei.com/ This group I go to every first Thursday of the month.  It is a LONG drive but the information, the people and learning how to apply what's going on in a market that booming before ours has been invaluable.  Mostly this team has shown me how forgiving real estate really can be. 

3) Washington Landlord and Tenant's laws are very very different than Idaho laws.  For me it such a difference that I won't put my money in WA until I have proven to myself I can scale and become hands-off in Idaho.

4) Trust your numbers!  On the other side of your purchase is almost exactly what your numbers told you it will be.

5) Find a real estate agent you can feel comfortable with. I mean really comfortable with.  If you don't feel like you can get into an argument with your realtor and still be friendly and professional at the other end, then keep looking until you find one.  Money brings emotions, emotions bring tension, and you need to be able to work through that.

Feel free to reach out if you want to BS about real estate!