Newbi - Need some wisdom from you all

[Josh Smalley]

Hello everyone,

My wife and I have identified a few states where we would like to begin our real estate investing careers. We are from Washington State but we weren't too keen on any market near us. However, we would love to invest in Idaho to be honest! This would be our ideal place if good deals were available. 

We live and work in Europe but are US citizens. We are looking to be semi-aggressive investors even though our role will be passive.

We are very new to this, however, and trying our best to learn as much as possible as quickly as possible.

Questions:

1. We would like speak with conventional lenders in Idaho. Any recommendations?

2. If my focus is cash flow, would duplexes be a better option than SFH in some of these markets in Idaho?

3. Should I avoid Boise, or are there still good deals for a newbie to consider?

4. If Idaho becomes an option, I will want to build my team. Any recommendations for attorneys or asset protection companies? 

Thanks in advance everyone.

[David Clinton III]

hi @Josh Smalley, 

Regarding conventional lenders, I recommend finding a mortgage broker in the city you are most interested in. They will have access to 20+ lenders rather than being just one. A broker that is local to your preferred location may have relationships with local lenders who better understand the local market. 

Small multi-family vs SFR has a couple cash flow factors to think about. A four plex has four pieces of income, which mitigated risk when you have a vacancy (vs having 100% vacancy when an SFR goes vacant). Multis also have shared maintenance things - like a single roof rather than 4 roofs for 4 tenants.

On the other hand, SFR's will tend to have longer term tenants and tenants that care more for the property (if you screen well of course). It's hard for a tenant in a duplex to feel like an owner, so they won't tend to treat the place like an owner would.

I'm from North Idaho - I know the Couer d'Alene and Spokane markets, but cannot be helpful regarding Boise.

For an attorney, I would recommend Robert Rowley in Spokane. He works both sides of the state line. You probably want somebody in close proximity to the county you're investing in, if you'll be needing them to help with any evictions etc.