Advice for first time homebuyers

[Nick Schiele]

Hi all, I am looking for some advice

My girlfriends and I have been living in Boise for a few years now and we are looking to start our real estate journey. Originally our plan was to buy and hold rental properties, but we're not sure that it is feasible for us right now with this market. The issue is that we both work in education and the market is very competitive right now. After talking to a lender it looks like we can qualify for a low money down loan (3-5%) for a property in the $300,000-$325,000 range. These number are not exact since we have not gone though the pre-approval process yet. We are waiting because our lender told us that it would be almost impossible to buy a house at that price range in Boise because of cash offers and people overbidding for properties. The goal would be to buy a fixer upper in a decent location in Boise, but not sure if that is possible for us anymore. So, what do you all think? We would love to hear from agents and investors, any advice would be appreciated. Also, would Meridian or Eagle be better options? 

We appreciate you time and any feedback you have for us,

Thanks!

[Tyler Kruenegel]

@Nick Schiele fixer uppers on the MLS are almost non existent and the ones I have seen are still moving for over appraised value. Moving a little farther from Boise you might be able to get closer to that number. Think Nampa, Caldwell, Middleton.

At 3-5% down I take you are currently looking for a primary residence? Are you after a multi family for a house hack?

I would recommend reaching out to @Corby Goade if he doesn’t end up commenting here.