1st Door Newbie Investor to Boise

[Matt Osojnicki]

Investment Info:

Single-family residence buy & hold investment in Boise.

Purchase price: $237,000
Cash invested: $26,000

This is our first investment property we purchased back in September 2019. It was built in 2008 and is roughly 10 minutes away from the Boise airport. This wasn't our first choice, but the Boise market is tough. We decided to go through with the deal as an AirBnb to maximize our profits and gain experience along the way.

It's a 3 bed 2 bath at approx 1,700sqft. We've added a 4th bed downstairs as well.

What made you interested in investing in this type of deal?

It's close to the airport and should AirBnb well. We may have to pivot our long term strategy as covid hit shortly after our purchase.

It's a newer home that needed a little remodel so it was perfect for beginners like us.

How did you find this deal and how did you negotiate it?

We found the deal on Zillow and the MLS through the help of our rockstar realtor Kimberly. We had been shopping for a few months and when we went to look at this property the owner actually showed up! We proceeded to add a good report with him and actually got a verbal listing price offer right then and there! Kimberly got it on paper that night for us too!

How did you finance this deal?

We were able to do a VA loan on this property at a modest 3.2%. This allowed for a cash remodel as well.

How did you add value to the deal?

This part was fairly easy. The interior was outdated and the place hadn't seen much maintenance in a few years. It just needed some TLC with a pinterest idea here and there! The capX on this property all checked out so we have a few years to save for some of those bigger items.

What was the outcome?

We will see in the next 1-4 months when we move out into our 2nd door!

Lessons learned? Challenges?

So far, patients. It's a process we need to learn before we can snowball.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely! Our Realtor, Kimberly Allen with Coldwell Banker Tomlinson. She went above and beyond ensuring we had what we needed, but most importantly we made a friend.