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Updated 5 days ago, 12/29/2024

User Stats

66
Posts
73
Votes
Robert Frazier
  • Boise, ID
73
Votes |
66
Posts

From Zero Single Family Investments to 52 units in development.

Robert Frazier
  • Boise, ID
Posted

I've always been interested in finance but housing had always been a rather boring investment. Buy properties, get rent, buy more properties, get more rent. I didn't have much imagination for it. 5 years ago I started looking at buying a larger home I could house hack because it allowed me to get a larger property than I could afford. In that process, I got my real estate license to buy the house and save on fees. 

That was March of 2020, needless to say we didn't buy or sell our house as the world fell apart...but I had entered into the world of real estate and started to ask new questions. Where single family rentals weren't exciting to me, building and developing land and redeveloping old spaces really intrigued me. I didn't have much money, and not much experience but I used my background in finance to put together a syndication and buy an old office building and drive thru on .59 acres with the purpose of developing housing.

My passion was creating housing in a city with under 2% vacancy and skyrocketing housing costs. When you start asking the question, where are we going to get more housing for all of the 20,000 people moving to our valley every year, you look around and say: "I guess I will".

Our first project has been over 3 years in process with a handful of friends and my Dad as the primary investor, we are ready to break ground on 17 units of townhomes and multifamily units for sale in West Boise. We have learned so much, the main thing is that your architect matters a ton. Our architect has been slow to communicate and get the work done. We had delays from his lack of knowledge about the process and a city that was bureaucratically slow. 

This fall we launched 2 more syndications for infill developments in Boise. a 30+ unit Live-work townhome project in West Boise that has never been developed on 1.3 acres of land and an 8 unit lot split on the Boise Bench with a house to flip on an acre. 

I've learned a ton about syndications, partnerships, funding for construction, the development process and so much more about managing consultants than I will ever care to admit. 

I've still never owned a single family rental property or collected a rent check, but I hope that jumping into development will create opportunities for others to own their own homes and rentals that will serve families for generations.

If you want to follow along for more of the journey let's connect. My goal is to build 1000 units of housing for a city that I love.

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