All Forum Posts by: Colby GeDeros

Investment Info:

Single-family residence buy & hold investment in Boise.

Purchase price: $510,000
Cash invested: $60,000

Purchased a SFH with an ADU in Boise to house-hack. Renovated the ADU and turned it into a STR. Will add a 2nd STR unit in the basement of the main home for times when we are living on-site and AirBNB the entire home when we travel.

Hey Michael, good luck in your move. I just relocated to Boise as well. 
I thought I’d throw in a side note and a vote of confidence for @Aaron Williams being a killer agent and definitely the guy you want on your team when it comes to Boise real estate. He just helped me close on a place near downtown in a super competitive market! Highly recommend. 

@John Minock reading those words instantly gave me a realization that so much of my success in this move/change is going to rely on my own mindset. I really appreciate the encouragement!

@Justin Hoggatt thank you for the insight. I feel like the flipping side of RE fits my skill set and background well and I definitely plan to do that in some capacity, as a side hustle at the least.

Hey BP, I need some career advice. 

I am a Professional Civil Engineer with a 6 year background in the municipal/heavy civil construction industry. Although I've done design, analysis and other CE work in the past, my most valuable skill set is in project management where I have managed between 50-75 construction and design projects ranging from $25k - $10M.

Rewind to about 18 months ago; friends would ask me, "how is your job going?" To which, I would reply, "It's a job. Definitely not my passion project, but it pays the bills." 

Then, I found BP! The things @Brandon Turner and @David Greene were talking about immediately had my wheels turning, excited, wanting to learn more. I dove in, implementing as many tips as I could; researching markets, getting pre approved, calling HM lenders, networking, talking to more seasoned investors, telling everyone I knew I was investing in real estate, etc. I wake up at 4am before work and spending all of my free time researching and analyzing deals. I've offered on properties in Oregon, Utah, and for the past 3 months, I've been actively trying to break into the Kansas City market with my first rental property investment; loving every hurdle, learning experience and second of my time spent on the process. 

What I tell my friends now when they ask me about my job is, "My job is alright, but I've found a passion for real estate and that's what I want to do."

I'm planning to leave a relatively highi paying job in Bend, OR to move to Boise, ID in the next 2-4 months. I've been looking at all kinds of jobs, many in my industry of civil engineering, and I'm realizing that I'm probably not going to find the same kind of wages that I am currently making in the new city, unfortunately. I tend to believe that maintaining a W-2 job to secure mortgages on the rental properties I plan to acquire is the wisest move at this time, but I'm still open to considering 1099 or self-employed careers. 

My question for all of you is, what would be the best career path to pivot into with a brief understanding of my background and these goals in mind: 

1. Learn more about the world of real estate everyday (preferably in my day-to-day work).

2. Continue personal real estate investing in my free time with goals to acquire 4 residential doors in 2021 and 30 doors by 2028 

3. Generate additional streams of income to supplement a my job in order to fast track my personal real estate investing (i.e. flipping in Idaho)

4. Ultimately break into the commercial RE market and become a NNN wizard like @Matt Onofrio

Here are the careers I am tossing around. I would love any and all input: 

1. Real estate developer

2. Commercial real estate agent

3. Residential real estate agent

4. Flipping/turn key company

5. Wholesale company

6. Become a contractor (I have a background in residential construction)

7. Don't be an idiot, stick to what you know

I appreciate any and all advice!

Hello Boise,

I want to introduce myself to all of you in the Boise BP community. I am a full-time Civil Engineer/part time investor and I will be relocating to Boise from Bend with my girlfriend in the next 2-3 months. I am active in the Kansas City, MO market looking for my first  rental investment property, but now would like to shift my focus to acquiring a small MFH to house hack when we move to Boise. I understand the market is competitive and overpriced, but I'm ready to start getting in to the mix. 

I'm pre approved with conventional lenders, as well as HM lenders. I'd love to buy something that is outdated or in need of rehab as I have a construction background and can put in the sweat equity. 

I'd also love to join the local REI groups and events to start networking with other investors. No sweat if you're not a part of a REI group. If you're investing in the area, let's connect! I love chatting real estate. (Oh, and I'll need to make some new friends)

Looking forward to hearing from you!

Cheers

Congrats John! I am on an eerily similar path, although I am based in Oregon and looking to invest OOS in the greater Kansas City area. You may already be ahead of me since you live in the area, but I’d be happy to connect and share what I’ve learned so far if you’re interested! DM me if you’d like and good luck!

@Dave Vodarick 

That helps a ton, thank you for your insight! Are building/construction costs rising as rapidly in the midwest as they are on the west coast? I've spoke with many builders/developers here in Oregon and they've told me building costs are up 80-100%, primarily due to material cost, with no signs of dropping back down. 

@Kim Tucker

Extremely helpful.Thank you for sharing all of that wisdom. 

I have read that Kansas City and St. Louis are beginning to shift from pro-landlord to pro-tenant (which is exactly why I am not interested in my home state of Oregon), so good reason to look outside of KC proper. 

My goal is to hit $10,000/mo in cash flow in the next 5 years and I am looking at the greater Kansas City area to start building my rental portfolio. Before shifting my focus from the more expensive markets in Oregon, Utah, Idaho to the midwest, I was looking at investing in small-multi family homes. Now that I'm looking in the midwest, my strategy has shifted to purchasing SFHs in order to attract and retain more long term tenants. 

The areas that I have been exploring in the KC Area are Downtown KC, Independece, Raytown and Exceisor Springs. 

What I'm hoping to gain here is a better understanding of the economies and industry in the general KC area and KC submarkets. Where do you see KC in the next 10 years, with or without a COVID induced recession? 

Are there any submarkets listed above that you would avoid and any others in this region worth exploring?

p.s.I"m also looking for an Agent to work with so please pm so we can chat. 

Congrats on the deal Michael! I'm interested in BRRRRs in the greater Kansas City area, including Independence. How did your appraisal vs. estimated ARV turn out?