All Forum Posts by: Jo Lexington

 I have absolutely nothing! I don't even like STRs... like I'd choose hotel over airbnb every single time. In my foreign eyes the Tetons is so beautiful and so underdeveloped. I just feel like we can do something with the resource we have. 

 Sending DM your way! Thanks Garrett

Hi Jace! I appreciate your insight! I read about the minimum lot size on county website but the rest is totally new to me... Thank yo so much for sharing! I kinda have sense that the county is a little bit conservative on development. Too bad the land is not touching so that limits our option here...  Anyways I'm sending DM your way! Let's connect

@De Rasche Absolutely. That’s the first thing we need to figure out. Thanks

@Don Spafford

We are very close to Driggs! Just a little bit northeast. I can’t believe you are able to tell where we are with such limited information!

The land is flat. Along the river there’s probably 1 acre flood plain that’s not buildable and our vacation home should be right on the boarder (to get the best river view possible). Other than that it’s all good.

I’d love to know if any developer is interested. Happy to sell/ work with pros. If you have any contact or leads please send it my way🙏 I appreciate it!

@Eric Giovannucci

We should definitely figure out what can be done first. I’ll reach out to the city. I found on the city website some restrictions on subdivision. But we should be able to do it if we are willing to invest time (which we are, assuming the local supply/ demand doesn’t change much)

What do you think about the long term development in East Idaho? We visited last week and I saw some new developments. But it’s a bit scattered and not as structured/ organized like other smaller cities that we drove passed by near Salt Lake City.

Do you think the activities will pick up for the next 5 years? Or I should say…between Boise, Idaho falls, and probably Jackson hole, do you see value in rural east Idaho?

Hi BP! I would love to hear what you think about this:

My uncle has a vacation home on a huge lot (two parcels) in East Idaho, near the broader of Wyoming. Comes with the house/ land is the access to the river & water right, also amazing view of Grand Teton. We love this place but we also live far from the property and rarely come by. The property is probably in use one month out of a year. I think this is not the best use of his money nor this great property. 

Local agents suggest the house (on acre lot with both water view & Grand Teton view) is probably worth $1.5M today, and the land (a separate parcel, tens of acre) is probably another million.

We are debating if we should sell it as is, but with this price tag, it may take a while to sell. So my uncle wants to explore subdividing the lot, in hope that it would sell faster, the process is going to take up a year? And the fact that we are not local doesn't help. Alternatively, I feel we can put 3 to 5 modular homes on the river front, and rent those out as Airbnb. There are decent ski resorts within 45mins drive, and the nearby Airbnb charges anywhere between $120 to $180 for two bedroom that sleeps 4.

Not sure if these matter but it's a flood plain, agriculture zoning & no city water/ sewer nor internet service on the property.

@Nick Coons

I was in Hong Kong so things may be a little bit different. But I borrowed a credit card loan to fund my investment property purchase. It is feasible.

Here’s how I did it: I put all the purchases on my credit card for 2 years (if possible put rent on my credit card). Paid everything on time. Raise my credit limit every 6 month.

Two years later the bank gave me a loan based on my credit. The loan was approximately 18-month salary. Interest rate is between mortgage and hard money loan. So not too bad.

I have to repay the loan within 5 years and it also reduced my credit limit by 80%.

The bank is standard chartered but I know HSBC has something similar.

@Schneur Sanowicz

I know a few people that are really successful in real estate. They have one thing in common - they don’t over pay on anything.

I just checked Glassdoor, the app that tells you how much people get paid for the job they are doing. In Bay Area, junior property managers get paid around 45k to 90k.

So I’m going to assume that either this guy is going to ask you do something beyond the property manager duty, or he is over paying. If later, I wouldn’t want to bet my career on this guy’s.