All Forum Posts by: Joseph Bushnell

I'm in north idaho and the average price of a home is 350+. Closest I can get is foreclosures that need work and I'm having an extremely hard time finding deals that break 1%. My question is, is this just due to an over exuberant market or is there a price point where the 2% rule for quick initial analysis is no longer valid? 

That's tough one, every area is different and has its own pricing. My advice is creat a project whether it's real or not and get pricing on that project and use that as a baseline so you can scale up or down as needed. 

also in order to get accurate estimates from contractors without going through weeks worth of back and forth it is best to know trade slang and the major factors affecting each trade ie drywallers will need square footage and finish texture or the fact that roofers bid things by the square(10x10=100sq ft). So if you don't know the these things already go ahead and start talking to contractors and figuring out the information they are going to need.

Also get a side job construction, general handyman, painting, electrical ect... If you would like to leverage your sweat or get a real estate license. 

Live with your parents as long as possible, and save every penny so you can get your 30% down on your first rental property and then continue to live with your parents and leverage that equity for more. Also get a credit card and start using it for everything that you normally buy because you're going to want a credit score above 700 if you can. 

I'm not certain if one of these posts has been made in recent times but considering everything that's going on it seems like an excellent time to get our crystal balls out. 

I'll go first, I live in semi rural North Idaho. I think the housing market is overvalued by about 40% up here and I'm expecting a 30% drop in prices and a spike in foreclosures. But that could be confirmation bias because this is what I want to happen.

now your turn. 

Verry good thank you for the input, I hadn't thought of putting a half splash in it seems like a good one to dress it up without spending too much. 

When are things like a tile backslash called for, is it a class A thing only, does it attract good tenants and is it worth it?