All Forum Posts by: Maron Faulkner

Thanks, Jonna. Yep, I had originally hoped to find something for under 200,000 lol

I’m happy, hope it works out in the long run. Have you been in the real estate business a long time? It seems like Boise is the place to be!
take care,

Maron

Thanks, Ryan. 1250 rent, 1325 mortgage payment with insurance and taxes. No cash flow at this point, but I wanted in on Boise and also have a fantastic property manager. No HOA. And I wanted to pull the trigger, so to speak, it seemed like now or never. 3 bedrooom, 2 bath.
How’s Nampa treating you? I looked pretty seriously there and in Caldwell besides Boise.

Thanks for checking in.

Maron

Investment Info:

Single-family residence buy & hold investment in Boise.

Purchase price: $260,000
Cash invested: $68,000

Three bedrooms, two bathrooms, good house in decent neighborhood in Boise. Tenants in as of Dec. 1 on a two-year lease.

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

Had to start somewhere, this seemed the least complicated.

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

Great referral to an amazing agent in Boise.

How did you finance this deal?

Refinance on my house.

Lessons learned? Challenges?

So far, so good, but I know there are challenges/lessons aplenty ahead.

Investment Info:

Single-family residence buy & hold investment in Boise.

Purchase price: $260,000
Cash invested: $68,000

Three bedrooms, two bathrooms, good house in decent neighborhood in Boise. Tenants in as of Dec. 1 on a two-year lease.

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

Had to start somewhere, this seemed the least complicated.

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

Great referral to an amazing agent in Boise.

How did you finance this deal?

Refinance on my house.

Lessons learned? Challenges?

So far, so good, but I know there are challenges/lessons aplenty ahead.

Jace, this is amazing. Thank you for sharing.I am laughing about the bankers' workday, sounds like pretty reasonable hours they keep. I am going to save this for future (hopefully) deals too - of course, when I first spoke to Chase, our conversation was nothing like this, but I am getting smarter.

There is a lot in here, including getting their direct phone number so you don't have to wade through the voice mail menus all the time. And the DSCR, is that basically how much the investment brings in versus how much the mortgage and taxes are?

You could write a book for beginning commercial investors - this is really clear.

Thanks again for taking the time to explain.

Thanks, Eric. I sent you a PM. Chase asked why my credit had been pulled earlier in the month, and so I told them, inadvertently shoting myself in the foot. Oh well, good lesson, I figured my first property would involve a (ahem) learning curve...

@Jace Holt - hey Jace, thanks for the reply - and good suggestions. I am checking into a couple of other options - a credit union and my mortgage guy here in Oregon to pick his brain. Have appointments (via the phone at least) for tomorrow. I like your methodical approach - it reminds me of when I interviewed adoption agencies when we were adopting our son! I am curious as to the questions you ask and how many. I think I am a bit too new to come up with great questions, at least right now. But I can at least start brainstorming.

Are you in Idaho Falls or elsewhere in E. Idaho?

Hey, Don - thanks for the info and the clarification on the portfolio loan idea - I've heard of those but didn't really understand. I sent you a PM.

Right? I wouldn't have said a word but they saw that my credit scores had been pulled recently and asked what it was for. Wasn't expecting the question, or maybe I would've done HELOC first, mortgage pre-approval second.

But I agree, who knows if and when I will even purchase anything in the near future anyway? Or how much it will be. It's crazy.

Thanks for weighing in, not sure how to avoid the issue.

Maron

I got pre-qualified for an investment property (SFH) in Idaho for 250K, but now I can only get a HELOC on my primary residence for 48K, which isn't enough to fund the down payment.

The original HELOC was for 100K, which would have helped cover taxes and insurance and getting this whole thing started. First investment property. But, as the banker explained, because I am pre-qualfied, the bank is counting this like I already have a property that I am paying the mortgage on. And I haven't even identified a property! In fact, not headed to Idaho for another couple of weeks.

Eek. Rookie here. Any thoughts on a solution or do I need to wait and start over?

Many thanks.

Maron Faulkner