All Forum Posts by: Ryan Wallace

Hi Arisa, 

Welcome to the forum!  Im also an agent in the Boise area! 

Thanks,

Ryan 

Hi Renee, 

Boise is going to be the easiest area when it comes to ADU's. They have streamlined the code and the process because that is the infill growth that they want. The next easiest will be in the county area (canyon and ada), but you will need to be looking at larger properties. After that it gets a little bit more complicated depending on where you are at. Each city has a different language in their code, but there are some similarities. If you are looking in Nampa or Caldwell, often times the easier route often is to convert a unit into a duplex either by finishing a basement of converting a garage. Detached garages get really tricky because of the utilities, but an attached garage conversion is possible and is done in older areas very regularly.

Hope this helps and good luck!

Hi @Joe Mathew! Idaho is a great place to invest but it is very competitive right now! Depending on what your goals are it could be a great fit. I have slowed down purchasing in the last few years due to deals being harder to find, but they are still out there! Let me know if you have any specific Idaho questions. I am located in the Treasure Valley (SW Idaho) and do all of my investing in the Boise MSA and Twin Falls MSA. 

Looks like a great property! Separating the leases is a great idea and these shared spaces are in very high demand right now. Good work! 

Hi @Paul Reyes

There is quite a few members from the Boise MSA on here, but most are silent. There are a number of local meet ups in the valley along with real estate firms/teams like mine and Chris's that specialize in real estate investing in the treasure valley. If you have any questions don't hesitate to reach out.

Looks like a great property Devin! Iv been thinking about converting some of my properties into Air BNB, but haven't pulled the trigger yet. If you ever have time to grab a coffee, I would be interested in hearing how the process has worked out for you in the Boise area. 

HI Chad, 

I have multiple properties in the Boise MSA and help lots of clients do exactly what you are thinking. Right now rents in the Boise/ Meridian area are sitting around $1.30/ sqft with some deviation both up and down. A 4/2 around 2k square feet in Meridian should rent for around $2400-2600, with the $2600 being in more average condition for the area and the $2400 is for the more substandard units. There are still profits to be made, but high-quality deals are very hard to find. Typically on a SF rental, I can at least do a $100 a door after taking into account all expenses including cap x and vacancy. Let me know if you have any questions, please feel free to reach out. 

Thanks,

Ryan 

Hi @Curt Thomas, typically with my clients I always recommend starting with the banks that you already have a relationship with. HELOCs typically are very easy to shop around because they are published rate tables and don't require a full application and credit report to give you exact rates. Your post doesn't mention where you are at, but consider talking with your personal bank, local credit unions, and then regional institutions in that order. Hope this helps! Best of luck. 

Congratulations! Did you end up finding a decent multi-family property in Boise? 

@Kevin Kong , I can't speak directly to the other metros, but you are correct in what you read about the Boise MSA. It has taken off in the last few years due to outside pressure from states like California, Washington, and Oregon. The outlook is still very bright with projected growth this year around 6-8%. Rents have grown upward of 15% in the last 16 months, but due to price appreciation, we are still a good way off the 1% rule. With this though, property tax and hazard insurance tend to be considerably cheaper than many of the metros that are "affordable", so cap rates land somewhere around 4.5%.  If you have any interest, send me a PM and I can send you a couple of properties that might fight your budget. 

Thanks,

Ryan