All Forum Posts by: Sean Thompson

Hey @Nick Beeler,

If I'm not mistaken we went to High School together. I'm looking to invest in Spokane as well and having the exact opposite problem. Let's chat a little more ill send you a DM. 

@Collin Schwartz Thank you for laying out your Journey! It serves as motivation for us newbies. 

Hey @Jon Merkel, its encouraging to hear when investors are able to find deals. Thanks for sharing. 

@Shira Albert Just saw your message. @Troy Cosentino and I have already spoke I'm sure if you reach out to him he would share his experience with you as well. Good luck on your journey!

@Troy Cosentino Congrats on the property! That is a really good idea I will definitely will put the word out. My goal is to buy 5 properties this year, and am looking at buying SFR and applying the BRRRR process much like yourself. If you don't mind I would like to pick your brain to see how the process went with your rental? I will PM you if that works.

@Jonathan McKay Thank you for sharing your thoughts, Good luck with your new properties. 

Hey Spokane Investors!

My name is Sean and I wanted to introduce myself to you. I currently live in Boise, Idaho but have been looking to invest in Spokane and the surrounding area. I was born and raised in Spokane and am currently looking to network a little more. When covid-19 restrictions go away I would love to come up for some meet-ups. I do have some strong contacts in the area due to living in the community for a long time and would love to help others out if they need some connections. 

Enough about me. Everyone knows inventory is tight right now, but has anyone found success or traction in some of the outskirts cities? or even the historically "less desirable" (not intended to be insulting) neighborhoods due to the high demand? 

(Example cities: Deer Park, Cheney, Chewelah, Medical Lake) 

(Example neighborhoods: Hilliard, Nevada Lidgerwood, Otis Orchards) 

@Kevin Stalker I think either of these ideas would be a great way to break into real estate and get the ball rolling for you. Boise is a fantastic market and continues to see some great appreciation. I could be wrong but something you might want to look into is the first time home buyers program might only apply if you are going to occupy the dwelling, not buy it as an "investment" property. If this is the case I would go with your plan #2. Again I am not a mortgage broker so I would consult with one. 

@Lucas Villanueva I think every market is worth investing in depending on what your goals are. If you are trying to buy a SFR or multifamily property for a long term buy and hold your right our price to rent ratio is very large, and cash flow in the traditional sense is not there if that is your goal. However I am hearing appreciation is not projected to slow here anytime soon (maybe someone could back me up with real data). So maybe flipping properties/holding for appreciation makes sense for some people. Another thought while I am rambling is if Boise is trending in the direction of larger west cost markets maybe renting by the room makes sense and could provide solid cash flow, and at the same time provide a affordable solution to those being effected by the rising rent in the area.

I am also considering purchasing through them. I am in the Pacific northwest and I could buy several cash flowing properties with them vs investing so much into one property here. I know that I am not going to see the same appreciation as I would buying in my area but I could get my foot in the door and get some cash flow coming in while looking for a BRRR opportunity in my area.

Hey @Thomas Larsen,

I think you have a solid plan this is a great way to get started. My wife and I did this exact same thing and are house hacking our duplex in Boise. Our market is HOT right now and multi family's are getting harder to find, something to think about if you want to bust out the hammer is look for a property you can add an AUD (Accessory Dwelling Unit) to by converting a garage or part of the house into a rentable unit. I'm not sure if you can keep the unit as a rental when you move out I would have to defer to a professional about that, but it is a good way to reduce your housing expenses. 

Hey @Dolf Al Emara,

I have been a resident of this area for 10+ years, and own 1 rental property here in Boise. Please take what I say with a grain of salt as I would strongly encourage you to reach out to individuals who have kept an eye on this market for years (@Jim Paulson, @Shannon Robnett). 

On paper Mountain Home I believe is part of the Boise MSA but I personally would not consider it. You probably see that it is only a 40 minute drive to Boise, which in some parts of the country might seem like a suburb of the city but here it is not. Even with our rapid growth you can still find an affordable living situation a lot closer to where the jobs are in Boise/Meridian/Nampa. Although the projections say our growth will sprawl that direction towards Mountain Home, we are not there yet. So what I am saying is that if you are going to invest in Mountain Home I would become familiar with their economy which is primarily based around Mountain Home Air Force base, and be comfortable with the returns you get from this area while our 'sprawl" from Boise to Mountain Home is still a few years/decade out. I would encourage you to look more towards Nampa/Caldwell if appreciation is your goal. 

If anyone has an opposing point of view I would like to hear it, as I myself would like to be continually educated on our area.

Sean