All Forum Posts by: Stephan O'Shaughnessy

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000

House hack! The main house is 3 bed and 2 bath which is rented out for $1000 per month. Converted garage of house to 1 bed 1 bath apartment. We airbnb this apartment in the spring and summer for $60 per day (avg $1500 per month) and then rent to students in the fall and winter for $550 per month. Home is zoned mixed used and located on main street in Rexburg. Has potential to be converted eventually for commercial use.

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

House is all one level which was good at one time for my elderly father. Now we airbnb and rent to students.

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

For sale by owner

How did you finance this deal?

Used HELOC from primary mortgage.

I can help out with your first question:

In Idaho residents get one "50% off" coupon for their property taxes of their primary home.  So for a non residents or for investment properties the tax is essentially doubled.  If you find a listing that says the tax is $2000 a year you'll want to make sure to ask the owner or realtor if that is with or without the exemption.  If the previous owners have the exemption the tax will jump to $4000 the next year.       

Hope that helps!