All Forum Posts by: Joey Banasihan

Hey @Nate McCarthy! Sounds like a cool opportunity and it also sounds like a lot of folks have some good ideas/approaches. There isn't much I can add here except for the local expertise of the Boise area and our sister company property management team get these inquires often from tenants - so we have seen many ways how not to inquire about it and a few good ways haha. It always comes down to understanding the seller(s), building rapport, and then coming to a win-win solution - we do a lot of creative deals, on & off market and each is always unique. 

I'll send you a DM, would be happy to help however we can! 

Hey @John Williams, love this strategy! I think it comes down to your goals and risk threshhold. STR can provide more cash (potentially), but its a high risk high reward strategy - if you invest in the furniture, staging, photos, and management or self manage, there is a lot of time and money invested. Ideally it pays itself back over the next few years and could be great! But if it doesn't work out as you hope, then you take some lost. LTR is stable, slow, and risk is low but potentially not as much cash (right away).

Comes down to what goals you have and your risk threshhold - I have friends in CO springs who do STR and MTR, and works out great - but also have folks who LTR in that area and it pays for them self and it a great way to save money in places like taxes and build equity.

The cool thing is you have multiple strategys and just because you choose one, does not mean you cannot switch to another one - maybe one fits your short term goals and another one helps down the line with long term goals. Real estate is a LONG game and a good way to build wealth through equity. Good luck!

Hey @Ryon Pax! So what is the most important thing for you? Is it cashflow, depreciation, appreciation? Are you not able to make up the difference with the HELOC and the rentals or would you prefer not to? The easiest and straight forward option would be, as you said, to sell the current residence, payoff the HELOC (or most of it) and then get back to saving with your jobs and the rental cashflow. The harder option is to buckle down and pay the down the HELOC slowly, while keeping both appreciating assests. I think it comes back to what is most important to you, it sounds like maybe the velocity of reinvesting again? Definitely not my most helpful post haha but I am sure you will make a decision that is best for you!

Hey @Manos Alimpertis! Looks to me there isn't a lot of room for creativity in SLC based on my understanding of Zoning and Planning. Here in Boise, with the upzoning, any SFH, or duplex/triplex/fourplex, you are allowed to build an ADU on. This has opened up a lot of doors for our investors for the highest and best use. But hopefully you are able to find a great house hacking situation if you end up moving, its a great strategy to leave a trail of rentals behind - just as my wife and I are doing now! Good luck!

Hey @Michael Kaminski! Just sent you a PM, happy to chat more. Like others have stated, this can be a difficult decision as it leans towards more personal/quality of life - we've helped several investors with this question this year, each are uniniquley different. Depending on where you are in the valley, whether Ada/Canyon county, each are going to lend itself to different approaches - whether it be higher market rents, appreciation, etc. Depending on the upgrades and location, that could increase the net profit of the duplex based on current market rents - which could help reduce that monthly payment of your new primary. Depending on how you sell it (on-markert or off-market) could also help mitigate some of those costs.  I am sure you have thought about all of these things as well haha, but would be happy to chat more to give you a localized perspective!  Lets connect soon!

Hey @Christian Hunter!

The strategy you are implementing we like the call the "Holy Grail" of house hacking haha; purchasing a small-multifamily to house hack with a VA are powerful tools, and done correctly can really help kick start and build a great porfolio. Second is partnering with a great lender who can help you navigate including potential rents to help you qualify for more opportunuities. Our past clients have utilized this strategy for their first 2-3 small-multifamilies, and just over 3-4 years have 10-12 rentals doors. Super awesome!

Rooting for you, thank you for your service, and let us know how we can help!

@Robert Zajac, I just sent you a message! Our sister company, Boise Turnkey Property Management would be happy to help!

Hey @Kathryn Bond!

I would definitely say this is house hacking, as you are purchasing and living in a home with the intent of making it a rental. What you are doing is what my wife have been doing, as to why we are also on rental number 3. 

Focusing on areas that will appreciate well is super important, as equity down the line becomes a huge game changer when growing your portfolio. As it was mentioned before, I would reach out to local investors, folks who have property management companies, and find out the market rents, vacanies, and demand for the type of homes you are purchasing. For example, here in Boise a 4/2, 1800sqft+,3 car garage will offer the highest amount of market rent, is the most popular home to rent, highest quality tenants and they average staying there for 4+ years. 

The difficulty is always going to be whats "most comfortable" for your family and what property will provide the highest return/ROE to help build a life of financial freedom for your family. Hopefully this helps and good luck with your next steps!

Hey @Josh Sharp, we use AAD Inspectors for almost all of our inspections. Check them out here, hope this helps!

Hey @Kristin Vegas, I did back in 2020, moved to Boise. Was able to build an ADU in the basement, rent it out, and gained around $150k equity in the process. Cash flow is around $1k due to my low interest rate and MTR strategy. Now I work with the agent team who helped me and help others house hack/invest in this area. Obviously circumstances has changed, cash flow is difficult, but Boise is a more of an equity play right now. Still finding cash flowing properties, but it takes more work and willingess from buyers to make some comprimises. Just remember, wherever you go, it still comes down to making sacrifices, remembering this is a 10 year process not a quick fix, and being solid with your everyday budget and goals and living below your means; boring but effective. Good luck!