All Forum Posts by: Trevor Greene

Hi Tyler, my partner Kyle and I also own a few here in Boise. Always interested in meeting up and getting to know more people who are in the same boat

Hi Eric, congrats on you finishing your time and moving on to the next thing.

My partner and I are both vets, and own some multifamilies in Boise. Very, very competitive market. I am laughing at some of the asking prices on 4plexes and they are off market within days.

I also have my eyes on Caldwell/Nampa. Send me a message and let me know when you are around for a beer. Always good to meet more like minded people.

Thanks for the notification.

We don't charge extra for application fees because we think it is bad practice. We don't want to sell our reputation for a few extra dollars on the backs of hopeful consumers who we already know won't be a good fit. However, those decisions are the business of the individuals entering into voluntary agreements.

There surely is a strong trend to legislate away the ability to make decisions for oneself. Not too thrilled that it is seeping into Idaho.

Rental market here has been very competitive. We have raised rents on our duplex and 4-plex between 10-15% on the leases that we have signed in the last 6 months - but some of that was because the 4-plex we bought in May was occupied and the existing rates were a bit below market when they were signed in 2019/early 2020.

Its going to be hard to find something that can cash-flow off the bat. Anything on MLS that I am seeing has 4-5% advertised cap rates that fall apart quickly once you do a bit of due diligence. Consensus looks to be expecting further appreciation so it is being priced in aggressively and plenty have been buying.

If you are looking for management, feel free send a message and I'd enjoy discussing who we are / how we are different and why I think we are better.

Trevor

Wow Lucas, not bad. Have any pictures of the work you did?

FWIW Tanner, over the last year or two I have checked out a few Class B apartments being built up along State Road maybe a mile away to the NW towards Eagle. Cookie cutter with pretty sloppy finishes from what we could tell - slapped together. Their offered pro formas had 6-7.5% cap rates if I am remembering correctly, but the assumptions were laughable.

This is not my area of expertise but I would say you'd likely be looking in the 3.5-4.5% range. I'd be interested to hear what others have to say.

Consensus from those around me (builders, agents, investors) is that there is no reason to expect Boise to cool off too much anytime soon. Projections I have seen are anywhere from 6-12% growth YoY. Remove covid pressures and the underlying figures are still enough to drive interest here - relative job growth, stable state government, beauty/outdoors, proximity to those fleeing the West Coast.

If you want to optimize cash-flow and are able to invest in other markets, there are much better alternatives for that. If you want to invest in Boise and are trying to time the market in expectation of a significant correction, that is a gamble. You might be right, but you also might catch higher interest rates that will negate that win. I am not in a position to give any sort of advice. We've been too busy with our property management company (good problem to have) for me to have the free time to go off pretending I am smarter than I am and looking up mortgage delinquency rates / forecasting Federal intervention, etc. I am long Boise, so my opinion (which you should take with large grain of salt) is that if you are ready to put some roots into Boise, I would neither panic buy nor hold off.

Hi Larrian, welcome to BP and soon to Idaho. I left the Navy in 2018 and have moved here to work with an old friend on his properties/Property Management company. He is also a vet, and used his GI home loan this year on a very solid 4plex here in Boise. It really is an excellent resource that too many of us take for granted and don't put to work.

And as others have said - be prepared to move fast. I have only seen a few interesting multifamily properties in the last few months and they are gone very quickly.

Has anything caught your eye in Mountain Home?

Hi Taylor and Brandon, we have some multi-families in Boise and are looking for more. We love it here and it is an interesting market.

-Trevor

I would add in here that you should look into what the PM is charging the tenants. We just took over a 4Plex and even though rents in that neighborhood were up 20% that year, they had just signed some tenants well below the other units and below market (800 when they easily could have done 950). Why? Because they don't care about the 8% of that $150 difference, they were making money charging ludicrous move in fees. Not only might they have been chasing away the best tenants who might have been scared off by those fees, but they were incentivized to get somebody in at any rate - not the best rate for their clients.