All Forum Posts by: Trevor Reilly

You could but when he explains the situation do you think you're walking away free?

If the markets you're looking at seem inflated, which a lot are right now, you could throw in property tax disclosure status into the mix. 

I have some pretty creative lenders in the area if you need some help figuring out financing, feel free to reach out!

Looks great Noah, awesome job! Well deserved return. 

@Wyatt Maa

Hi Wyatt! From what I've seen it's hard to net a cash flow currently investing in Boise until you get into 4+ units and $800k. It's a large barrier to entry for most people, but it's doable. I have an agent I'd happily refer you to if you want to DM me, he's one of the most active Boise REI people I know but he's not on BP. I'm an agent as well, but fairly new to Boise.

There are plenty of good property management options here and vacancy is very very low at the moment. Some might disagree with me but I see Boise as more of an appreciation play from a home value and rental increase stand point.

From everything I’m hearing right now most GCs have quite the list so new construction and light to no cosmetics are the best bet for quick turn around. Take that bit with a grain of salt because I’m primarily investing out of state right now for cash flow purposes.

I hope that helps and let me know if I can be of any assistance!

Seems like a lot of great action in the thread. I just wanted to add in my 2 cents as well. I'm in the Boise market and it's going to be really tough to find a cash flow positive investment around here. Outside of my own residence I'm deploying all of my capital into Indianapolis for the time being and also shopping other mid-west markets as well. Indianapolis just seems to have a really strong investment atmosphere with an ease of entry due to the availability of BP connections. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $125,000
Cash invested: $35,000
Sale price: $235,500

Extensive full home remodel and structural remodel including a new staircase with pantry built underneath. New kitchen layout includes all new cabinets, appliances, quartz counter top and custom sink. All new modern light fixtures with new flooring and carpet throughout. Upstairs nook gives added space for sleeping, or a cozy study area. Mechanical updates include all new electrical wiring, and updated plumbing. New electrical space heaters and ductless mini split for additional heat or cooling

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

We had originally intended to fix it up as a rental, but a lot of life happened along the way and we ended up turning it into a great home for a first time homebuyer.

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

This deal was on the MLS and we were able to negotiate a lower price initially due to the dangerous electrical conditions.

How did you finance this deal?

Hard money loan

How did you add value to the deal?

Completely remodeled this property doing the majority of the work ourselves with some contracting.

What was the outcome?

We listed on 7/21 and set offer reviews for five days later. We reviewed 5 offers and chose the highest and best. We were able to move through all phases without any price reductions from the highest and best offer.

Lessons learned? Challenges?

You can't prepare for everything, but it's a good idea to have back-up plans to your back-up plans. We had some pretty major delays along the way due to some life events and it would've been better to have some contracting contacts for jobs we had planned to do ourselves. If we had done that we could have been much closer to our original 4-6 months time frame.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Chris Ennis was the agent we used to buy the home originally and we had a great time working with him.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $125,000
Cash invested: $35,000
Sale price: $235,500

Extensive full home remodel includes structural remodel of a new staircase with pantry built underneath. Enter the rear of the house into the newly refinished Mud Room off the back door entry. New kitchen layout includes all new cabinets, appliances, quartz counter top and a custom sink. All new modern light fixtures with new flooring and carpet throughout. Upstairs nook gives added space for sleeping, or a cozy study area. Mechanical updates include all new electrical wiring, and updated plumbing. New electrical space heaters and ductless mini split for additional heat or cooling

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

We had originally intended to fix it up as a rental, but a lot of life happened along the way and we ended up turning it into a great home for a first time homebuyer.

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

This deal was on the MLS and we were able to negotiate a lower price initially due to the dangerous electrical conditions.

How did you finance this deal?

Hard money loan

How did you add value to the deal?

Completely remodeled this property doing the majority of the work ourselves with some contracting.

What was the outcome?

We listed on 7/21 and set offer reviews for five days later. We reviewed 5 offers and chose the highest and best. We were able to move through all phases without any price reductions from the highest and best offer.

Lessons learned? Challenges?

You can't prepare for everything, but it's a good idea to have back-up plans to your back-up plans. We had some pretty major delays along the way due to some life events and it would've been better to have some contracting contacts for jobs we had planned to do ourselves. If we had done that we could have been much closer to our original 4-6 months time frame.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Chris Ennis was the agent we used to buy the home originally and we had a great time working with him.

Greetings everyone,

My wife and I are investors up in the Coeur d'Alene area and we've been thinking of investing and even potentially moving to Boise. I was wondering if anyone here had any recommendations for builders specializing in multi-family housing in the area? We're keen on the idea of building a triplex or quadplex. 

I really appreciate any help you all can provide!

Congrats! Any renovations planned or performed? How's it going?