All Forum Posts by: Vance Corich

I am a new investor looking for advice or helpful criticism of my abilities. I live in Colorado, but am looking for rental properties in Idaho. I chose Idaho because the population there is growing (1.08% growth) even more than Colorado (1.66% growth), according to my research. Additionally, the average house price is about 100,000 dollars lower in Idaho, which helps make the properties more affordable for me. I have good credit, but almost nothing in assets or cash, so if I apply for a mortgage, I don't qualify for Denver house costs. Anyway, I want to invest in Idaho, because with a population increase, I'm hoping there is steady demand for rentals. The agent I have been talking to has several properties in the area and says he can fill a rental in a few days. The area seems promising, but here is what I found about the house!

1462 square foot 4 bedroom 2.5 bath SFH listed for $154,900

Aside from minor cosmetic damage, there is supposed to be no damage to the property. (we will see if I have the house inspected)

$1220/yr property taxes

Automatic sprinkler service

.150 acres

built in 1922

no HOA

similar properties rent for 1200- 1300

I made a spreadsheet based off of Frank Gallinelli's calculations in his book about RE investing cash flow.

The utilities are based on the average use in Idaho. The "cash in" figure has a 2% vacancy discount. Am I missing anything? I want to mitigate risk as much as possible, but since I'm new, I may not now exactly what the right questions are to ask. I will ask how old the water heater and furnace are, as well as the last time the roof was redone, but I don't exactly know what else to find out. Any suggestions, or anybody have experience in Idaho?