How To Get Passive Income Through Real Estate Investing in Boise

agentoperations • Jan 18, 2022

There are two types of investors in the investing world: active and passive. An active investor owns investments and manages the properties, finds tenants, hires professionals for repairs and projects, and collects rent. With all those tasks, it’s likely to be a full-time job. A passive investor doesn’t require as many intense and repetitive tasks as an active investor. Instead, they fund the investment then outsource for the property tasks. If you want to be a passive real estate investor, here’s how to get passive income through real estate investing in Boise. 

Step 1: Assess Your Finances

The first step is doing a financial analysis of what you have saved and still need to save. This is the time to budget out how much investing will cost you. What’s the maximum amount you can pay for a house? Are you paying in all cash or taking out a loan? How much of a down payment will you put down? Do you have enough saved for emergencies? Do you want to buy a property that’s move-in ready or do you want to remodel? All of these are crucial questions to ask yourself before making a big financial purchase like investing in property. 

Step 2: Create Your Goals for Real Estate Investing

Now that you’re financially stable or have a path planned out for it, you can move forward to your goals. With passive income, it usually implies the property will be a long-term investment so create goals that match the long term. Will the property be used for short-term or long-term rentals? When do you want to pay off the mortgage? Or if it’s already paid off because you paid all cash for the property, how much money do you want to make off the property in one year, three, five, and ten? All these questions are S.M.A.R.T goals: specific, measurable, attainable, realistic, and time-bound. 

Step 3: Hire A REALTOR® for Real Estate Investing

Now that you’re clear on your finances and goals, you can look for properties. The most effective use of your time and money is to hire a REALTOR® and one familiar with buying investment properties for clients. At Boise Turnkey Properties , we work with each investor individually to find properties that meet their criteria and negotiate a great deal on their behalf. This means doing the research on the location, price, area surrounding the location, and more. 

Step 4: Hire A Property Management Company

Once you close on the property, it’s time to turn that investment into a profit. The quickest way to do that is by hiring a property management company. The company will market your property, find tenants, maintain the property, collect rent, etc. A benefit of working with Boise Turkey is having access to our sister company, CohesionProperties.com , which will screen, place, and manage high-quality tenants for you. 

If you’re ready to make some passive income and get into the Boise real estate investing industry, contact us! We make investing fun, attainable, and easy. Call (208) 957-0870 or email Info@BoiseTurnkey.com. 

5 Best Things to do in Boise during the Spring

10 Apr, 2024
Springtime in Boise, Idaho, brings a burst of life and color after the winter chill. With its mild temperatures and beautiful landscapes, there are plenty of activities to enjoy during this vibrant season. Here are the five best things to do in Boise, Idaho, during the spring:

What to do on a day trip to Boise

10 Apr, 2024
Itching to get away? Ready for an pre-summer, much needed vacation? We have a solution: go on a day-trip staycation to feel like a tourist in your hometown. Many of our clients, friends, and neighbors have recently moved to the great city of Boise, Idaho. However, when we move cross country (and during a pandemic!) it's easy to miss some of Boise's best spots. Here's how we would plan the day, if we were you.

Five Things you HAVE to know about Credit Scores and Real Estate Investing

10 Apr, 2024
Are you considering dipping your toes into the world of real estate investing? Whether you're eyeing residential properties for rental income or looking to flip houses for profit, understanding the role of credit scores is paramount. At Boise Turnkey, we believe that arming yourself with knowledge about credit scores can be a game-changer in your real estate investment journey. So, let's dive in and explore everything you need to know about credit scores in real estate investing.

11 Tips for Finishing Your Unfinished Basement

10 Apr, 2024
Finishing an unfinished basement can significantly increase the usable space in your home and add value to your property! Here's a step-by-step guide on how to finish an unfinished basement:

Scaling Your Real Estate Portfolio: From 1 Rental Property to 10 with the BRRRR Method

06 Dec, 2023
Are you a savvy real estate investor looking to level up your game and rapidly grow your rental property portfolio? If so, the BRRRR method might just be the key to unlocking your next level of success. BRRRR, which stands for Buy, Rehab, Rent, Refinance, and Repeat, is a powerful strategy that allows investors to recycle their capital and build a substantial real estate empire. In this blog post, we'll explore how you can use the BRRRR method to go from owning one rental property to an impressive portfolio of 10.

Top 10 Things to Do for the Holidays in Boise, Idaho

10 Nov, 2023
The Treasure Valley goes all out for Christmas. From ice skating, to decorations, to simply enjoying the snow and the cozy time together with our families, we at Boise Turnkey wait all year long for the joy that the holiday season brings in Boise. For this month's blog, here's our top 10 best things to do to celebrate the holidays in Boise! Whether you're new to Boise, thinking about moving to the valley, or are just looking for something new to do this year, this blog is for you!

9 Steps for Preparing Your Finances for Real Estate Investing Success

06 Oct, 2023
Investing in real estate can be a lucrative endeavor, but it's not something you should dive into blind, without proper financial preparation. Just like any other investment, real estate requires careful planning and a solid financial foundation to ensure long-term success. At BoiseTurnkey, we're determined to help you invest no matter where you're at! Here's a place to start, so you can confidently step into the world of real estate investment: Assess Your Current Financial Situation Before you embark on your real estate investment journey, it's crucial to have a clear, realistic understanding of your current financial situation. Start by taking a close look at your income, expenses, debts, and assets. Create a detailed budget to gain insight into your monthly cash flow. This will help you determine how much money you can comfortably allocate to real estate investments without jeopardizing your current financial stability. Set Clear Financial Goals What do you hope to achieve with your real estate investments? Are you looking for passive income, long-term capital appreciation, or a combination of both? Setting clear financial goals is essential to guide your investment decisions. Knowing your objectives will help you choose the right real estate opportunities and create strategies to achieve them. Build an Emergency Fund Real estate investments can come with unexpected expenses, such as repairs or vacancies. It's essential to build an emergency fund now to cover these unforeseen costs, without compromising your investment or your personal finances. Aim to save at least three to six months of living expenses in your emergency fund. Reduce High-Interest Debt High-interest debt, such as credit card balances, can be a significant barrier to real estate investment success. Before you start investing, paying down those high-interest debts. Reducing your debt load will free up more funds for investment and improve your overall financial health! Improve Your Credit Score When it comes to real estate investing, a healthy credit score is crucial. Lenders use your credit score to assess your creditworthiness and determine the interest rates you'll qualify for. Review your credit report, correct any errors, and take steps to improve your credit score by paying bills on time and reducing credit card balances. Create a Realistic Investment Budget Once you've assessed your financial situation and set clear goals, create a realistic investment budget. Determine how much you can comfortably invest in real estate without straining your finances. Remember to factor in not only the purchase price of properties but also ongoing expenses like property taxes, insurance, maintenance, and property management fees. Explore Financing Options Real estate investments often require significant capital, but you don't need to have all the money upfront. Explore various financing options , such as mortgages, loans, or partnerships with other investors . Choose the financing method that aligns with your financial goals and risk tolerance. At BTK, we have clients that use a variety of investing methods, and we'd love to talk you through all your options for financing. Diversify Your Investments While real estate can be a valuable addition to your investment portfolio, it's important not to put all your eggs in one basket. Diversify your investments across different asset classes to reduce risk. Real estate should complement your overall investment strategy, not dominate it. Continuously Educate Yourself Real estate is a dynamic field, and market conditions can change rapidly. To make informed investment decisions, commit to ongoing education. Attend seminars, read books, and stay updated on market trends and regulations. Knowledge is a valuable tool for successful real estate investing. Click here for a free, up-to-date Guide to Real Estate Investing in Boise! In conclusion, getting your finances in order is the first step toward a successful real estate investment journey. Take the time to assess your financial situation, set clear goals, and build a strong financial foundation. With careful planning and a well-thought-out strategy, you can confidently enter the world of real estate investment and work towards achieving your financial dreams.

House Flipping 101: 10 Things You Need To Know

09 Sep, 2023
Once you've been with Boise TurnKey for about five minutes, you know we are passionate about BRRRR Real Estate Investing. The first R is for Rehab (and all the terms that encompass the reality of taking an old, outdated, or simply gross house and making it a beautiful home.) Also known as house flipping, it's gained immense popularity in recent years as an enticing way to generate passive income through strategic investments. In this guide, we'll take you through the 5 Step basics of house flipping, and leave you with 5 tips for flipping success, providing you with a solid foundation to embark on your journey towards a successful BRRRR investment.

5 Steps (and Tips!) For Your First BRRRR

26 Jul, 2023
At Boise TurnKey, we’ve been BRRRRing before it had a name. While there are many ways to invest in real estate, BRRRR is the simplest way to get started with limited funds and resources. BRRRR is an acronym that stands for Buy, Rehab, Rent, Refinance and Repeat.  Is this your first rodeo? Don't think twice about it–we've put together an overview of the basics to get you on your way.

The 5 Best Things to Do in Boise: Summer

07 Jul, 2023
Warm air. Long nights. Seeing the city alive well after dark. Running around with friends and family just for fun. Sunscreen, pool time, and ice cream. Soaking up every possible moment outdoors.  Here at Boise Turnkey, summer is kind of a big deal. There are so many things to see and do, and we think everyone deserves a chance to enjoy the city of trees during its warmest months. Some might think going out of state is the best option for their summer vacation, but we’re here to argue otherwise! Need some convincing? We created a list of The 5 Best Things to Do in Boise in the Summer. Let’s dive in!
More Posts
Share by: