Are you looking to get into real estate investment? It's easy to see why this is becoming an increasingly popular option for many people in the US. The average salary of a property investor ranges between $70,000 and $125,000, and that's in addition to any other income they may be making.
But sometimes getting your foot in the door can be the trickiest part. Choosing where your first investment property will be located is an important decision.
If you're looking for guidance on this topic, you've come to the right place. Read on for a guide to investment property in Idaho to help you choose the perfect property investment.
Choosing the Perfect Investment Property
There are a few factors you'll need to consider when you're picking a property to invest in. The first is the type of real estate investment you want to make. Do you want to flip a house, rent out a residential unit, or develop a plot of land?
Something else you'll need to determine which will influence many of your decisions is how much money you're able to spend on this investment. Once you've figured out both of these factors, you'll have a clearer picture of the kinds of locations you should be looking in. Luckily, Idaho is a great state filled with investment opportunities of all kinds.
As the capital city of Idaho, Boise is an obvious choice for investment. It's got a population of almost 750,000—a great pool of potential renters. One survey even found it to be the most promising city in the US in terms of real estate.
It's not difficult to see why. Boise has the advantage of being a quick-growing city, and it also ranks highly as a great place to live for millennials. All of these factors come together to make Boise a unique location that would be perfect for almost any type of real estate investment.
As the fifth-largest city in Idaho, Pocatello has a lot to offer. Pocatello has a rich culture and history and all the conveniences of a large metropolitan area but without the big city price tag. A home here will set you back an average price of $154,000.
The area has positive job prospects, with the FBI having recently opened a new data canter there. All in all, if you're looking to become a residential landlord, Pocatello is a great place to do so.
Meridian is the second-largest city in Idaho, and it's also one of the fastest-growing. It's got a total population of a little over 770,000, and it's got a strong and robust economy. For these reasons, Meridian would be a great place to look into commercial space leasing or potentially residential unit renting.
Picking the Best Investment Property in Idaho
We hope this guide has opened your eyes to some of the amazing and attractive types of investment property in Idaho. If you're looking for further guidance on this topic, we'd be more than happy to advise.
Don't hesitate to get in touch with a member of our team today.