Trying to Purchase My First Property

[Hans Rodvik]

Hi everyone,

I've been on BiggerPockets now for a few months  and realized I should finally make a post. I'm a lifelong Alaskan, born and raised in Anchorage. Currently I am working full time in Anchorage (and I also commercial fish in Bristol Bay) and am attempting to buy my first property. 

After running the numbers on duplexes, triplexes and fourplexes I've come to the conclusion that I'd like to purchase a fourplex. My reason being is that I intend to owner occupy, and rent out the other units. A fourplex is the only multifamily property that I can get into currently that will allow me to nearly live for free (or under $500 per month in expenses - mortgage, utilities, taxes, maintenance, capex, etc.). I intend to use an FHA loan for those who are wondering.

I've been in the hunt now for a few months pretty heavily. I'm working with a great agent in town who specializes in multifamily properties. I'd like to find a property in the SW or SE part of town. Given that I'll be living in this property I do not want to buy in Mountain View, Fairview, Russian Jack, and certain parts of Muldoon. I have not yet found a property that I've been wild about...it seems like not much multifamily inventory is hitting the market these days. 

What I'm really looking for is advice on what other investors in town are doing given the current state of our economy (recession), the unstable fiscal climate at the state government and loss of oil jobs which are now spilling into the broader economy. Are people holding back, looking for deals, selling out? Should I hunker down and continue to save, and wait until the market really bottoms out? Is the multifamily market bottoming out or staying strong? 

Likewise, I'd love to connect with anyone who knows of fourplexes for sale that aren't on the market, or who knows anyone with a fourplex in the SW or SE part of town that may be reaching a point in their life where they'd like to sell.

I'd love to hear any advice you all have for a guy like myself looking to get into the real estate investing game! Financing strategies, buying strategies, land lording strategies, etc. I'd love to pick people's brains who have experience in our market with multifamily properties. I'm game to get coffee with any who is up for it. 

See you all around the site!

Thanks,

Hans Rodvik