Alaskan/Wash Investor

[Jim Green]

Hi everyone, I'm Jim, currently living in Juneau, AK. I have had a few small rental properties in Alaska and can do simple repairs and painting. I'm thinking of buying long term apartment buildings to set myself up with a retirement income. I am interested in the Washington/Oregon area as I have relatives there and would live part time in the area. I've seen a brick wall apartment building with 8 -2 bed units that I like, it was built in the 60s. I wanted to quiz the members about a few things: If there is no insulation and the tenants pay for electric heat, is it worthwhile to include insulation costs for attic and floor in the initial loan? If they already have market rents, how else can I increase value? I'm thinking of more landscaping but that requires maintenance. Currently it is lawn and big trees and attractive, but pretty plain between the units. Last is how to get the finances to pencil out? I'm looking at a 25% DP and 5% fixed for a 15 year commercial loan. It seems crazy that residential loans are 3.25 for the same product and residents don't even have a rental stream. So the NOI barely covers the loan at 5%, but the other properties I looked at had even worse numbers . Any thoughts on cheaper financing?