Beautifully well kept 4-plex with a large paved parking area. Two of the upper units have open vaulted ceiling layouts. Each unit has washer dryer amenities along with a deck/patio area. Very happy & proud to have this as my first investment property.

What made you interested in investing in this type of deal?

It started out as an idea after being introduced to the thought of building equity over time while letting others pay your mortgage. Later I found that if you do it properly then you can actually make money on top of that for your next investment.

How did you find this deal and how did you negotiate it?

I'm a licensed realtor in the state of Alaska. I learned to negotiate through one of the more successful realtors in Anchorage. Proper knowledge of comps, calculating net CAP rates, expenses, and rents are crucial when purchasing an investment property.

How did you finance this deal?

I used a mortgage loan broker who found a great package that fit my needs.

How did you add value to the deal?

I added value during the purchase of the property. I was able to successfully negotiate a new pipes, water heater, front porch, etc.

What was the outcome?

Realistically, I only put down my original $5,000 in earnest money and at closing I received $5,662 (excluding $3,950 in security deposits) since I used my commission as a down payment on this deal. This means that I actually got paid $662 to purchase this property. Also because I close this deal on 02/05, this means that I can collect rents until 04/01 without a mortgage payment.

Lessons learned? Challenges?

Only challenge was that I had planned a trip prior to closing and that made it difficult to get everything prepared for the transferring utilities, preparing intro letters, etc.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes! I represented myself on this deal and was able to negotiate this property down from $575,000 to $547,500 with $13,500 in closing costs covered by the seller (MLS Market Property Btw - bonus points right? 😆). If you're interested in investing in Alaska then feel free to message me!