My First House Hack in Anchorage

[Tyler Cobb]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $369,000
Cash invested: $12,915

Estate sale that the new owner wanted to get rid of. After submitting my offer and was under contract, there was a fire that destroyed the utility room. Also, the old tenants destoyed their units.

This though provided great leverage to me to get almost $30,000 worth of free upgrades and renovations on the property!

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

I wanted to get a nice property with little money down.

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

Through my Real Estate Agent, we put an escalation clause in the contract to beat out any bids by $500 at a time.

How did you finance this deal?

FHA, 3.5% down

How did you add value to the deal?

Like i said in the description, the value add came through the unfortunate fire that occurred.

What was the outcome?

A great rental that i have over $50,000 worth of equity in right off the bat and i cashflow about $500 a month pure cashflow.

Lessons learned? Challenges?

Patience is key when looking for a great deal, but don't be afraid to pounc.

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

I worked with my agent, Jamie Rose, in Anchorage AK. He was awesome and provided so much insight on investing in this market.

[Keenan Fitzpatrick]

@Tyler Cobb sweet deal! You don’t get instant equity like that very often! Jamie Rose is one of the best!

[Chris S.]

Nice! Gotta agree with Keenan. Jamie is a good guy and that's a nice deal! House hacking up here is def a great way to start. Hell, pretty much all of us probably did. I know that's how I started. 

[Chris Morris]

Congratulations! What part of town did you buy in? I'm on the hunt for something similar in Anchorage and trying to find that great deal that will work for me.

[Tyler Cobb]

@Chris Morris I bought in the Muldoon area