Quote from @Bonnie Low:
I appreciate your enthusiasm and admire your work ethic! You're talking about going very big with your first property via the multi family or multi-unit new build route. Do you have any experience with building or project managing a new build? I'm skeptical you could do a 4-plex for $775k all in, particularly if you're building in Alaska where everything is much more expensive - from materials to labor. It's also a lot of risk if you don't have relationships with builders and other trades and understand how to navigate the local permit process. It can be done. Just proceed with caution. You might also consider buying something more turnkey for your first project. There's a huge learning curve in the build process itself and then adding on self managing and breaking into the hospitality space on top of that. You might want to limit the number of variables you tackle to begin with.
Hi Bonnie thank you for your response, so this new build actually is already in plan to be built but pending for until they find a buyer. They have priced this 4plex to sell for 775k with maybe couple extra thousand in case the welling is deeper than anticipated or if i decide to use better finishes. The builders who are assigned are good builders and my friend who recently just bought one of these 4plexes in the neighborhood said his experience was good. From what i’m seeing in the market here now is in most cases it’s actually cheaper to build than to buy which is crazy.
You got it right Alaska is very expensive and it's hard to find a deal where it makes sense with such high labor costs it's insane. Even trying to do the BRRRR is hard and takes a lot more work to find the right deal. unless i do the work myself which i am willing to.
I am young and quite new to the REI space but for the last several years i have consumed RE knowledge daily thru a couple trusted sources. i understand what im trying to do is definitely no easy task but with immigrant parents i was raised to work hard so i will adapt to whatever is necessary.
My concern is, is this the correct path i should take in order to reach my goal of 100k a month in cash flow by 30? i want to make sure i am using my money in the most efficient way. but i do not want to get stuck in analysis paralysis so i just need to rip the bandaid and go from there. I can save money very fast considering i live a very frugal life and work a lot. considering how expensive AK is i will definitely have to divert and explore the lower 48 market at some point in which i have a few in mind already.
it seems you specialize in MTR do you have any tips for me? btw the 4plex will be 25min away from the nearest hospital so little further than i would like so idk how well it will do for nurses?but it will be close to construction areas as this part of town a lot of work is happening.
