All Forum Posts by: Jason Borgstede

Sure Jeremy, What details can i provide for you? I am just starting to look at this and want to have a good idea of how to approach the seller when I meet with him. 

Thank you Hattie. 

Do you know what a typical option fee would be? Is there a standard percentage that is used or are you just trying to figure out what the least they will take to hold on to it for?

I am basically looking at figuring out if there is some sort of appealing way to use the sellers current business as the option. 

Perhaps I can put the downpayment in place to begin the deal. Then if I let him continue to run his business on the property until I need it that will serve as somewhat of an option. When I need the property the deal can resume with payments starting at that point. 

I am looking at a property in Anchorage Alaska. Its a commercial property that I want to start a business in. The property is approximately $500k. I am selling a property in CA and should realize a profit of approximately $200k. I plan to open my business in 9-12 months. The current owner also runs a business on the property. I want to secure the property because it's an ideal location for my business. From what I am told the owner maybe open to owner financing. 

The problem I am facing is that it doesn't make sense for me, as well as not having the funds, to purchase the property now and make mortgage payments on it for 9 months while having no income from it. I also need as much of my $200k ( assuming that house will sell in the near future) as possible for inventory and business expenses. 

I'm looking for creative approaches to secure the property now without having to pay the mortgage for the months I wont be using it. Perhaps allowing him to keep running his business for those 9 months while I put a down payment to secure the purchase at a later date? Can I construct a plan (that sounds reasonable to the seller) where I put the money down and become his landlord for the 9 months, hoping to cover the payments to him while still making a profit? These are the beginning ideas running through my head but I would like to hear from some of you with experience on the matter. 

I am at the start of inquiry on this property so I don't know much beyond the basics I've mentioned. If you have any questions then I will try to find answers asap. Thanks for you help. 

That is always an option but I feel like that would really give up a lot of the value in the home.

I hope this is the correct forum to ask this question in. If not then mods can direct me and I will repost.

I bought a home in Truckee, CA in 2000. The home is 3/2, 1280 sqft, 2 car garage, corner lot, 1978 ranch. The home was totally remodeled in 2008 ( new windows, doors, sliding glass doors, deck, wall retexture, tile and wood flooring, carpets in bedrooms, paint, cabinets, bathrooms tiled, shower tiled, new vanities, new kitchen cabinets, granite tile counters, light fixtures, forced air unit installed, new appliances, everything. Also a new roof was installed 2010. I currently have a tenant that has been in the home about a year and a half. I had hoped to see property values come back up while having a renter but with property management ( i live in alaska) I fall short about $150 a month.

I am interested in selling the house and the best time to sell, for this area, is before the fall. However I have a lease until September 30th. I would like to sell the house to fund the start of a business as well as more investing in Alaska.

Does anyone have advice on how to approach the subject with the tenant? My concerns are having to put a contingency on the sale that new owners can't move in until Oct 1, while not scaring a good tenant out and then not having the property sell. I understand I'm looking for a fail safe plan when there rarely is one but I'm hoping that the experience of BP'ers might enlighten me.

Also, I am not totally opposed to trying to keep the property but even with raising the rent (hoping that wont drive out the tenant) I am looking to break even each month and that's if nothing goes wrong with a 36 year old house.

I'm sorry this is long winded, I just wanted to cover as many bases as I could think of, though im sure i missed a ton.

Thanks for reading.

Roy, thanks for the quick reply. My mom bought the place around 1989/90. It is currently paid off free and clear. The real decision comes with the wanting to be landlords question. My mom is getting within a couple years of retiring. The income from the property will be nice for her but the headache of tenants isn't so nice. She is emotional about the property so its tough for her when it gets damaged. Here are the thoughts on the property:

1. She wants to buy a house in Anchorage and is worried she will use up all her money to renovate the ER house or that a loan on the ER house will not enable her to qualify for a new home.

2. Age old debate of how much to put into the renovation to continue to rent it vs selling it.

3. How deep do we go into renovation to see the best return?

4. Thoughts on funding the renovation. HELOC is one of the only ways I know of because I'm not well versed on the subject.

Thanks again and please don't hesitate to throw out any info.

Hi everyone. So my mom just had her previous tenant leave her rental unit. It is a zero lot line in Eagle River. Approximately 2084 sqft, 2.75 baths, and 3 bedrooms. We are in a situation where the house needs a number of repairs as well as a lot of updating. Work would/may include vanity replacement, tub replacement (jacuzzi tub), wall/ceiling retexturing, kitchen cabinet and counter replacement, tile work, trim, sink replacement, possibly some minor plumbing rerouting.

We are looking for someone or suggestions of someone competent, reliable, and timely (isnt everyone?).

Personally I am also looking for ideas or just links to posts about determining whether selling or continuing to rent is the smarter choice for the unit.

Thanks so much. This is something very tough for my mom and so I'm trying to step in and take some of the workload and pressure off her plate.

Welcome. I am a new member also in Alaska. Perhaps as the numbers of us grow we can start to set up a get together for all of us.

Roy and Christina seem to be very active and knowledgeable concerning the AK market. They also seem very open to communicating with members.

A side question Christina, I had a KW realtor tell me that wholesaling in AK was either illegal or would soon be illegal. Any thoughts or comments on that?

Hello everyone,

My name is Jason. My girlfriend Kelly and I are recent but huge fans of the podcast and have come to join the forums. I know from my poker days what a huge help forums can be (twoplustwo poker forums). We are using the forums, podcasts, and books, along with talking to realtors, mortgage brokers and who ever else will talk to us to get our education moving forward.

We are interested mainly in trying to get into a tri or fourplex to start with the goal of accumulating more rental units. We are open to all areas of investing but the multi-family home just seems like the most accessible starting point as the information starts to flood in.

We have lots of questions but just wanted to introduce ourselves with this first post. Hope to meet and speak to many of you in the near future.

Jason