All Forum Posts by: Brian Christopherson

Welcome to Alaska! I don't have a ton to add beyond what has already been said, but saw you were from Orem, and since I grew up there I couldn't help but say hello! I'll actually be down that way (utah valley area) this week, if you want to chat about AK let me know and maybe we can meet up

Investment Info:

Single-family residence buy & hold investment in Wasilla.

Purchase price: $274,000
Cash invested: $10,000

We learned from our last mistake and bought a foreclosure in a much nicer area. The house had been flooded, so there was some minor mold remediation that had to take place, and the house interior colors were purple on purple on purple, so paint was a must.

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

We wanted to get out of our old area and into a house that we couldn't over improve.

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

We found this as a random last stop on a drive looking at properties. It was bank owned, so most of the negotiations was in the form of finding financing that would fit our round peg in their square hole

How did you finance this deal?

After some difficulty in finding financing we finally found out about the VA renovation loan. It allowed us to finance the purchase cost plus about $40k in initial rehab costs

How did you add value to the deal?

So far we have put in all ne flooring, painted interior, replaced a sliding door with a oversized exterior swing french door, and started on landscaping. On the list is all new lawn, exterior paint, a detached garage, full bathroom remodels and counter and cabinets in the kitchen. hoping to sale it for $450k or more

Lessons learned? Challenges?

So far the biggest challenge has been the VA Reno loan. Biggest lesson in that was don't buy down a loan if there is even a reasonable chance you will be refinancing

Investment Info:

Single-family residence buy & hold investment in Wasilla.

Purchase price: $164,000
Cash invested: $1

1900 sqft Bi level split
3 bd
1.5 bath

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

This was our first home. We had been renting in Anchorage, and when we went to purchase we couldn't afford anymore than what we were currently living in. So me moved to a smaller area and got a much better deal for our money.

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

This was just a traditional home hunt. Most of the negotiating on this purchase was with my wife. I wanted either a major fixer upper, or a multi family. My wife was done living in an apartment and wanted someplace finished enough to be safe for our 1 year old to be crawling around in

How did you finance this deal?

Traditional VA

How did you add value to the deal?

We improved this one greatly over the years.. really to much. when we went to sell it a few years ago what I wanted for it and what the market would support were not the same thing. so we refinanced it off my VA and into a conventional cash out loan and turned it into a rental. we will likely sell it within our 5 year window, but we'll see. its currently cash flowing about $500 a month

What was the outcome?

TBD...

Lessons learned? Challenges?

Biggest Lesson on this was not to over improve a property. To be fair we did what we did to the house so that it was a better place for us to live, but at the end of the day, the outcome was the same

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

We worked with Les Bailey and assoc. on this deal. I would be happy to do a deal with them again

Investment Info:

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

Purchase price: $365,000
Cash invested: $5,000

Older 4 plex (1983)
3 2bd
1 3bd
on site pay washer dryer

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

I found out that I could use my VA more than once, and that fast tracked my long term interest in investment properties

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

We had been looking earlier for a 4plex without much luck, and had put it on the back burner temporarily. My agent happened onto this one several months later, and we jumped on it. Not much in the way of negotiating on this one. The price was where we needed it to be, and I liked the location.

How did you finance this deal?

This was a VA deal

How did you add value to the deal?

We have since started to do some improvements, but still a work in progress

Lessons learned? Challenges?

Older units always need repairs, and the remodels I'd like to do to make it nice don't make financial sense, so long term we will probably have to sell it and get into one at a better LTV

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

We used Amanda Charles who was fantastic.

Investment Info:

Office Space private money loan investment in Wasilla.

Purchase price: $375,000
Cash invested: $25,000

4000 sqft combination office and shop. Office area has a reception, 2 private offices a bathroom and kitchen. Shop area is a drive through style with overhead doors at either end. Also has a 900 SQFT efficiency apartment upstairs that could be converted into additional office space if needed

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

Got tired of renting shop space for my business, and needed to expand anyway

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

I had interest in the building previously, but couldn't come up with financing quickly enough to buy. When it came up for sale again with newer remodels I was ready. I knew the owner reasonably well, so we were able to negotiate a lease to own deal with him where a 100% of the payments were applied to the loan while my father sold a lot for substantial profit, and 1031 exchanged it for the bulk of the remaining purchase price

How did you finance this deal?

It is currently financed through my father, but we are looking at maybe refinancing into a more standard commercial loan and re using his money on future deals

How did you add value to the deal?

Mostly all we have done is a few minor remodels, although I have a larger renovation in the plans for a couple years from now

What was the outcome?

We have a great office and shop space on semi-permanent lease to my company

Lessons learned? Challenges?

Our biggest challenge outside of the initial negotiation has been trying to nail down a family member to specific detail involving lent money

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

This deal was done completely in house