All Forum Posts by: Chris Morris

Anyone currently doing flips in Anchorage? I would be interested in seeing how someone with experience evaluates a property in this market and maybe tag along with someone who is viewing a potential new purchase? Or just sit down for coffee and talk real estate?

Thank you.

I will be closing on my first rental property on the 1st of February on an occupied duplex. This is sooner than we expected but the opportunity arrived so I would like to take advantage of the extra income. I have not been in contact with current tenants yet, which I am realizing may have been a mistake. We going to be owner occupying and managing in March and would like to have the tenants in unit A sign a 1 year lease if they a clear application process. The previous owner has told us both tenants have always paid on time, but their current lease has surpassed its end date and they are on month to month basis because no other written agreement was made. My current plan for notifying the tenants is as follow:

1. Call both tenants as soon as I get their contact information from my agent and verbally introduce myself and discuss the situation/their plans.
2. Inform occupants in Unit B that I will honor the pervious owner’s month to month agreement through February and would like a rental application filled out for a 1 year lease to start on March 1st.
3. Inform occupants in Unit A that I will honor the previous owner’s month to month agreement for the month February but unfortunately, we will be occupying the unit on March 1st.
4. Mail occupants in Unit B an introduction letter, lease application and lease agreement for 1 years. Along with 1 month agreement that covers February stating we will continue the terms and agreement by previous owner.
5. Mail occupants in Unit A an introduction letter and a 1 month agreement that covers February. Along with a notice stating we will no longer be continuing their lease and they expected to move by March 1st.
6. After closing on the 1st of February meet with tenants face to face to introduce myself again and collect the agreements and lease application.

Is this a good approach?

Am I missing anything that should be included?

Would having both occupants sign an agreement that states something like: “we are continuing the original agreement with the previous owner for a month to month lease in February. You are notified payments for the month of February are to be sent to….” Cover me through the month?

Thank you!

I live in an expensive area and places are going very quickly. It has been hard to find anything on market that would meet 70% rule and I think I am okay with that if I can house hack in order to get my monthly rent cost down. However, I don't see how I could get my upfront cost back after refinancing in 1 year, which concerns me because I want to buy again next year.

This up/down duplex has been on the market for over 300 days and I viewed it with my real estate agent Thursday. Its listed at $335,000 but I would offer $300,000. I would use an FHA for the initial purchase and refinance to a conventional loan in one year. From what I can tell the place is not in too of bad of condition. What I know it needs is: roof, flooring, kitchen update, paint, bathroom update, maybe siding if I can budget it. I have some limited experience in kitchen and bath work so I could do some of the work. I also have a cousin who does handyman work that can give some tips or he would do some work at a good price. My plan would be to to move into the top unit remodel as quickly as possible and then move into the bottom unit to rent the top out.

Thank you.

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@Jaik Webster Was hoping to avoid the mountain view area for now, it may have a worse reputation then it really is but for owner occupied I would prefer a better area. Been looking in south Anchorage mostly and not seeing a lot, I may start look in Muldoon next.

@Jaik Webster Thank you. I got an agent I have been working with but there is not a whole lot of new multi family homes being listed right now, at least not in any area I want to be in. I got one that I am a bit interested in but it would need to come down at least 50K because I would need put near that in rehabbing. I just don't know if its worth making an offer that low. I am not afraid of putting in the sweat equity and got cash reserves to do so, just need to find that deal. I am starting to look for more FSBO.

@Jaik Webster

@Nickelle Reagle We are kinda of in the same boat, I have a bit more saved up so I am looking to BRRR a duplex or fourplex in south Anchorage. However, I am also having trouble finding a good deal because prices do seem high. I am realizing the 70% may not be achievable but that does not mean it can not be profitable. I am now starting to look off market for an FSBO or foreclosure to see what else is out there. Jaik has a good point, talk to a lender and see if what you can get per-qualified that will help you a lot in your decision making. Good Luck and keep us posted.

@Connor Dunham Thank you, good advice, I won't try to time the market.I guess I am looking for that great deal on a place I can really make cash flow and get some of my upfront cash back when refinancing. I'll keep looking and find it eventually.

I am looking to purchase my first BRRRR of a fourplex or duplex I can combined with a house hack. I already have per-approval and cash on in hand for rehabbing however, I am hesitant buy in this market and I am having trouble finding deals show a good ROI. Alaska has always been fairly resilient and I don't believe our low inventory will changed anytime soon. But will we soon be seeing big opportunities in early next year?