All Forum Posts by: Chris S.

Best way to find out is ask here tbh. There are quite a few good investor agents in AK and most of them, that I know at least, are in BP. I will gladly give reccomendations if you would like. I also do property management here if you ever have questions about Alaska landlord/tenant law or want insights on the rental market.

Currently hoarding cash and looking in to a syndication with a few friends for a big apartment complex while rates are so low. I have been trading a bit on the stock market too, albeit not super successfully haha.

That and starting off my PM company and expanding. That's my biggest project currently.

Hey Greg,

I manage some long term rentals in the Anchorage area and while I used to manage a few Air Bnb's I don't anymore, just not my cup of tea. That being said, it was pre-pandemic when I managed them but it was always very easy to get renters and we stayed booked up during the summers without issue for the most part with minimal downtime. 

The location is a big thing for most people, and most will want to be in the downtown area or close to it from what I have seen. These places tend to run a bit pricier, but nothing crazy, access to trails or water is also a big thing. If you are willing to expand out the Kenai Peninsula is also an excellent area for short term rentals. 

You will probably get a few renters in the winter months, but summer is really where you will make your money. I would actually recommend a longer term rental during the winter months on a month to month basis and then Air Bnb in the summer. We get a lot of travel nurses, doctors, etc who are always looking for a furnished place to stay. There are a lot of websites for travel nurses you could get on with for easy renting. 

Definitely get a good Air Bnb Manager. They will make your life incredibly easy. I wish I had a recommendation, but I regrettably do not. 

Although for the purchase I do recommend @Jamie Rose. Typing on my phone so no hyperlink regrettably. 

I, 3rd or 4th?, Tenantcloud. We use it for our management and it works out great. You can take apps, do background, etc through it. There are also online payments via credit card and direct deposit. It also links to Zillow group, Facebook marketplace etc for listings. The only issue we have encountered is the constant updates for the app. Those are both annoying and good, as it shows they are doing work on it. Its $9.month for the online payments. Well worth it imo. 

Lots of us indeed

Oddly enough it's actually been easier to fill units. I think that people are hesitant about buying houses right now maybe? So they are renting more. Or it may just be that the current renters have more options so they are more willing to move. Either way, my average vacancy rate is close to 3 days right now because it has been super easy filling places, even in the winter which is usually the rough time.

Hey Andrew,

I will take a crack at these. 

1. Appreciation – Zillow lists the appreciation forecast at around ~4% for 2021. Are investors seeing this market appreciating, or has appreciation been significantly slower? (I’m personally seeing many properties on the market for months, as well as price reduction)
2. -We dont get much appreciation here lately, especially in multi units. I manage properties and dont sell them, so hopefully a realtor can chime in if they have seen something different than me @Jamie Rose
3. Rent and Vacancies – Based on recent listing I have seen online, it seems as if rents are dropping. Are others seeing the same thing with their properties? Have vacancy rates been high?
4. -Rents are dropping, but mostly in the North from what I have seen. A lot of the B-A class properties are holding about the same. C class are getting hit, but still not horribly yet. At least in the places we manage we have had to dorp the price by around $50 for these units, but in mid/south Anchorage they have been holding. There are a lot of really old buildings in Anchorage that havent been updated since the boom in the 80s. A lot of those really low rents you see are in those. 
5. Areas to Avoid - Are there locations in Anchorage that you would suggest avoiding?
6. - As an out of state investor I would avoid Mt. View and certain parts of Fairview. You can get better returns in this area, but if you don't have a PM that is really on top of it your place may have other issues. It is easier to get good tenants in South Anchorage, Eagle River, Midtown, downtown (I dont invest here personally though, too congested but I dont like downtown places)
7. Other considerations – Are there other considerations that I should take into account while looking for multi-family properties in Alaska?
8. - Utilities. Most buildings over 3 units, hell even 2 for some, aren't separately metered except for electric. This means that you will need to pay for the heat in the winter, and water/sewer for your building. You can try charging them back to the tenants, but it is pretty much the standard here that the owner pays for utilities in anything over a triplex except for electric. 
9. - Make sure to factor in snow removal. Sometimes its not bad, other times it could be hundreds a month in the winter. 

I agree with @Keenan Fitzpatrick. Investing up here is a different animal. Have you tried Eagle River? Every now and then you can get a good price on a 2-4 unit or more, although they tend to get picked up quick. We have a place in ER that has been great, super easy to manage and get tenants. Hell even BP recommended it for the highest cashflow in Alaska, although I am not sure their criteria. 

Just keep looking, or talk to someone who knows the market well. I know @Jamie Rose really well and personally recommend him, he knows the area well. Keenan is also an excellent resource although I admittedly don't know him as well, only from his posts and meeting a few times. 

Hey, I am one of those Mt View Investors, although we also have places in other areas as well.

Mt. View can be really good. But I wouldnt reccomend it for someone who isnt going to be there to monitor it, or if you dont have a really good PM who knows the area and is willing to do it. You really need to keep a close eye on Mt View places. We have had generally good experiences, but I live in the area and my tenants know that I am always around. Besides that I havent had issues there, but it does vary street by street. In my experience the closer to Mt View drive you are the worse it gets. 

I agree that it's for the better your backed out. Find an easier place to manage, especially if you wont be around. Or invest in security cameras with an internet connection so you can constantly monitor everything happening. But again, that's an added expense.

You will find a place, just keep looking. Feel free to reach out if you have any questions. 

I agree with Keenan. Sell the Duplex in Anchorage, and look for alternative lenders in your market. Just because you cant qualify for FHA dosn't mean you may not be able to qualify for a conventional 5-10% owner occupied loan.

Biggest reason to sell the duplex would be to get rid of that credit card debt. That stuff will kill ya