All Forum Posts by: Erik Nosich

Hey all, I have been lurking here for several months, and have posted here and there. I figured I may as well make myself official. My wife and I are real estate investors in the anchorage area. I currently own and manage 3 properties with 11 doors. One property is very well placed on Campbell Creek in midtown and we opened an Airbnb last spring after initial purchase. It was so successful that this summer we are doing two units out of the 4 plex. I currently have established a fantastic finance guy as well as a real estate agent who is an investor as well. I'm working on building my portfolio as well as building my team. I'm always open to both giving and receiving advise whenever I can. I love learning new things, especially ways to make more money! Drop me a line and say hello anytime, I'm pretty good about getting back with people.

I had the same issue recently. Our plan was to rehab the other units, and rent them. Then when the other units were filled, we would raise the rent on the trouble tenant, and lock them into a pretty rigid lease. I like the previous idea better tho, have the current owner remove them. This may delay the sale months, but if the tenant upon leaving, destroys property, you are not stuck with the bill.

The Anchorage market is softening.  Usually you see the high end houses softening first, and that happened almost a year ago.  A few years ago, anchorage had a 2% empty rate for rentals.  I would put one of my places up and have it rented within a week or less.  Now it's closer to two or three weeks.

I just purchased a 4 plex we are rehabbing and turning by into a 5 plex.  This place has 3 bedroom units and so I'm hoping higher demand means they rent more easily.  I'm not purchasing to sell, I'm concerned about the rental market.  I purchased well enough to be able to lower rents to fill the units and still make a profit.  Scary time for sure but always opportunity.  A few may remember the bubble in the early 80's.  Some smart investors invested heavily and when the market revovered a few years later, they were very well positioned. 

I am an investor in anchorage and currently own 11 doors. If it's a single family home, the renters should definitely pay all utilities, they are the only ones using them! Most utility companies set up an account that if the renter doesn't pay, the landlord gets notified and has the option to pay. Even with the renters paying, that doesn't seem like a lot of cash flow. I usually am looking at about a thousand per 2-4 plex after utilities and mortgage. One bad renter that requires an eviction and you are cash negative for two years. I agree with the previous comment on buying a 4 plex. More income, and if you have one unit empty or needing rehabbing, it's 25% of total income lost, not 100%. Va loan sees a single family, all the way to 4 plex as single family home if you live in it. Either way good luck!

I usually data mine Craigslist. In my area, it's the primary source for most renters. You can widen or narrow the parameters as you need. Given, it is time consuming but effective.

Eagle river is pretty hot right now, but I think it's on the overpriced side vs houses, you are less likely to see renters wanting to do the commute for a similar space in anchorage and pay more in rent.  Hillside is starting to soften due to the oil prices so low, Alaskas economy in general is slowing, but the upside is that if you are poised to strike, it will be a great opportunity in a short time to buy low. 

Welcome! My wife and I have been in the anchorage market for a few years now. If you need to talk to anyone, let me know, I can point you into tight direction, we have found a number of great professionals that makes the process so much easier.

3 bed two bath duplex/split level home 2+ car garage $2100 anchorage Alaska.

Pat, last summer,  my wife and I bought the 4plex on Dowling on the other side of the creek from your store (right on the creek). It was our second property, and I am in contract for a third presently.  The issue is that a lot of issues popped up on the inspection.  When estimating the cost of repair, how do you ensure you hit the mark and don't go over budget?