All Forum Posts by: Evan Miley

I’m definitely interested!

 Sure. 4- 2br/1ba units, 398k asking, 25% down, 3.625%, winter expenses of $600 (summer is lower), rents at $900-1050/mo, monthly positive cash flow of $1500-2000.  Conservatively, a 3% appreciation market.  

I decided at the end of 2020 to take advantage of the CARES act and pull some money from retirement accounts to make my next real estate purchase. I set myself a goal of 90 days to be under contract on my next multifamily property. I was looking for a 4+ unit property around $400k and striking out big time on the MLS, inventory is really low here right now and what was there was over priced, needed tons of work, or I just couldn't make the numbers work. One night on Facebook at the top of my feed was this great looking 4-plex in the center of town, about a mile away from my current duplex, so I messaged the seller asking for more information. She got back to me the following day with all the vitals and I did some quick napkin math to see what kind of deal this could be. I was happy. Super excited. Couldn't believe that I found it on Facebook, of all places! I called my realtor and he got us in to take a look at it almost immediately, and we put an offer on it Monday morning. They've accepted and we're moving forward in the process. Inspection went well with mostly minor things. The sellers have been really great to work with and I can't say enough great things about the guys on my team! Yes, I'm pretty new, but they're my team...this is the 3 rd property that I've worked with my realtor on and he's awesome at crafting deals in a way that gets them accepted with minimal fuss and really makes the whole process smooth. My mortgage broker is awesome as well. This will be the 3rd property I've used him for as well and even though we've only been working together for about 8 months he's definitely going to be my go to. His rates are amazing and he's just super easy to work with. Anyways, I'm rambling... just super excited to get some momentum going into 2021–One step closer to financial freedom!!!

Investment Info:

Single-family residence buy & hold investment in Meadow Lake.

Purchase price: $339,000

This is our home that we bought to raise our kids and enjoy our life! We’re across the street from a lake and we love this place.

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

My wife wanted a home to raise our kids and I promised her that if she would embark on the REI adventure with me after our duplex that I would buy her a home.

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

MLS.

How did you finance this deal?

Using my 2nd VA loan.

How did you add value to the deal?

Haven’t been here long enough yet.

Investment Info:

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

Purchase price: $380,000
Cash invested: $5,000

Purchased new construction duplex and house hacked for 3 years.

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

A friend who has built a large portfolio agreed to mentor my wife and I.

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

MLS listing.

How did you finance this deal?

VA Loan! 0% down

How did you add value to the deal?

Completed putting in a yard and added some parking area for toy parking.

What was the outcome?

We have great tenants and the property is cash flowing $950/month over the mortgage. It’s in a great neighborhood and highly desired area for commuting to Anchorage.

@Brendan VanDalinda

There is always the second VA loan option. But you have to be able to explain why you're buying a second home. Closer to work, PCS to a new base, family needs, etc... basically it's going to need to be an upgrade from your current home. Here's how I went about it. I got a VA loan and owner occupied for 3 years while renting the other side. In that 3 years, my wife and I had another child, then used my 2nd VA loan to purchase our SFH. I now have a cash flowing duplex with a stupid low interest rate that I'll hopefully be able to HELOC in a couple years to make another investment purchase. In the mean time I'm doing anything I can for a side hustle... I live in Alaska, so I have a plow on my truck, so when it snows I'm out plowing driveways. I'm also a mechanic, so I find dead cars on Craigslist or FB marketplace and bring them back to life and sell those, usually doubling my money or more. All of the extra money I bring in goes into funding my next purchase. Leverage your skills and abilities and find a side hustle to bring in some extra cash. Find a part time job. Find someone who's doing real estate that you can in some way help them and just soak up knowledge.