All Forum Posts by: Jason Ackerman

Gopichand, not sure where you saw that I only put 2K down? I put 3.5% down of $606,000, which came to about 21K down. This property is very unique and offered great cashflow potential with more room to grow. I'm a cashflow hunter see 😉 

Thank you Chris, I'm pumped about it! Looking to use Credit Union 1 this summer to get another multifamily using there 5% portfolio loan to add to it. On day when I don't want to manage my own properties I may be giving you a shout.

Investment Info:

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

Purchase price: $606,000
Cash invested: $21,000

Closed my first property in Oct 2021. Feel like I hit a homerun on my first property cash flowing over 2K a month with more room to increase my cash flow. ☺

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

Cash flowing long term rental to start my portfolio.

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

Found it on Zillow and contacted my agent Jamie Rose and he set up a day and time to see it, and i made an offer the next day. Gave the seller asking price but asked for 15K in closing costs and they agreed.

How did you finance this deal?

3.5 FHA loan at a 2.5 interest rate.

How did you add value to the deal?

Work in progress.

What was the outcome?

Closed a few months later after jumping through a few hoops, but with the help of my agent and broker we made it work.

Lessons learned? Challenges?

Learned that there are more ways than one to get a deal done with the help of a good team. The property was listed as a duplex, and the purchase price was out of the range for an FHA loan (too expensive) so we relisted it as a triplex so I could get a larger loan for the property. Had to hire a contractor to make a few modifications so the appraiser would approve the deal, and list it as a triplex.

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

If you're in the Anchorage area I would highly recommend Jamie Rose! Very knowledgeable and is an investor himself so he knows what to look for.

Investment Info:

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

Purchase price: $606,000
Cash invested: $21,000

Closed my first property in Oct 2021. It's listed as a triplex, but the property is very unique. 3 story building, top unit is 4b 2b, with washer and dryer. Middle unit is 4b 2b with washer and dryer, and downstairs are 2 studio apartments, and 2 single rooms that share a bathroom for lower income or short-term rentals. Downstairs has 2 washer and dryers to share for the tenants on the bottom floor. Feel like I hit a homerun on my first property cash flowing over 2K a month with more room to increase my cash flow. ☺

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

Cash flowing long term rental to start my portfolio.

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

Found it on Zillow and contacted my agent Jamie Rose and he set up a day and time to see it, and i made an offer the next day. Gave the seller asking price but asked for 15K in closing costs and they agreed.

How did you finance this deal?

3.5 FHA loan at a 2.5 interest rate.

How did you add value to the deal?

Work in progress.

What was the outcome?

Closed a few months later after jumping through a few hoops, but with the help of my agent and broker we made it work.

Lessons learned? Challenges?

Learned that there are more ways than one to get a deal done with the help of a good team. The property was listed as a duplex, and the purchase price was out of the range for an FHA loan (too expensive) so we relisted it as a triplex so I could get a larger loan for the property. Had to hire a contractor to make a few modifications so the appraiser would approve the deal, and list it as a triplex.

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

If you're in the Anchorage area I would highly recommend Jamie Rose! Very knowledgeable and is an investor himself so he knows what to look for.

Investment Info:

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

Purchase price: $606,000
Cash invested: $21,000

Closed my first property in Oct 2021. It's listed as a triplex, but the property is very unique. 3 story building, top unit is 4b 2b, with washer and dryer. Middle unit is 4b 2b with washer and dryer, and downstairs are 2 studio apartments, and 2 single rooms that share a bathroom for lower income or short-term rentals. Downstairs has 2 washer and dryers to share for the tenants on the bottom floor. Feel like I hit a homerun on my first property cash flowing over 2K a month with more room to increase my cash flow. ☺

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

Cash flowing long term rental to start my portfolio.

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

Found it on Zillow and contacted my agent Jamie Rose and he set up a day and time to see it, and i made an offer the next day. Gave the seller asking price but asked for 15K in closing costs and they agreed.

How did you finance this deal?

3.5 FHA

How did you add value to the deal?

Work in progress.

What was the outcome?

Closed a few months later after jumping through a few hoops, but with the help of my agent and broker we made it work.

Lessons learned? Challenges?

Learned that there are more ways than one to get a deal done with the help of a good team. The property was listed as a duplex, and the purchase price was out of the range for an FHA loan (too expensive) so we relisted it as a triplex so I could get a larger loan for the property. Had to hire a contractor to make a few modifications so the appraiser would approve the deal, and list it as a triplex.

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

If you're in the Anchorage area I would highly recommend Jamie Rose! Very knowledgeable and is an investor himself so he knows what to look for.

Hey there Jamie, you are right and am being patient now lol. I was just thinking there’s no reason to rush into a property and risk over paying. Thanks for all your help. 

Hey Tyler, thanks for reaching out and i wish i had of done that in my offer. A little too late, but will do in the futre if the numbers work. I may be interested, i really like my agent andd he has spent some time with me getting me educated so id feel a little shady to talk with another agent, unless thats not frowned upon as a investor??? lol

Thanks Chris, I was a little bummed i didnt ask for contingency when we did the offer, but i definitely will the next time if the numbers work for it. Thanks for the advice.

Thank you Crystal, something i will talk with my agent about!

Hey Nathan, i appreciate your advice, and yes i am a little antsy to get my first property, ive been working towards this for what feels like forever. I used the BP rental calculator and the numbers with me being owner occupied did not look so good, but with me not living there, which i plan to do relatively soon and get another property were great! What would be the best way to look for off-market properties? Drive for dollars, call renters on Craigslist? Thank you for reaching out!!

Hey there all, i have just been approved for a 4 plex up to 520k and i live in Anchorage, Alaska. Prices are somewhat high here and like many places inventory seems to be low. I have a solid agent who invests himself that i found through the BP family. I guess im just trying to find the best property i can for my first one so i can get some positive momentum. I put an offer on one last week and was outbid, making me think i should have offered more like i was thinking, but unless the other offer falls though, that ship has sailed. Do i just keep waiting for something to come up on the MLS and hope luck is on my side? I work in an oil field away from home for the next 5 weeks, so all i have is the interweb to look. Any advice is appreciated, hope everyone is safe and healthy, and thank you very much!!!

Jason

Demetria- Yes, that's exactly what im asking. 

Chris S- that's good advice. I am in the Anchorage area, are you saying you would know an agent to help out?