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All Forum Posts by: Kaiden Foster

Kaiden Foster has started 21 posts and replied 52 times.

Post: 203k Loans in Alaska

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

@Paul Welden Super helpful! I talked with two lenders and both quoted 2-2.5% higher than FHA for 203k. Told me that they expect folks to refi out of 203k after a year, thus higher interest rates. Glad to hear that's not always the case.

Any tips on structuring 2-4 unit, residential, buy-and-hold/BRRRR deals with out-of-state, silent partners who are close friends/family?

I'm thinking about structuring a deal where I handle day-to-day renovations and landlord responsibilities but use cash from partners for a portion (or all) of the downpayment.

Still in the exploration phase and would love to hear from folks who have done this. If you're not a fan of the idea, let me know the pros and cons.

Thanks!

Post: Bigger Pockets - Anchorage, AK

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

@Jamie Rose Unfortunately, I'll be out of state on July 1st, otherwise I'd definitely come.

Post: 203k Loans in Alaska

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

Can't speak to contractors on the Peninsula as I'm in Anchorage and didn't get to that step of the 203k process.

However, just this past month, I called into 5-6 banks in Anchorage, both local and national but none of them are offering the 203k program. Rather, they offer the Alaska Renovation Loan but these require a higher % down than 203k. Have you found a bank that is able to do a 203k?

If not, I was referred to Walker Dunford at Prime Lending. He'll be able to do a 203k but the interest rates are higher as they treat it like a bridge loan, rather than a traditional mortgage (still 30-year term though). Without going through the pre-qual process, the estimated interest rate would have been around 4.75% on a property listed at $349k. On the bright side, it sounds like Prime Lending has a streamlined process that will make finding a contractor, closing on a property, and completing renovations a bit faster than normal, without as much red tape.

With such a hot market, it may be difficult to find a seller right now that will accept an offer using a 203k. I wanted to use the 203k on an older property that had been on the market for a while but the sellers didn't want to deal with all the additional hoops necessary to close with a 203k (or FHA for that matter).

Hope this helps!

Post: Have your outbound cold call numbers been flagged as spam?

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

@JD Bock, my pleasure!

Post: Have your outbound cold call numbers been flagged as spam?

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

Hey JD,

I work for a company that provides CNAM (Caller ID Name) data to phone carriers. I'm also very familiar with the robo/spoofed call dilemma that is facing the telecom industry.

As I'm sure you have experienced, people receive a ton of spam calls on a daily basis. To combat this, many phone carriers have implemented nuisance/spam scoring algorithms. These phone carriers automatically flag numbers that show signs of being unwanted calls. Sometimes this is done by blocking them entirely, sometimes replacing the CNAM with something like "SUSPECTED SPAM."

Each phone carrier can decide how they want to handle calls the suspect are spam. For example, if you call my cell phone from Xencall, AT&T (my phone carrier) will decide, based on their internal algorithm, how they want to handle the call. In addition, there is no central database or whitelist that carriers can cross-reference to determine which calls are "known-good" or non-spam numbers. Each carrier is on its own and even if Xencall marks your number as safe or good, other carriers won't be able to access that information.

The only thing I can recommend is testing calleridreputation.com. While I can't speak to how effective it will be for you, you should be able to see how your outbound numbers score within a handful of different carriers and robocall mitigation services. Once you have identified which service/carrier is flagging your numbers, it may be worth reaching out to them directly to resolve. 

I suspect 411.com provides a single score and doesn't evaluate many nuisance services when determining if your numbers are low-spam-risk.

Let me know if you have any questions!

Post: RE Rookie Virtual Mastermind

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

Hi Everyone!

I'm currently part of a Beginner RE Investing Mastermind group that is looking to grow. We have weekly Zoom calls at 8pm EST / 5pm PST on Tuesdays to discuss wins of the week, brainstorm solutions to YOUR problems, and set goals. We're based all over the country (Texas, Arizona, Alaska, Ohio, etc) and have between 3-5 investors joining each call at the moment.

This group may be helpful if you:

  1. Are looking to network with like-minded peers
  2. Want accountability for your goals, RE or otherwise
  3. Own a few doors already (Or still looking for that first deal)

If you're interested in joining, PM me, provide a short paragraph about your RE investing experience so far. I'll provide a link for you to schedule a 15 min chat with us to see if you would be a good fit for the group!

Post: Becoming Real Estate Agent before investing Good or Bad Idea?

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

Hi Julien!

If your goal is to buy real estate right away, keep your job as a correctional officer. Once you become a real estate agent, you will most likely be self-employed which will make financing more difficult due to self-employment income requirements (2-years).

However, I would say that there may be value to becoming a real estate agent if it's a career that you would enjoy. For me personally, I'm working on my RE license,  but won't quit my job and become a realtor once I get it. I may decide to represent myself in deals, or do some part-time work, by it won't replace my "day job."

Post: RE Rookie Virtual Mastermind

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

Hi Everyone!

I'm currently part of a Beginner RE Investing Mastermind group that is looking to grow. We have weekly Zoom calls at 8pm EST / 5pm PST on Tuesdays to discuss wins of the week, brainstorm solutions to YOUR problems, and set goals. We're based all over the country (Texas, Arizona, Alaska, Florida, etc) and have between 3-5 investors joining each call at the moment. These calls are FREE at no cost to you.

This group may be helpful if you are:

  1. Looking to network with like-minded peers
  2. Wanting accountability for your goals, RE or otherwise
  3. Own a few doors already (Or still looking for that first deal)

If you're interested in joining, PM me your email address. I'll introduce you to our call coordinator who will schedule a brief 15 min chat and see if you would be a good fit. Also happy to answer any questions you have.

Post: Virtual Beginner RE Investing Mastermind

Kaiden FosterPosted
  • Property Manager
  • Anchorage
  • Posts 54
  • Votes 42

Hi Everyone!

I'm currently part of a Beginner RE Investing Mastermind group that is looking to grow. We have weekly Zoom calls at 8pm EST / 5pm PST on Tuesdays to discuss wins of the week, brainstorm solutions to YOUR problems, and set goals. We're based all over the country (Texas, Arizona, Alaska, Florida, etc) and have between 3-5 investors joining each call at the moment. These calls are FREE at no cost to you.

This group may be helpful if you are:

  1. Looking to network with like-minded peers
  2. Wanting accountability for your goals, RE or otherwise
  3. Getting ready to purchase your first property (or own a few doors already)

If you're interested in joining, PM me your email address. I'll introduce you to our call coordinator who will schedule a brief 15 min chat and see if you would be a good fit. Also happy to answer any questions you have.