All Forum Posts by: Keenan Fitzpatrick

I'd put his name on the lease unless it's a corporate housing situation/his company actually reached out to you.

That 2.99% must feel so good with today's rates!

First we need to define what a good deal is to you. I'm talking about different locations within Anchorage and different property types in different price points and different conditions. Right now, cashflow has been reduced due to prices and rates increasing. Rents as well but they aren't always implemented by the current owners. Which is one reason why those deals are in negative cashflow.

@Nick Bruckner

I agree with all of that except for where you end up.

Yes, sloped roofs are preferred.

Yes, flat roof problems can be bigger problems than with a sloped roof.

Flat roofs are more expensive to replace, etc. But, if it were a bad design then why do the most expensive buildings in Alaska use them? From schools in the villages to the malls in Anchorage, they are all variations of flat roofs. When I discuss them I focus on the point you made on performing due diligence most because some flat roofs can last longer than some shingle roofs and they can potentially offer an advantage to get a property that less savvy investors may not look at. Great post btw! Also I have 3 flat roof properties one of which is currently leaking but that’s dues to a crappy contractor I got burned by lol.

Talk to lots of owners. You're going to have to go through lots of people in order to find the terms you're looking for. 

Get good quality LVP for the entryway. The cheap stuff scratches easily and laminate won't hold up with water on it. Tile is great too. Just make sure you have good underlayment so it doesn't flex and make the tile and grout crack. Use commercial grade carpet on the stairs and upper landing to keep the noise down. You can use LVP on the lower landing. You can also get that plastic runner to go over the carpet on the stairs to protect it but I probably wouldn't. I just don't like how it looks. 

@Devon Edwards

I spoke with Kevin recently and he’s going to start it up again

Everyone I know that I would recommend isn't taking on any new clients but I'm looking at possibly hiring Anderson Advisors so maybe check them out. They can help with bookeeping, taxes and proper business structuring. I have a client who used them and was really happy. 

My best experiences are to be proactive and provide the info to the appraiser beforehand. Another tip, that will only help you in the future lol, is to use a lender that has a better chance of getting a good appraiser. You can't pick your appraisers like you could in the wild west days but some lenders can file file complaints and have them taken off their list of acceptable appraisers. Your situation may be one of those ones that might justify such a response. I'm not sure exactly how to navigate those situations since I'm not a lender but everyone in the business runs into this conversation sooner or later and that's what I've heard a few times. 

As for information you can use now, I'd still contact the appraiser to talk to them about the appraisal and see if you can find info to challenge the values. Sending them the leases for the higher value is a great start. Sending them 3 comparable properties with factual breakdowns for any adjustments would be a great follow up. Remember to have accurate calculations for adjustments in different bedroom count, or size etc. What I mean is, if they use $5,000 per bedroom then that's what you use. Lastly, a list of repairs and upgrades with the costs associated with them will finish of an analysis that I would produce. 

The values you have are much different than what the appraiser gave you so you have a mountain to climb but I hope you can do it. The last option would be to switch financing types so you can get a different appraisal or wait for this one to expire and get another one. Good luck!

I've had 3 leaks in a roof that's less than a year old. If your roof is a shingle roof then it is probably an easy repair. If it's a flat roof then maybe it's an easy repair. My situation is a complete failure and I'm contacting an attorney to get refunded so I can replace the entire roof. You can DM me if you'd like to talk more about it. I've dealt with various similar issues like this and can help get you pointed in the right direction.