All Forum Posts by: Margit Brooks

Hi everyone!

I am in Alaska and since covid my regular lender quit lending in Alaska, had 3 deals with them previously.

I found a broker which hooked me up with Constructive. For sure lots of hoops to jump through. We suppose to close tomorrow, April 12, 2021. Original closing date was February 26,2021 We got the property trough HUD and every extension request was frowned upon and cost me $375.00 each which were lenders delays not mine and I did not get credited for them. Also appraisal was something to be desired. Our numbers were PP $258,000 ($359,000 Tax assessment), Rehab $70,000 ARV $400,000 Appraiser AS is $285,000 ARV $350,000 Appraiser cost us $1950,00 because we're in AK

The loan so far is as follows......total of $317.296  with a $43,200 hold back for reno, not 70k, $13,489 in fees....8.49% interest and our down payment of $52,000

Lots of hoops but I guess we have a Credit Line of $650,000 for 1 year.....I need to find out yet how it works with the next loan, if I need to jump through all the hoops again ? 

I keep you all updated.

Thanks for the welcome Aziz :)

We would be interested also. Please keep us in mind if you're doing another one :)

Thanks for the welcome :)

Yes, we sure have quite  a few properties like that, but they are usually the best too :)

We like to introduce ourselves. I am Margit, aka Maggie, and my husband Damon.

We have been in Alaska since 1991 and lived in Willow since 2014. We have been talking about flipping houses for quite some time and now finally taking the plunge and doing it. 

Damon has been in the construction field since he was 16. I am the entrepreneur in the house, having started 3 businesses on my own with only my husband by my side and personal funding. Our last business was and is a 5 BR B&B and a nightly rental cabin. We build the B&B ourselves in 2006 and just sold it in 2017  due to our move to the Valley. We still own a rental cabin but working on acquiring new rental cabins here at our new home. 

Together we are building our new property investment company, M&B Property Ventures, LLC and looking to get connected with other investors, hard money lenders,real estate lawyers, agents, brokers, cpa's and whoever like to connect with us here in Alaska.

We are looking forward to establishing a great relationship with you :)