All Forum Posts by: Matthew Langberg

Did this meeting ever happen? I ended up out of town. I have since left my full time job and gone full time into investing. I would very much like to set up another meeting with anyone interested. I have since purchased another duplex and a tri plex and in the process of doing my first whole sale deal. I have a few opportunities lined up that would like to have a partner be a part of if I can find one. 

That should work for me as well. 

I am very interested in expanding my network with like-minded investors in Fairbanks. I currently own 4 units but I am actively analyzing deals and working with some other local investors to expand this year. I am happy to share everything that I have been learning and/or encountering in our market with anyone.  Currently I am primarily looking at buy and hold deals for cash flow initially with potential to flip based on market fluctuation.  Whenever this meet up happens I would like to be a part of it! 

@Trevor Burns I don't know if you're working with a Realtor or not, but they can pull reports for the last 10 years on what sold and what it sold for. I would go see one and have them run a report on all comps in the last 10 years to get an average sales price. As far as average cap rates in Fairbanks, I have seen several 6plexes on the MLS in the last 6 months offered at a 12-14% cap.

Due to the age and size I am guessing that it is on the south side of Fairbanks. Depending on the size of the units, I think $365k is about the peak of our market for something of that age in that area. Unless there is a lot of value add, but it sounds like they have already remodeled so there probably isn't a lot. Most of the 6plex I have seen have sold around 45k-50k a door. Thus it doesn't sound like a "deal" to me. Sounds like he is trying to sell for an inflated "bank equity" based value as apposed to its true intrinsic value. But maybe its worth it to you if you don't have 25% cash to put down and/or can't attain traditional financing?

As always I think it just comes down to your strategy and lifestyle.

@Trevor Burns Mobile tends to have a lot more turnover. Also if you need to finance that can be difficult. Most lenders will only lend if the mobile home comes with the property it is on and is only so old. Mobile homes are a depreciating asset, so depending on what your specific strategy is for the future re-sale may be challenging. Having said that, I know people that make a lot of money with mobile home type investing. Pros and cons to every niche of real estate investing. Check out John Fedro on BP. He might be a good resource for you. Best of luck!

@Mike Gannon I would contact Ray Brasier with Re Max here in Fairbanks. Not only is he a real estate agent, he has also been actively investing in this market for 20+ years. I am positive he could point you in the right direction for property management and/or future investments. Best of luck. 

For everyone else, I am also in Fairbanks. I just signed on a 4plex in November and I am currently in negotiations on a triplex, both of which are here in town. Right now I am only interested in triplexes or bigger as my current strategy is to build monthly cash flow. I would love to get to know other investors in this market. Perhaps we can work on a deal together? Anyone interested in "talking shop" please reach out to me. 

@Account Closed I have not tried hard money yet but I definitely have not ruled it out as an option. Actually a little update, I met with a small local bank on the 9th. I brought a report I had built with the Bigger Pocket's tool as well as all of my other financial data and was actually approved. I sent my letter off to my Realtor that afternoon and we put in the offer. Haven't had a response yet, but I am feeling excited and motivated. I appreciate all that took the time to respond! Cheers!

@Asa Gunderman No not late on any payments. But a couple of them were maxed out which I know hurts me as well. Thank you for taking the time to give input!

@Joel Owens Thank for the info! I will look into the FHA loan. I have reached out to a couple of banks and been turned down thus far, but I will keep trying. In fact I have a meeting with another banks tomorrow afternoon.

Thanks to everyone else that took the time to respond. I very much appreciate it!

I invested in a business in March that required more capital than I originally anticipated. I ended basically living off of credit cards for a period of time trying to keep it going. It is now profitable and I am actively paying off the credit cards. I should also say that I sold my house and a vehicle during this time which I am told also contributed to the lower FICO score. 

@Upen Patel Yes in addition to my new business, (15 chair hair salon) I also work full time as a shift engineer for a utility company. I could potentially get some capital for an investment, but as it is I am cash poor trying to pay down those credit cards.