All Forum Posts by: Rodney Wehr

Hello!

Well my wife and I purchased a single family home a year ago and have successfully converted it to a triplex - and its going great, I'm happy to say. We are selling a SFR in Eagle River and have an opportunity to purchase a fourplex that will cashflow with only three units rented.

The only way we will be able to make the purchase is with an FHA loan. We have the down payment, but the closing costs are close to $10,000 and we don't have that money. We do have compelling reasons to move and qualify for the FHA loan so that shouldn't be a concern. We do not have FHA financing on any other loan. Ideas to cover closing costs?

What options do we have?  

Closing cost assistance?

Borrowing from friends/family?

A loan originator that I worked with before mentioned something about raising the interest rate to cover the cost? No idea what that means. 

Any help would be appreciated.

Thanks!

Rodney

Hi Treven,

Personally, I'd go for the fourplex if the numbers work. Seems that the income from the homepath fourplex would help you pay down your loans while building equity and providing long term income.

The key to me would be being making sure the rehab numbers are solid for the fourplex.

Sounds like a great start for you!

Rodney

Glad to see some more people from AK on here. Sounds like you have a great start already, good luck with your ventures!

Welcome to Bigger Pockets! We just joined recently and will start attending some of the meetups in the anchorage area soon, hopefully we can meet soon!

@Justin Przybylski I am just starting out right now too. I've been listening to the podcasts from the beginning - I think I'm on 14 or 15 now - but episode 10 with J Scott, talked about having a plan and writing it down. That made a huge impression on me.

Just like @Karen Margrave said, market knowledge is key. Getting to know my market is my first step - and what I'm working on now. As I'm doing this I can figure out where the money can be made...which gets me closer to having a solid plan.

I'm an engineer by education and I've worked in vertical construction in one way or another my whole life. Buildings with poor foundations will always fail. Having a solid foundation is just like a good plan. It's the first step in building something to last. I don't know exactly how I'm going to achieve the success I want, but I'm working on a good start now.

Good luck!

We are currently in a position to allow my girlfriend to find a new job in real estate without worrying about her income. We have one SFR, one duplex and are living in our newly purchased triplex. We have some experience, but not a lot.

We are looking into rehab properties or properties that can be demolished and subdivided, with the idea that building some capital will allow us to get into more and larger multi-family units.

Where should we look for a job for her? She is interested in getting her real estate license for MLS access, but finding a job that will expose her to real estate investing is what we/she is looking for.

Any ideas or suggestions? We're located in Anchorage, Alaska.

Thank you,

Rod

I own and rent out a SFR that brings in brings in $300 after utilities and mortgage/taxes/insurance. I have about 50k in equity in it. Property values are on the rise in the Anchorage area and there is low inventory, seems like time to sell. The house isn't a high quality home and seems like a big ticket repair would wipe out any profits. Right now we are looking into purchasing investments that could potentially make us more money in the long term. The market in Alaska (anchorage area) seems to be poised for growth. My question is, should I hold onto the SFR hoping to gain more appreciation but risk wiping out any short term profits or sell now, take the money and really make it work for me? We would love to hear from anyone, especially people with experience with Alaska's unique market. Thanks! Rod

Hi Jimmie, I'm new here too. So far just a bit of reading and listening to the podcasts - which are really good. Welcome!

Thank you everyone, we're just starting to explore the website and we will definitely be attending some of the local meetings to share what we know as well as learn as much as we can!

Hello, my name is Rodney and I just found this forum while researching real estate investment. I currently own a duplex and single family that my girlfriend and I rent out. We have decided that working for someone else is not in our best interest and are pursuing additional real estate knowledge and looking into starting a business.

We would love to meet and talk with other like minded individuals in the Anchorage/ER area as well as anyone else that would like to share their knowledge.

Thanks!