All Forum Posts by: Sepp Wigger

Hey Andrew, 

Congratulations on taking the steps to grow and begin your investing journey. There are 100s of ways that people get started and it really comes down to what will make the most sense for you, you are the only one who really knows your situation and what you can handle. 

If you know where you're going to be relocating after this work project I might suggest investing in that market. You can spend the next couple of months researching and becoming an expert and if you see a good deal you can comfortably invest "out of state" knowing that you will be there and more hands-on soon. Worst case scenario you can't find a deal until you arrive. Most people get burned because they don't have the right resources (Contractors, Agents, information) and make uninformed decisions. Doing this in an area you will be living in soon might make that a bit easier for you. 

You might feel like your money is just sitting around but that is a much better alternative than investing in a losing deal. Warren buffets number one rule is "The first rule of an investment is don't lose money"

Hey Keila, 

Congrats and good luck on the move up here! I know that articles and news can make Anchorage seem like a crime-ridden place with no good tenants but like anywhere there are areas that are thriving. You will typically hear people say to avoid places like Muldoon, or Mountainview but there are a lot of people people who have no problems whatsoever. Keep in mind you will see way more inventory in north Anchorage and more affordable pricing so you just need to narrow down what works for your goals. 

Chris Smock is pretty frequent on these forums and is someone who can has done a lot of investing in those areas without a problem. I personally live in the Jewel Lake area and have never had an issue and would recommend it. Just ask me or any of the amazing agents here in town and we would be more than happy to steer you toward areas that best fit your goals. 

Quote from @Ethan Ray:

Quote from @Sepp Wigger:

Quote from @Ethan Ray:

Quote from @Sepp Wigger:

Hey Ethan, 

I live up here in Anchorage as well and the number of asphalt driveways that are in desperate need of repair is more than I can count. The main thing to think about in terms of home value is the neighborhood your property is located in. If you are in a standard suburban neighborhood and all the neighbors around are doing one thing, It's best to at least match what they are doing. There are a lot of homes in the De Armoun, Rabbit Creek, and O'mally that have little to no driveway, and it's normal. Personally, I would look at the location, condition of the overall property, neighbors, and if I am going to sell any time soon. Based on those factors I could decide if it would be worth investing time and money in. The cheapest option isn't always the best. 

If you do have any other questions or want to dm me with more info on your property please do. I am more than happy to help! 

Thank you, Sepp, its always a treat to connect with fellow real estate professionals in Anchorage. My property is conveniently situated near Wonder Park Elementary, just north of Russian Jack Park. It is a triplex with driveways at both ends of the building. While most neighboring properties have asphalt driveways, the two located behind my house accessed via a dirt road on the south end of my property, have gravel. My wife and I are implementing a buy and hold strategy, however, we have considered a 1039 exchange within the next 4-5 years for an apartment building or a large multifamily property which is why I concern myself with the potential value impact of tearing out the asphalt.

My thoughts are that since the southern driveway which is in terrible condition, opens up to a dirt road, and the other houses on that dirt road have gravel driveways, that I could rip out the asphalt on that side of the house, replace with gravel, and it would blend in with the houses behind me.

Does that sound logical or would it still be of concern to add gravel when the rest of the neighborhood (excluding the houses behind me) retains asphalt.

 I would agree with you both. It sounds and looks like based on the image that a gravel driveway would fit in just fine and honestly would be better than a poor-quality asphalt one. Especially considering the dirt road that proceeds your driveway. I would go for it and congrats on the great property and best of luck on growing your portfolio! 

 Thank you Sepp, you have been so very helpful. Are you a fellow property owner, real estate agent, or both?

 I am a local agent here in Anchorage. I also own property I am using as a rental in Colorado, and hoping to pick one up here in Alaska soon! 

Quote from @Ethan Ray:

Quote from @Sepp Wigger:

Hey Ethan, 

I live up here in Anchorage as well and the number of asphalt driveways that are in desperate need of repair is more than I can count. The main thing to think about in terms of home value is the neighborhood your property is located in. If you are in a standard suburban neighborhood and all the neighbors around are doing one thing, It's best to at least match what they are doing. There are a lot of homes in the De Armoun, Rabbit Creek, and O'mally that have little to no driveway, and it's normal. Personally, I would look at the location, condition of the overall property, neighbors, and if I am going to sell any time soon. Based on those factors I could decide if it would be worth investing time and money in. The cheapest option isn't always the best. 

If you do have any other questions or want to dm me with more info on your property please do. I am more than happy to help! 

Thank you, Sepp, its always a treat to connect with fellow real estate professionals in Anchorage. My property is conveniently situated near Wonder Park Elementary, just north of Russian Jack Park. It is a triplex with driveways at both ends of the building. While most neighboring properties have asphalt driveways, the two located behind my house accessed via a dirt road on the south end of my property, have gravel. My wife and I are implementing a buy and hold strategy, however, we have considered a 1039 exchange within the next 4-5 years for an apartment building or a large multifamily property which is why I concern myself with the potential value impact of tearing out the asphalt.

My thoughts are that since the southern driveway which is in terrible condition, opens up to a dirt road, and the other houses on that dirt road have gravel driveways, that I could rip out the asphalt on that side of the house, replace with gravel, and it would blend in with the houses behind me.

Does that sound logical or would it still be of concern to add gravel when the rest of the neighborhood (excluding the houses behind me) retains asphalt.

 I would agree with you both. It sounds and looks like based on the image that a gravel driveway would fit in just fine and honestly would be better than a poor-quality asphalt one. Especially considering the dirt road that proceeds your driveway. I would go for it and congrats on the great property and best of luck on growing your portfolio! 

Hey Ethan, 

I live up here in Anchorage as well and the number of asphalt driveways that are in desperate need of repair is more than I can count. The main thing to think about in terms of home value is the neighborhood your property is located in. If you are in a standard suburban neighborhood and all the neighbors around are doing one thing, It's best to at least match what they are doing. There are a lot of homes in the De Armoun, Rabbit Creek, and O'mally that have little to no driveway, and it's normal. Personally, I would look at the location, condition of the overall property, neighbors, and if I am going to sell any time soon. Based on those factors I could decide if it would be worth investing time and money in. The cheapest option isn't always the best. 

If you do have any other questions or want to dm me with more info on your property please do. I am more than happy to help! 

I agree with Ben, 

Your first step is to determine what it is that you want with the land and your end goal. This will give you a direction for step 2. Step 2 is interviewing and talking with homebuilders and GCs that can build what you are looking for. I am an agent here in Anchorage and some companies like Hultquist are great if you are looking for a luxury home. I have had a lot of luck with Spinell as well. They will discuss what you are looking for and help you create a plan and provide cost estimates for the work. When going with a builder they can assist in getting all the utilizes set up on the lot as well. If you want any specific recommendations or contacts that can help let me know! 

Hey Colin,

It is amazing that you are looking to make this opportunity a reality. A couple of notes on the analysis you linked. First, Mountainview is one of those neighborhoods where the tenants and the quality of real estate are usually below average. Not saying that you can't get a great deal or to avoid it just as a heads up. Because of this rents are typically a bit lower. This property is currently being rented out at 4350, if you occupy one unit(let's say the 2bd2ba) and still rent out a room you would look at closer to 4k for rent. I will make a note that this is year one and with new tenants, improvements, and general rent increases you can get them to that market rent. 

Second, if you are out of town for half the month you will probably want a property manager which will be about 10%. For this property Water, Sewer, Gas, Trash, and Insurance come out to about 1100 a month. Also, make sure if you are only putting down 5% you factor in PMI.

None of that means that it might not be a good investment for you, in my opinion, I just don't see it cash-flowing the 800 dollars a month like in the analysis. Most of the time house-hacking won't cashflow and that shouldn't be the goal. Make sure the focus is building equity, and lowering your housing cost. That way in a few years you can sell it and move to the next one or just rent the additional unit and actually cashflow. That is what I personally did with my first rental and I wouldn't change a thing. 

Let me know if there are questions for me or comments on my thought process. 

Hey Jordan, 

It really depends on what exactly you are looking for. I have a few contacts that work with my company that specialize in large commercial/investment deals and are going to be needed frequently. There are also a few who specialize in more one-off assistance for Evictions, LLCs, or first-time questions and assistance. I would love to know more about what you are looking for and share with you who I think can help. Please feel free to DM me any time! 

Of course! If anyone comes along I will let you know 

Hey Sydney, 

I reached out to Lori yesterday as well and she told me that due to the workload, she is unable to do any. She also informed me that Alaska is a "good funds state" so any closing funds due from the buyer are needed one business day prior to closing.