All Forum Posts by: Trevor Burns

Anyone renting mobile home in the Arctic? I have seen a few mobile homes that where 1700sqft three bed units with purchase price around 15k with some remodeling already completed and 1-3k more needed to be rent ready. Rents for 800-1000 per month. Am I missing something that should deter me from a property like this?

Yes I intend to start in Fairbanks

If I where to start flipping full time I would have to pull a heloc and use hard money for funding. A good chunk of the earnings from my first flip would have to repay my savings. I have a couple deals right now that I estimate at 55% of ARV and would be a 4-6 month turn around AK winter dependent. So the potential is great. If it was just me I would role everything on roulette table and just go for it. However, the thought of being married to a 100k short term loan @ 13+% interest while supporting a family is challenging to overcome.

I will be transitioning out of Military service in the next 3-4 months and I will be staying here in Fairbanks, AK. It is my end goal in this transition be a full time investor in BRRRR investing. I have long thought about becoming a real estate agent and feel now could be a good time. That said I don't want anything to inhibit further investing. Might I be better suited working a regular 9-5 W2 job until I acquire a few more rentals to be self sustained? I also have the tools and skill to start a full time flipping business. Any thoughts or insights?

Fantastic idea. We own a house and rental apt in Fairbanks that we are actively remodeling. Tides have recently changed for my family and I as a result of health issues forcing me to leave the Army sooner than expected. It has been our intention to develop our part time house flipping/hacking into a full time venture. I always thought full time flipping was my way forward but now I am leaning towards expanding our buy and hold units with emphasis on the brrrr strategy. That said, I have a couple questions... ... Does anyone know of lenders or private money in Alaska offering Stated income, Portfolio, or Hard Money loans. ... I have long considered becoming a real estate agent. Now seems like an ideal time for that transition. I'd appreciate your insight/ experience.

Hi Mike and thanks for the name drop, Given your current situation I would certainly try to find a private lender or owner finance deal that is structured more toward the value in the property and less on your debt to income ratio. A bit more risky option may be to use a HML(hard money lender@ 8-16%) that will finance property and repairs to a 2+ unit property. The deal will need to meet the 70% rule at time of purchase. The intent would then be to refinance to a conventional mortgage in 6mo-1yr. To validate the risk in deal like this should at least meet the 2% rule not the 1%.

I have stayed in and own a vacation rental. When compared to traditional rental units, they are not so much a passive form of income as they are a business. Vacation rentals require your daily attention but yield much great returns than traditional rentals. Location, marketing, and you play a major role in their end performance. If this is your niche I certainly wouldn't wait until retirement. That said, if you intend to move forward ensure that you have an exit strategy for the property on the way in and do not buy on speculative hopes of appreciation.

Thanks, Marry Christmas

I just purchased Brandon Turner's book on rental investing and have been listening to the audio book through my chrome book at home. So far I have one big problem with it. The book is so great that I feel compelled to take it with me to listen on my iPhone but it will not play MP3's. Is there an iPhone friendly version available?

If you don't mind airing your secrets, what lenders are you using here in Alaska for portfolio and hard money?