I live in Kenai Alaska and am new to real estate investing. I'm just wondering what you all think the best way to start out would be - should I be looking for a multi family property or a SFH/condo? The BRRRR method seems like the obvious way to grow my portfolio quickly but the prices of houses listed, even in terrible shape, is pretty high in my area. Any advice? Thanks everyone!
Real Estate Agent · Anchorage, AK · Member since 2017 · 294 posts · 182 votes
5y
IF you can - use an owner occupancy loan for a 3-4 unit cash flow investment - renovate/add value. This is the easiest way to get a good thing going - and build your experience. Easy in, easy out.
Flipper/Rehabber · Anchorage, AK · Member since 2017 · 223 posts · 177 votes
5y
I'd look at everything given your location. There isn't a huge amount of investment properties in Kenai. I just closed on a multi family flip for a client out there and have been keeping an eye out for a JV deal with some fishing buddies and haven't seen much this last year that I've been looking. Your first step is going to be to get preapproved. This will tell you what you can and can't buy and is the best way to filter down what you're looking at at first. Then I'd look at yourself to find what you're most comfortable with. Is it managing property or doing renovations or both? That should give you a pretty good idea. A good local agent can help with the rest. Maybe you get a little condo and live in it for a year while you renovate it and then sell it to get a multi-family. Maybe you get a multi-family from the beginning and "step up" from there.