My son is transferring to UofA Fairbanks in the fall. Looking to possibly buy a property for him to stay in plus rent out remaining space.
Looking for something that would cashflow as a standard rental in case market turns down and I can't sell when he graduates
I have some good reccomendations for an agent and property manager that I am currently using in Fairbanks. The F35s are moving into Eilson Airforce base in a year or two and there seems to be a lot of excitement here from the real estate community. Some agents believe that we are 700 homes short in order to meet the demand. Your son could buy some rental cabins for cheap near UAF or he could get a duplex, triplex or 4 plex near the hospital and Ft. Wainwright. Me and my brother own some duplexes right in that area and they do really well. Alaska USA also has a 10% down duplex renovation loan program he could use to get into his first duplex. I used this program for my first duplex and it worked out great. I also have a good network of contractors for him to use as well so please do not hesitate to ask about any Fairbanks (real estate or non real estate) related questions!
@Stephen Lockwood is right! Definitely go with a multi-family property for your son. The more doors the merrier.
The market in general up here is pretty stable, sans the upper market in single family homes. Current economic projections/outlooks tend to fall in line with a slight decline of about 1%-1.8% year over year until the state gets it's budget on point or oil rebounds.
UAF is also a smaller community, with a heavy military and college presence, so you should be fine. Perhaps get a distressed multi-family and your son can put some sweat equity into it?
Stephen. I am located on wainwright. I was looking into rental property here before I leave. Can you send my your guys info?