I am looking to purchase my first BRRRR of a fourplex or duplex I can combined with a house hack. I already have per-approval and cash on in hand for rehabbing however, I am hesitant buy in this market and I am having trouble finding deals show a good ROI. Alaska has always been fairly resilient and I don't believe our low inventory will changed anytime soon. But will we soon be seeing big opportunities in early next year?
@Chris Morris Any time is a good time to buy. There is plenty of inventory out there. You'll never be able to time the housing market. A morsel for your worries though - the market is still depressed since 2015. Remember AK often behaves inverse to the lower-48 economy.
@Connor Dunham Thank you, good advice, I won't try to time the market.I guess I am looking for that great deal on a place I can really make cash flow and get some of my upfront cash back when refinancing. I'll keep looking and find it eventually.
Lots to consider on what is a good investment for you. Sounds like you have some good resources and planning to do a multifamily BRRR will put you far ahead of the game and will likely be able to allow you to weather a likely downturn.
@Chris Morris sounds like good advice so far! Since you're using traditional financing also consider the benefits of the low interest rates right now. Your purchasing power goes a lot farther right now. They may be few and far between but the deals are out there. It might be a good idea to find an agent you trust and have them set you up on an email drip from the MLS with the criteria you're looking for. Also, consider driving for dollars up here. Alaskans can be skeptical of real estate professionals and decide to list they're properties FSBO.
@Chris Morris - best way to get what you're describing is to take on a value add strategy - of which there are many...
@Jaik Webster Thank you. I got an agent I have been working with but there is not a whole lot of new multi family homes being listed right now, at least not in any area I want to be in. I got one that I am a bit interested in but it would need to come down at least 50K because I would need put near that in rehabbing. I just don't know if its worth making an offer that low. I am not afraid of putting in the sweat equity and got cash reserves to do so, just need to find that deal. I am starting to look for more FSBO.
@Chris Morris they're hard to find but they're out there. Just did a quick search and there are some interesting 4plex opportunities in mountain view but far fewer duplexes.
@Jaik Webster Was hoping to avoid the mountain view area for now, it may have a worse reputation then it really is but for owner occupied I would prefer a better area. Been looking in south Anchorage mostly and not seeing a lot, I may start look in Muldoon next.
@Chris Morris MV definitely gets a bad rep but there are pockets. I lived there with my brother in his 4plex and was presently surprised. Same with muldoon and the property taxes are typically lower than the South Side