All Forum Posts by: Alex Price

Very nice. I just Googled Fairbanks to get a better idea of where it's located. I've always wanted to go to Anchorage for fishing. I might have to add Fairbanks to the list. 

Awesome @Gregg Heminger. Where about in Ohio did you live? I'm from Cleveland. 

Wow! There's something you don't hear everyday, an investment property in Alaska. Would love to know more about that market. Congratulations @Gregg Heminger for your first purchase to be a 4 plex that is very cool. 

I just spoke with them and they said it's 1.25% per month without prepay penalty and 5.5% on the back end but that's with good credit. I can get a property sold in about a month after rehab so let's say I'm in it for 2 months which is a total of 8%. The charge to start working with them is $3,495. They don't have a minimum loan amount so it's up to $250K so you can do a deal for $10,000 and they'll lend up to 70% of the ARV. I haven't pulled the trigger but in any hard money situation I would just say make sure you have buyers lined up to flip to prior to doing a project. It makes creating profit much easier. Also as you build a relationship with any lender terms can change as long as they're making money

@Marco Campos please check your messages. 

@Tara Wright yeah I couldn't believe my eyes when I saw those home prices online. It's worse than LA there. Hope you find a great deal elsewhere. 

That's an interesting question "Is that greed" @David S. and yet I find many people are not motivated to invest in real estate. It's honestly taking advantage of opportunity and there is always opportunity. There's always going to be new construction, sales, transfer of ownership, investment groups, etc. I just heard of a guy who owns one million units and yet and still there is plenty of opportunity for investors out here. 

@Westlake John I have a friend who owns property near hospital and medical school and a good majority of his tenants are students/residents. I imagine if your property is appealing enough doctors and nurses would like to live close depending on what property type you have and their family life. Being single versus having a family is a major factor, also property type is a factor. 

@Maribel Alvarado thanks for posting and sorry you had to go through this. My mother is looking at purchase of rental property and I have to keep reminding her the importance of doing due diligence. This seems like it can definitely be a lawsuit, by owner of the property having signed the contract  and title company error. Title company should have errors and omissions insurance so they need to cough up that money. I'd at least consult with a competent attorney. Sometimes the threat of suing and tarnishing a company's reputation is enough. 

I agree with the fact that your market has a lot to do with it. In Cleveland window A/C units are pretty standard for most MF properties. Unless it's an A class building or a community with central air as an amenity most of the buildings here you're responsible for your own air. In a market like Texas, Florida or Arizona I can imagine it's pretty standard.