All Forum Posts by: Blake Elder

Way to go! This looks great! All refinanced now into a 15 or 30 year loan?

Awesome, thanks @Mike Carr!

Hello everyone, I am interested in learning more about syndicating some real estate deals. It is the next natural step in my investing career and I am curious from those who have done it or are getting into it right now, what is the best book you've read on the subject? Specifically multifamily apartment complexes etc. Thanks!

Hey Kareem! I am the person you are looking for! I've lived in the valley for 19 years and work in the real estate industry so I can help you get all dialed in and a plan together! I'll send you a message with contact info so we can connect. 

Hello Raul! That is excellent! I am an agent an and investor in the Wasilla area. I know the best agents in Fairbanks and would love to connect you! Shoot me a message and we can chat about exactly what you’re trying to do and then I can connect you with the best one for your purposes!

Hey Patrick, good call on reaching out! Often when you are in a spot like that it is helpful to revisit your goals. What are you trying to accomplish with RE investing? Often by focussing on the big picture that will pull you through the details of what to do next. The other thought is, perhaps you can refinance your current properties, and then have some extra cash to invest in the next deal, or you could look for owner finance deals etc. Or you could stop paying extra on your mortgages (I think I read that right that you are paying extra on them) and put that money aside for the next purchase. Hope some of this helps, it is what I would do in your position!

Thanks John Warren ! That is super helpful. I’ll post some photos in this thread here etc. I’m getting local detailed quotes, and was just looking for a range you guys have experienced since I know so much depends on specifics!

Hey everyone! I am a multifamily investor and am fairly adept at understanding what it takes to get into a multifamily in my area and repair costs, renovation costs etc. I am doing my first deal outside of this arena and I am getting wildly different quotes/ranges from contractors on the remodel costs. I am curious what you have experienced? Here is the deal.

The home is 2800 sf, with 800 sf garage. It is 3 stories, built into a hill, has 2.5 acres, extensive exterior landscaping, and is not finished. It is about 1/3 finished on the inside. We will want to basically totally demo then rebuild. We are hoping to get the ARV to between $450-$550K. I know this is a big range and there are a lot of variables like local market etc. I am curious though on any higher priced flips/renovations you have done, hiring a GC and hiring it all out, what kind of price per sf your renovations have been? I had 1 quote at $125K, another come in at $675K. Both I thought were incorrect, so I am still searching. Here is what we are wanting done.

Exterior- New siding, painted, Large 2 story deck, stone staircase leading to the front door

Interior- New engineered hardwood floor, tile, paint, trim, carpet, electrical outlets, bathrooms (there will be 4 total) New kitchen to include counter tops, cabinets, appliances

Plus the demo of the current state of affairs to get us there. Again, I know there are a lot of variables, but what have you experienced in your area for a higher price point renovation? (this is higher price point in mine) Thanks for your help!

Hey @Chris Luth! I work with RMG Real Estate here in Alaska we are a team at Keller Williams. We are one of the best teams around, and your sister will definitely want to interview Michael King. He is one of our listing specialists in Anchorage and he is absolutely great at getting homes sold. He has been in the industry for many years and a master at his craft and he would love to meet with your sister and share with here what he can do to get her home sold, and why so many people choose him. It won't let me put his phone number in this link, so I'll message it to you. Thanks!

PS. since I see you are looking up stats, in Alaska anyone on a team has their stats closed out to the team name, so you won't be able to see closed deals per agents, and most of the most productive agents are on teams, so it can be a little misleading etc. 

Hey Nick, I am going to comment on how to win the multiple offer. Sam gave some good input on the validity of the deal. I am an agent and in our market we have lots of multiple offer deals. The best way for you to win while paying the least is the use of an escalation clause. That way you win, but don't have to pay and extra few thousands to secure the offer. It would look like 

"This offer will exceed the net amount to seller of any and all other verifiable offers by $1,000 up to a purchase price of $200,000 etc. "

This is a very useful strategy as a buyer so you don't end up paying $5000 more than the next best offer. Hope this helps!