All Forum Posts by: Connor Maloney

Welcome to BP Troy!!  It sounds like you are off to a good start!  BP is an amazing resource for learning how to invest in all areas of real estate.

Alb,

I agree with John Ponts. If your calculations are right, for putting 25% down, I would look for a better deal if your cash flow is only $750/month. I get about a $1000 cash flow per month from a 4-plex property that I just purchased with only 3.5% down and I have to pay PMI of $315/month because it is an FHA loan. Also, prices are really high right now in Anchorage, which makes it even harder to find good deals, but if you look hard enough, you'll find one!

- Connor

Jim,

Welcome to BP!  Good luck with obtaining a good property where the numbers make sense in the Northwest!  I'm sure there are many investors on the site that can help you find a good place to invest there.

- Connor

Welcome to BP!  And congrats on your successes!  See you around Anchorage!

Josh,

Welcome to BP!  Good for you for having such ambitious goals.  It is inspiring to me to hear you set such a high bar for yourself.  It makes me want to do the same thing for myself!  Good luck with your goals and please post any success stories so we can follow and learn from any experiences you have.

- Connor

Also, speaking of the REX club, @Kevin Cross just posted a very informative video for landlords like yourself that you should take a look at for your next purchase.  Two of my properties I have bought so far I did not complete all of these tasks and have gotten lucky that nothing happened that would have bitten me in the arse.  

Congrats on the 4-plex John!  It was a roller coaster for me too when I bought my first 4-plex.  Keep up the hard work and BP is a great place to help you determine your next step!

Welcome to BP Kyle and nice moose!  I haven't gotten myself but would like to someday.  BP is an amazing community of investors to learn how to do whatever you want in real estate.  Do not pay the guru's!  However, I will say that their 3-day seminars offer great learning and good content and in my OPINION are worth the $300-$500 and three days or so of learning.  However, don't go any further!  It is not worth it.  You can learn the rest in detail from BP.  Just so you know, I went to Rich Dad and Fortune Builders 3-day seminars here in Anchorage.  Let me know I can help you at all!

- Connor

Drew D.,

I have two 4-plexes in East Anchorage which has been a great place to invest so far.  It is probably in the middle of the road as far as pricing goes.  Also the rents are in the middle of the road as well. 

I also have a duplex on South Anchorage.  It is more expensive there but the rents are usually higher.  

I have house-hacked all of my properties.  There is also a 5% down AHFC loan in AK for owner-occupied 1-2 unit houses.  It would be a good one to use for a duplex after you buy a 4-plex.  Also, if you buy something soon, you can take advantage of the AHFC Energy Rebate Program (ends next year sometime). 

I would say that prices are too high (probably higher than they have ever been) to buy at market value.  However if you can find one that is under market value and the numbers work out, I think it would be worth it.  I feel like the market is at or close to the peak now.  Also, with the oil price being down and considering that 90% of our state's income comes from oil royalties and taxes, I feel like housing prices are going to start dropping with people leaving the state with layoffs.  However, there is a shortage of housing in Anchorage and even through the downturn in the 80's, rents still stayed high.  Anyways, I have talked to a lot of people about this because I have been concerned about it, but after working in the oilfields for the last 5 years, Ithink that it will be slow for a while but we have a ton of oil and gas to develop up here so I see a long future up ahead for Alaska with oil and gas.  These are all good questions.  I wish I knew as much as you do when I started 3 years ago.  So get out there and find a good deal to house hack!

- Connor

Great post Judd Campbell! This is a very encouraging post for people like myself looking to start properties with the BRRRR method. Thank you very much for sharing!!