All Forum Posts by: Connor Dunham

Welcome to Anchorage. My wife is from San Antonio and we find Texans all over this town. Yea, when you look at the future growth and employment, Anchorage isn't attractive right now to long distance (or future long distance) landlords. It's probably a better appreciation play with land scarcity in the bowl. 

@Will Johnston Yes, I rolled the upfront PMI into the loan to come up with that number. @Jennifer Newby you're on the right track with using FHA for 4-unit. I would also recommend thinking about your refinance strategy. You might look into doing a piggyback when you hit 90 or 85% LTV. The effective APR including all that PMI is 6.7% for FHA on anything over 80% with a 4.5% base interest rate. Pretty expensive and all that PMI is loaded towards the front of the loan.

Hey, Just caught this one a little late. I think you'll be somewhere above $3950 per month using FHA (4.5% interest). There's upfront PMI of 1.75% that most people choose to roll into the loan. So, @Will Johnston is assuming all utilities are separate. In Anchorage's market, all utilities are not separate or submetered. Electricity is always separate, and gas (if possible). I don't see too many others separating much else on multifamily. Gross numbers look good (assuming they are correct), but not something I'd want to bite into without knowing shared utility costs, maintenance, and condition of big ticket items. 

Shoot. Well thanks for looking into that for all of us Alaskans. The search continues.

I've been meaning to try Veristone for short-term acquisition financing as they are based out of Seattle. Haven't talked to anyone who has given them a shot yet for in-state purchases. Best of luck.

@Jamie Rose - check out the BP low and no money down book. If you want to do something creative above standard lease/option and seller finance deals, that book has the tools. Really, you're only limited by your thinking... you can use any combination of seller equity / personal loans / helocs / private money / 401k loans / hard money, etc.

Does the seller own the property out-right?

Debt-to-income is your most important loan qualifying ratio as a student. Keep your debt payments super low, and revolving credit balances low as well. There are many other factors, but those usually are the limiting ones.

@Hans Rodvik 2 and half years in between. I mostly spent the time learning the ropes of being a landlord, studying about financing, doing improvements to the property, and learning how to analyze a little better post-pulling the trigger. Financing is much easier now that I know a little more about it. 

@Hans Rodvik I owner occupy a duplex in UMED and have another duplex across the street. I like the area a lot minus the bums. I just rented two units last month. Renter pool was nurses, students, financial professionals, and blue collar - kind of all over. I agree with @James Cash, rents are a little lower lately and the market seems strong.