All Forum Posts by: Keenan Fitzpatrick

Welcome to BP! I also focus mostly on Anchorage but I'd love to chat with you and see if I can share some resources or information. 

We do it all the time with seasonal construction workers up here. They work all summer and buy property in the winter while on unemployment lol. I guess that would be another suggestion is to collect unemployment. Lenders like to see that money coming in. My last suggestion would be to not stop if a lender says no. Just keep asking. 

The 2 most important things are to have steady work history and use the right lender. 

If you have a consistent pattern of this then is should continue to be consistent in the future. That's something banks can lend on. I would expect to need letters from your employers as well. Hopefully, your employers are the same but it isn't a necessity. 

Finding the right lender will probably mean to stay away from the big institutions and find something that's more of a boutique brokerage. They often have less fee's and more options anyway. I would stay away from online lenders in your situation. I have a long list of people that can help you in Anchorage but I think you may be looking to buy in CO. Let me know if I can help with anything else. 

@Tyler Cobb sweet deal! You don’t get instant equity like that very often! Jamie Rose is one of the best!

@Lane Smith

If 4-plex’s fit you best then there’s some new ones being built that might work for you. Other newer, lower maintenance 4-plex buildings are usually sold off market or sell immediately on market. Most of the buildings are mid 80’s and older. I’m not sure if that’s what you’re looking for. There’s about 4 listed on Mayfair which is a southern Anchorage area and they are bigger and nicer than most but, again, with a gross rent multiplier of .8-.85 they may not have the cashflow you’re looking for and given their age they may be more maintenance than might be reasonable if you want to do the work yourself. What are your cashflow expectations?

Yes, theres a few really knowledgeable people on here. What is your criteria fro properties that do better? I prefer to BRRR properties because they outperform regular properties in all aspects except availability. They aren't super easy to find. With the info that you provided, I'd probably advise you to not buy a couple 4 plex's but to buy and/or BRRR a larger commercial building. Or you could BRRR a few properties that are 2-4 units.

@Nickelle Reagle if you're going to use your friends funds then you should have them transfer it now so it can season for 2 months before you start to try to buy something. You can quit claim 50% ownership to them after if that's what you agree but you'll still be 100% responsible for the mortgage unless your friend co-signs. As for cashflow on 4 plex's, there's lots of ways to run those numbers and lots of factors play into typical returns for a property type. Most FHA buyers in a midtown/eastide 4 plex right now are seeing $500-600 a month cashflow with the building fully rented out. I recommend using an FHA renovation loan to force equity and cashflow into the building.

@Nicholas Mazdra realtors can absolutely tell you what it sold for. Zillow tends to be about 8-10% high and the tax assessment is about 5% low. This should get you in the ballpark for most values most of the time.

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.

@Nicholas Mazdra welcome Nick! I’d love to connect with you and compare markets here vs there since I’m in Anchorage.