All Forum Posts by: Keenan Fitzpatrick

@Mark Huneycutt shoot me a dm and I'll put in touch with a lender that can help you. I've got regular lenders and hard money lenders if needed. I'd also like to help you confirm your numbers real quick too if you'd like. Lot's of deals are pretty tight here and I see larger margins in other markets. Most properties are old here and, although they are rentals, they need pretty comprehensive rehabs. Foreclosed multi-families are rare in comparison to SFH's so I'm sending you a virtual high-five on finding one and planning on keeping it. Just want to help make sure I share my experiences as an Alaska investor with you since you're so far away. The only VA foreclosure 4-plex on market looks to be a good deal but is in an area I wouldn't buy in to hold property and is still at least 20% overpriced IMO. Cheers! :)

Zach is correct to the best of my knowledge. 

@Chait Borade I also have my own cashflow calculator that is very easy to use and I use it for all properties I help people evaluate. :)

@Chait Borade I agree that there's lots to consider in our market right now. While there's lots of fear with volatility I can't help but to think that isn't this when we make more money than normal? Buy when everyone else is scared to? Sell when everyone is buying? That's obviously speaking in a very general sense but I think you get the point I'm trying to express. I know I am also not giving you a crystal ball on how to time the market either but it's a thought worth considering. It's only your money, right? JK... Kinda. 

As for the duplex vs 4plex, I can tell you all about those advantages and strategies. I have a very in depth multi-family hacking strategy but it really depends on your goals. If you want to acquire as many as possible with low down payment owner occupied loans then you want to start with smaller units and denser housing. This allows you to "move up" in the quality of life of your housing in the eyes of the lender. Again, we must weigh this with the advantages of having a bigger mortgage, how many loan programs you have available, cashflow, your resources and your specific goals. If you only have an FHA for a 4 plex and say a 10% down loan for a duplex then we don't actually start with a small 4plex because you can only buy one with a small down payment. We want to fire a big gun to maximize the advantage of a bigger loan i.e. more debt pay down, tax write offs, and appreciation. I may know of another loan or two you could use as well but those are my super secret ninja loans. ;)

I would also want to have a discussion with you about the unique market we have and how renovation loans can create large amounts of equity and cashflow to help protect you in light of our recent economy and if that would be a good fit for you. 

Feel free to shoot me a dm if you'd like to talk more or grab coffee. And by "grab coffee" I mean we can both drink coffee in separate locations while on the phone. Lol

Thanks! Keenan

I do :)

@Doreen A. You can find the REX group on Meetup.com and just google TLA

@Michael Rogers the tax assessors that I've had conversations with try to shoot for about 5-6% below market value as a nice balance of getting the most they can for taxes and not having owners argue about value. They can still vary wildly but this is what's most common. 

@Chris S killed it with the Giant Dons/Alaska Miles hack. That's a huge advatnage. 

@Cam Jimmy is spot on with LVP/laminate IMO. Laminate is more scratch resistant and LVP is more water resistant but with the newer laminates either one is a good choice. I remodeled a 4 plex with LVP and had one bad tenant put a scratch in the floor after 2 months but the other 4 tenants have had zero problems after the remaining 10 months. All of them have dogs too. Bad tenants will be hard on things. Buy either flooring. Focus on getting good tenants. DM me if you'd like to chat about screening tenants. 

How do you define "investor friendly"? What do you need a title company to be able to do? 

@Isaac Pasol Congratulations for making a decision to invest. I’d recommend taking a couple months at least to focus on educating yourself if you haven’t already, interview plenty of agents that can help you evaluate properties and will educate you along the way, and attend some real estate investing seminars. I’ve been investing in real estate using traditional mortgages, seller financing, and hard money lenders for a while and have represented tons of clients doing so as well. Feel free to shoot me a message and I’ll do what I can to get you the information you need.