All Forum Posts by: Keenan Fitzpatrick

@Brandon Stack

Keep it for now. Sell it when you’re ready to use it on your next 4plex.

You projected the rent on your home so it sounds like you’re living in your house, right? Then you’re going to finish your 4plex and move in there so you can rent out your home so you get the best interest rate, yeah?

If you're moving from a SFH to a 4 plex it can be tricky and you may not be able to do that depending on a few conditions. Assuming you can then I wouldn't sell your house till you need the money. You're building a 4plex now so you know it takes a while and you only need Notice To Proceed funds to start. So you could hold your house till you finish your first building then rent it and cashflow til you get close to the finish of your second building and need the funds. This will get you more cashflow, more debt pay down, more tax benefits and ultimately more money out of the sale.

@Christopher Viola

Hey Chris, I'm an investor and realtor in Anchorage. I have multiple LTR's and STR's

Maximum rents are going to be had with a nice remodeled or new building rather than downtown or UMED. Downtown is best for maximum rents in tourist season but UMED would be more attractive for a furnished rental in the off season.

Send me a dm and I can send you some cleaners and handymen.

I think it’s a good idea to dress one step up from your clients. That way you a similar in appearance but also positioning yourself as professional relative to the client.

You will also want to think about what’s typical in your area. If the average sales price is $800k+ then you will probably want to dress in at least a blazer, probably a suit, and maybe even a tie.

Your impression will be made with a combination of factors. Once you get more knowledge and experience then maybe you don’t have to compensate with such a more professional experience.

As far as the car goes, drive what you have now but keep it clean. Buy a car later when you need more write offs on your taxes.

@Alicia Marks

Yes, I don’t think that market will shift very much for very long to not buy now. I’m the event that the market does shift, I think there will be a short window of an even better buying opportunity. My biggest motivation for buying that is unique to where we are at right now is to take advantage of inflation. I live in a very steady market but I might be a little more considerate of investing in formerly highly desirable places that have recently been seeing a net reduction in population like NY and LA.

@Russell Quealy

Wholetailing is currently one of my two favorite techniques right now!

To find a good agent, I’d recommend using the featured agents on BP. You can contact @Matthew Rice on here to help with that.

If there are none in your area then I’d recommend calling your big box brokerages (since they have some at the front desk answering phones, and ask that person at the front desk who in their office does the most type of real estate you’re interested in doing.

Another way is to post on Facebook. My experience is that most people would want you to use their realtor maybe for a sense of validation or helping so it’s really important that you ask for a specific agent and why they’re recommended. Then you need to Google a script to ask them so you can get them.

This “partner” in your business is a huge benefit so don’t cut things short on your due diligence! Do it once really well and that person will likely do more than you expect and be with you indefinitely. Just don’t ask them to help you make money on a discounted commission cuz an agent that can’t protect their own money can’t protect yours either.

@Sean McKee

Another consideration aside from screening your broker is that we’re in a great market for sellers and landlords so you have to look at your property. Granted, I think an agent renting a property might make a bigger difference than one selling a property but a property that is marketed well only has a few factors as to why it won’t sell or rent.

-floorplan

-condition

-location

-price

If it isn’t selling or renting, chances are the market is telling you that it isn’t priced right given the location, condition, and floorplan. I hope this helps! :)

@Russell Quealy

Yes the buying process is the same and no you don’t need a realtor.

I also don’t need an auto tech to rebuild my transmission but I find value in the peace of mind that an experienced professional contributes. My point is that a realtor isn’t a guarantee of protection but it’s as close as you’re going to get if you’re using a good one. Flipping property is a gamble. There are big paychecks because there are big risks and it’s “when” not “if” you will find a deal that costs you money. My first year in real estate I sold a property to an exceptionally experienced flipper and investor. There was some missing paperwork from a underground heating tank that was removed back in the 80’s and the EPA ended up tying up his deal for a year and cost him $40k. It happens to the best of us and my recommendation is to pay an agent their flat fee to push paperwork and help avoid these pitfalls.

@Nathan G.

Yeah, my grandmother lived in a house that was once occupied by Dorothea Puente from the premier episode. I was 2 or 3 years old when the cops showed up one year and probed her yard. They didn’t find anything. The house featured in the episode was 6 blocks away. It was pretty cool to see it. I knew the story but never researched it.

@Lily Sellers

Yes you can use a DSCR loan but their rates are higher.

You should also interview more lenders. Some may have different products that work or a similar product offered by a different lender at has different overlays on their loan.

You can also look for private money but it will probably be pricey.

@Wendy Jiang

Home Depot and Lowes for the warranty, convenience, and install/haul off for B Class and up rentals.

If it’s a C Class or lower rental then I may use them or I may have my handyman get something off Facebook marketplace or a local used appliance store.

The used appliance store usually has good inventory and quick deliveries when big box stores might not.