All Forum Posts by: Louis Phlips

@Mary Mitchell Thank you! I had never heard of AFAIK and will look into it

Hello all,

I posted before, and got some awesome comments and suggestions, so I thought I'd try again..

I am in the process of purchasing an investment property (duplex) in North Pole, Alaska, and am looking for insurance. The property is valued at $225k, and am able to get an insurance premium through Country Financial for approximately $660 annually that would cover $500k in liability. To me, this seems rather high for relatively low coverage. Would it be a better idea to keep looking for another policy, or would it be better to stick with this policy and look into an umbrella policy?

I’m looking into purchasing a duplex out here in Alaska, and was curious to see if anyone had any input or thoughts.. The property sells for $220k and has 2 units; combined rental income is $2700 per month. I would put 25% down since it’s an investment property. Here’s a breakdown of the monthly costs: Rent 1250 PM 270 (10%) Maint 270 (10%) Vacancy 135 (10%) Heat 200 (It is common out here for the owner to pay for heat in this area, but this is factored into the monthly rent payment). This would leave me with a monthly profit of $575. I’m mainly in this for the long run to have this property mortgage-free, and gain some appreciation, but obviously also care about having a positive cash flow. Any thoughts or input?

@Keith Jourdan Message send

@Joel O'Leary Thanks for the feedback everyone! I have been doing additional research, and agree that there are much better opportunities out there and that the 1% rule isn’t too hard to find with a little bit of looking

@Jamie Rose Thanks Jamie! I’d love to have a chat and talk about the Anchorage, or Fairbanks area and the opportunities

@Courtney M. Thank you! I’m most likely transferring to Alaska for work, so it seems like we’re in the same boat. Are there any specific realtors or cities you’ve had success with, or could recommend?

@Louis Siano Thank you! I send you an invite

@Joe Villeneuve Thanks! I appreciate your response and have decided not to go with this specific turn-key company and will look into getting a small duplex locally in Michigan instead

Just wanted to take a moment to introduce myself! I’m Louis, and have been lurking around BP for a while trying to soak up as much knowledge as possible. I’m in my mid-twenties, and live In the Southfield area. I became a proud homeowner as of 2 years ago. I’m ready to become involved and get my first investment property, and am looking forward to connecting with likeminded folks. Please feel free to say hi!