All Forum Posts by: Nick Bruckner
Nick Bruckner has started 21 posts and replied 48 times.
Post: Finding LPs / Partners
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
Quote from @Michelle Mercer:
I just went to visit Juneau this summer, for pleasure and for business. And decided not to invest. I can share some of my perspective.
So I’m an investor in Sun Belt, I own OOS properties myself. I do commercial real estate. I currently have $1M project ready capital, not 1031 money, just some capitals sitting there. So I’m looking for a new deal. In short, I’m someone you want to convince to partner together.
Share my two cents, though I have OOS properties, AK is way outside of my comfort zone, there’s a reason why cap rate is very high. When I visited, it reminds me those out of no where little coal mining town in PA or Midwest. They cash flow well but when you add in appreciation, Sun belt still performs better.
The city is full of seasonal workers. 2/3 of the population is gone during winter season. It’s really hard to find a good property management team. It’s one of those small towns where everyone knows each other. If I would be the equity partner in this deal, I need someone with LOCAL resources, knows the ins and outs of AK. When I visited and talked to some of the locals, it’s like a different world, he talked about something like doing one grocery trip once a month and eating McDonald was a huge deal for people. The whole management thing made it really hard for me.
I live next to a Delta Hub, and direct Flight to AK is still only one per day during summer ONLY and can cost $2K, or spending 10+ hrs to flight non direct (I could’ve flew to Europe with that much time) and vs right now if I need to fly to my OOS properties, it’s $200 on southwest.
The headache of managing it, the low appreciation, all makes the cap rate not as attractive as it looks.
That to be said, if you have anything in FL, let me know.
I don’t particularly care about multi families. But multi units industrial is what I do.
Alaska is not easy to get to, but it really varies from one location to the next. Anchorage is very different from communities like Juneau, that are not accessible by road. Anchorage located near JBER, a large Air Force/Army base and is the center for the state's economy so the population isn't transient. Ironically, Anchorage real estate values and the rental market have great appreciation (in most areas) due to a limit of buildable land. The state has a vast amount of undeveloped land, but the Anchorage area is bound between mountains, ocean, and government/military land. We don't have 13% CAP rates, but 8-9% in some areas.
Post: Vested Alaska Real Estate Investor Meet Up
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
@Dolly Caswell enjoy the sun for us! The meet ups are once a month. Shoot me a message with your email and I'll make sure to include you with updates. Best Regards, Nick
Post: Vested Alaska Real Estate Investor Meet Up
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
Monthly Meet Up to network with other Real Estate Investors in Anchorage. There will be a brief presentation, a time for questions and sharing knowledge on the local market and current market conditions. Hope to see you there!
Post: Looking to expand, but uncertain about how to structure my future "empire."
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
Congrats on building a nice portfolio in Anchorage and nearing 'retirement'! That is a lot of units to self-manage and it sounds like you're in building mode which is exciting. I sent you a message about meeting up - I think our network could help you build towards your goals and develop a game plan to build the infrastructure you are looking for. -Nick
Post: Location-independent tech professional looking to house-hack in any tax-free US state
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
Let me know if you want to talk about Alaska - I can help you run some numbers. Anchorage near a large Air force base that is growing! - Nick
Post: New to investing
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
Welcome Glenn! You are ahead of the game in seeking the right first steps to take. I sent you a message and would be happy to have you come in and meet our team!
Post: How's it going Anchorage & Eagle River Alaska people?
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
Congrats at getting back at it @Cam Jimmy. Right now I'm excited to be under contract with a client for 30 doors I found off market. Contacting potential sellers off market takes time and has a low rate of success, but can create more opportunities with such limited inventory! Inspection next week. Enjoying working with @Tyler Cobb and @Jamie Rose ! Good to connect. -Nick
Post: Insights on FSBO Conversations?
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
What are your favorite things to ask a seller who is considering selling their property without an agent? I'm looking for more tips from agents who have had success dialoguing with FSBO folks.
I lean towards: How much research have you done on how much FSBO sellers NET on average compared to sellers who pay a commission? Have you had a bad experience with a real estate agent in the past? What do you hope to net from the sale of the property? Is there a time period or a price point you'd be open to working with an agent if your property doesn't sell in the time frame you want at the price you want?
Sometimes I'll encourage them to look at Dave Ramsey's site on the topic. Are there things you'd add to his argument or other resources I should look at?
I understand the rate of changing people's minds in these conversations will be low, but I sort of enjoy the conversation and I truly believe these folks are worth engaging because I like helping people and providing for my family - and helping sellers net more money with less work is a win-win proposition. I always end with emphasizing that I respect their perspective - I don't want to push folks to do anything they aren't comfortable with, but I want to make sure they are making informed decisions.
Is there a different commission structure you've had success presenting to FSBO sellers?
Post: Alaska Investors?
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
Quote from @Devon Edwards:
Hello Everyone,
Are we meeting up tomorrow night or has it been pushed?
@Keenan Fitzpatrick, @Tyler Cobb, @Nick Bruckner
Cheers
It's happening!
Post: Pro Tip for Property Searches...and Pricing Your Listing
- Real Estate Agent
- Eagle River, AK
- Posts 51
- Votes 37
Quote from @Kyle Spearin:
@Nick Bruckner this is such a great tip and I love how you started this post because that's exactly what I think of when pricing houses. Though there may be something to the psychological effect of seeing a lower number, it takes away the opportunity for the next bracket of people to find the property. Have you noticed any changes in listing outcomes from doing this?
Thanks Kyle - yes - we see more buyer traffic when we use this pricing principle!