All Forum Posts by: Teal Heller
Teal Heller has started 2 posts and replied 2 times.
Post: STR Tiny House in Chugiak, AK
- Real Estate Agent
- Chugiak, Ak
- Posts 2
- Votes 0
Investment Info:
Other other investment.
Purchase price: $13,000
Cash invested: $13,000
Seasonal STR Tiny House. Only rented during the summer months. We built the cabin ourselves. It has holding tanks for water & septic and is not on a true foundation. This will allow us to take it with us when we move. It is not truly "road worthy" though.
What made you interested in investing in this type of deal?
We wanted something unique for a short-term rental. We had done a traditional duplex and wanted to up our game.
How did you find this deal and how did you negotiate it?
We built it ourselves!
How did you finance this deal?
We borrowed from a private investor for the initial building costs. Paid it off in 2 yrs just from summer income.
Post: Alaskan SFR to duplex success!
- Real Estate Agent
- Chugiak, Ak
- Posts 2
- Votes 0
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Eagle River.
Purchase price: $250,000
Cash invested: $30,000
Purchased as a SFR. Remodeled into a duplex. Lived in top half & rented bottom half. Then moved and now rent the whole thing.
What made you interested in investing in this type of deal?
I wanted to have investment income to help pay my mortgage.
How did you find this deal and how did you negotiate it?
I used a Realtor. It was a fixer-upper, but structurally sound. There were already 2 kitchens and 2 living areas so the remodel was much more economical.
How did you finance this deal?
I used a retirement account dispersal that was allowed for a home purchase.
How did you add value to the deal?
I remodeled it into a duplex.
What was the outcome?
I gained over $100k in equity after the remodel. 80% of my mortgage was paid and now it generates a steady income each month.
Lessons learned? Challenges?
I learned the power of a good house hack before they were called House Hacks.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I highly recommend working with a Realtor. That is why I became one. I learned so much from my Realtor and would not have wanted to do the deal without her.