All Forum Posts by: Tom S.

@Vee Vu Any update?

@James Carlson thanks for the reply and info! Much appreciated!

I did see that Alaska will be getting the extra $300 within two months. The biggest thing is that eviction moratorium.We have a little relief down here in CO, but it doesn't look like there is any help for you guys in AK unless you have an emergency fund. That is one of my hesitations for buying anything. Although I really like some of the properties in Anchorage.

@Keenan Fitzpatrick congrats on the duplex. That's great news. I agree with you about the remodeled nicer units. Everything I own, I have put money back in to upgrade or have plans too. I bought a 4 plex in a class c area and fully remodeled it. Vacancies never last long and I usually have pick of great tenants. Its an advantage having nice things for sure. Also, just fixing things when they break or replacing them also helps too. I've seen a lot of property owners I know that cheap out on everything, and let repairs sit that need to be address. In the long run, that costs time and money. Fix it right, as soon as you can is how I run my properties. My costs are lower for maintenance than others, and we've compared numbers. Keeps tenants happy, and makes for good referrals when they move out. Win Win. So I like your strategy, or "hack" as you call it.

I second what Jesse said about not being a good deal. He is taking no risk, while you are taking extreme risk. Especially with a chance of a big change in the economy in the next several months. In reality you can just linger around the job site and pick the brains of your contractors to learn the process instead of paying him 30%. That is about the same as paying for one of those gimmick real estate classes for tens of thousands. Grant a contractors time and knowledge is valuable, but its hard to believe its 30% valuable for no risk. Ask him if he is open to another arrangement and suggest when Jesse mentioned. Thats a much better deal. You need to have him on the hook to make sure he performs on time. What is his incentive if he is gonna get paid for the rehab regardless if it makes money. He has no incentive to move quickly, but if you get him in on the cost. He will. Keep us updated. I'm curious to see how this pans out for you.

@Keenan Fitzpatrick thats awesome, glad to hear you are getting it all on time. Seems like its just tough right now. Not a lot of positives. Good idea on the unemployment and job listings. Not a lot of people try to help out like that. Good on you.

@Michael Rogers also great news you're getting paid. Your point about Pebble is right for sure, I meant more so for the future. Especially with the way that Oil and Gas has been cutting back. Sounds like more cuts are coming on the slope with BP leaving. Just doesn't seem to be much to be optimistic about when it comes to the economy. 

Just out of curiosity how long have you guys owned your rentals in AK? A buddy of mine has a few houses on the Peninsula and its been tough for him through the ups and downs. He also had a few long vacancies of several months. Even being below market on rent. Have you guys weathered the other down turns ok?

Hey Alaska rental owners, I'm just curious how you are doing with on time rent payments? Are people paying on time? Late? How are vacancies doing? Any modifications to leases?

I dumped my rental in ER middle of last year, it was a dog. I've been seeing quite a few multi family listings, was just wondering if the sentiment is to get out? The rest of my units are in CO and doing well. Everyone has paid rent. I adjusted one tenants due date because of how is work pays out. Another wanted to leave but in the end stayed when they realized my unit was still a good deal. 

I'm still interested in Alaska, but it seems that any good economic news is lacking. Especially with Peddle pretty much dead.

Hey @Craig Curelop , what cities are you doing those conversions? How is the process for getting them permitted for multifamily? Hard? or high cost? Thanks! 

I know you got it taken care of already, this is more of a heads up for others and to share a decent company I found. In the Denver area, avoid High 5 Plumbing, rave reviews, but man are they expensive. Also would not warranty a drain they cleared and treated for roots, after specifically paying to make sure I had the warranty. Anyways, I found another company Afford a Rooter, good prices, took care of it. They do plumbing as well, had good luck so far with them. 

I did a little reading about it and it seems that its a type of algorithm used to generate an offer. Considering how far off I've seen estimates on their websites, I would never trust an offer from them. However, some people may find it useful for there current situation. Time will tell.