Investment in Anchorage? R U Looking For Alaska Real Estate For Investment?
by Dan Wolf
on Sunday, June 10th, 2012 at 3:01pm.
Not that uncommonly, people tell me "if you see a good deal, keep me in mind!" Of course I say I will and I really like hearing that. Faithfully, I jot a note and try to keep them in mind, but as the days fly by - each with a thousand different details and pressures that need attention IMMEDIATELY, it's easy for a house, duplex or other multifamily property to slip by my notice.
Here is a way you can help me and the Wolf Real Estate Professionals, help you proactively and we can work together to secure you the investment you are watching for.
I know you know it - Now is a great time to make a purchase! Prices have been either flat or slightly declined in the Anchorage, Matsu and Eagle River markets for every bit of five years, since 2007. With today's interest rates, nearly any investment will pencil. Rents haven't declined and the rental market may be tighter than ever for a couple reasons such as nervousness and tougher qualifying guidelines. There are some foreclosures, yes, but the good ones receive multiple offers and you have to move fast on the good ones. If you find one, make a bid and get your offer accepted, you can make money when you clean it up, make necessary repairs and get the property in good rental shape.
OK, back to my point of "How can You, Help Me" find you a property? It's a joint effort. The best thing for me would be for you to figure out what it is you are interested in owning; a small condo that would be easy to rent and not much risk or maintenance? Or a single family home? Maybe it's a four-plex that interests you because odds are you'll have 4 rental units at one spot? Maybe you are ready for the big league of 15 or 25 units and this is going to be a prime source of income for you?
Once we get this part agreed upon, let's get you prequalified at a lender so you know what you can do financially and are able to move quickly if the need arises and you can anticipate your cash needs.
OK, are you with me so far? We both know what you want, and we both know you can qualify for it once we find it. Next step? Have me email you listings as they come to the market and hit the Multiple Listing Service or MLS as we call it. You should start driving by the property I send you to see your money will buy and if you are interested at all what I am sending you. If not, you and I can re-evaluate and make changes accordingly.
Of course we need to look at some property so that you know a good deal when you see it. We'll get inside, we'll try to get as good of numbers as we can for the cost of utilities, mortgage, taxes and insurance so we have a good sense if you are making money on this property purchase.
So, for me to help you, we need to work proactively together. The market is too broad to focus on the vague notion of a "good deal" so we'll break the search into smaller bites and work on it together; sound good?
I was talking to a friend of mine a few days ago who said "If I don't buy something in this market, I'll be kicking myself in the future when prices have recovered and I'll be wishing I had bought when interest rates were lower."
When you are ready to take advantage of the market and make that real estate investment in real estate, let's form a game-plan and begin working that direction!