Newbie from Connecticut - How do I buy my next one?????

[Marek Narewski]

Hi Everyone,

New multi-family investor from Plainville, Connecticut.  I am 25 years old and have been searching for multi-families for the past year and a half.  I have just recently closed on my first duplex (in Plainville) and should have tenants in within the next month after rehab, while I live in the other half.

Just looking for any tips and suggestions on how to buy my next one sooner than later.  The goal is to buy again in the next year or two.

Also, looking to hear from CT investors that might have a little more insight about the area.

Thank you, 

Marek

[Michael Doherty]

@Marek Narewski congrats on closing and finishing up your first project, sounds like you caught the 'bug'!

As a 26 year old I can empathize with you 100%. I also house hacked my first duplex in New Britain in 2016 and still own it to this day. Financing your next purchase will all depend on your personal savings and how you financed your 1st property. My hunch is you used a low down loan to acquire it? If not, then I would look for a 3-4 unit and use an FHA to buy your next property.

If you did you use a low down FHA loan, I would save enough capital to do a BRRRR. I did a BRRRR for my 3rd property and wish I had done it sooner. I wrote about that BRRRR HERE

It was completed in Middletown, Ct which is my 2nd favorite market after New Britain. Other areas to consider are Bristol and Manchester. 

My advice would be to save up enough to do a BRRRR so you don't run into this issue again and can reuse the capital your currently saving. If you ever have any questions about specific areas around Plainville, New Britain, Middletown or how the BRRRRR works feel free to reach out.