New aspiring RE Investor in Woodbury, CT

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New aspiring RE Investor in Woodbury, CT

Andrew Sampino
Woodbury, CT · Member since 2017 · 15 posts · 6 votes

Hello everyone,

My name is Andrew Sampino, I'm a fresh out of college 22 year old Engineer looking to get into rental property investing. I discovered the BiggerPockets podcast a couple weeks ago and have been hooked ever since. I plan to one day make enough cash flow to be financially free and create a prospering, successful, and self sustaining business through multiplex investing. Currently, I am working and saving money to fund a small multiplex for a possible house hack. If anyone has any suggestions on how I could expedite the financing part so I can get started sooner I would love to hear it! 

Additionally, I would greatly appreciate any success (or failure) stories about deals done in CT so as to acclimate myself a little more to what exactly I'm getting into. 

I plan to attend local REI meet ups soon and look forward to meeting like-minded folks like you all, Thanks!

Andrew

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Michael Noto
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
8y

@Andrew Sampino First off, welcome to Biggerpockets. It is always great to see others from Connecticut here on the forums. Definitely read and listen here on BP to as much info as you can on the house hacking strategy. In my opinion it is the best way to get started for several reasons as I am sure you have already seen through your research.

As far as financing goes, the route most go is a standard FHA 3.5% down owner occupant loan. Have you looked into that program? That is typically the way my clients have financed their house hack deals in the past.

While you are working towards saving for your downpayment and researching here on BP be sure to get out into the markets and look into towns/cities/neighborhoods that you may want to consider when you actively start looking for properties. The more research you do now and cross places off your location list the more focused your search will be. 

The people that I know that have been successful with the house hack strategy have been focused on what they wanted in a property because they took the time to drive the markets and prepare upfront. Then when something came up in their strike area that checked the boxes they were all over it because they didn't doubt themselves when it came time to pull the trigger because of the homework they had done.

Feel free to reach out anytime in regards to real estate investing in general or the local markets. 

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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    8y

    Welcome to the community Andrew. Brandon's book on Investing with no or low money down has a lot of ideas on creative financing. 

    BiggerPockets
    1Reply
  • Michael Noto
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    8y

    @Andrew Sampino First off, welcome to Biggerpockets. It is always great to see others from Connecticut here on the forums. Definitely read and listen here on BP to as much info as you can on the house hacking strategy. In my opinion it is the best way to get started for several reasons as I am sure you have already seen through your research.

    As far as financing goes, the route most go is a standard FHA 3.5% down owner occupant loan. Have you looked into that program? That is typically the way my clients have financed their house hack deals in the past.

    While you are working towards saving for your downpayment and researching here on BP be sure to get out into the markets and look into towns/cities/neighborhoods that you may want to consider when you actively start looking for properties. The more research you do now and cross places off your location list the more focused your search will be. 

    The people that I know that have been successful with the house hack strategy have been focused on what they wanted in a property because they took the time to drive the markets and prepare upfront. Then when something came up in their strike area that checked the boxes they were all over it because they didn't doubt themselves when it came time to pull the trigger because of the homework they had done.

    Feel free to reach out anytime in regards to real estate investing in general or the local markets. 

    2Reply
  • Mark Avery
    Real Estate Agent · Ridgefield, CT · Member since 2016 · 72 posts · 37 votes
    8y

    Hi @Andrew Sampino, Welcome to BP and congrats on making the choice to introduce yourself and get started with REI. My Wife and I are investors in Northwest CT and first started out with house hacking as well. I'm happy to talk through some of the stories. Feel free to giver me a call or send a message. Look forward to hearing from you, Mark

    1Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    8y

    @Andrew Sampino

    Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

    1Reply
  • Aziz Raji
    Real Estate Agent · Chicago, IL · Member since 2017 · 715 posts · 138 votes
    8y

    Welcome to Bigger Pockets ! @Andrew Sampino

    1Reply
  • Andrew Sampino
    OP
    Woodbury, CT · Member since 2017 · 15 posts · 6 votes
    8y

    @Michael Noto Thank you very much for the response, Michael. I am in fact planning to pursue the FHA loan path. I will definitely continue to research as much as I can about this strategy. I like your advice on driving the through the neighborhoods, especially since I'll be required to be an owner occupant; it is something I've heard a lot about on the podcasts. I'm going to begin by looking in the West Hartford/Farmington area, but really I'm open to any thriving neighborhood so long as I can find a worthwhile deal (or make one!). I would love to discuss plans/concerns/questions with you sometime soon.

    Thanks again.

    0Reply
  • Andrew Sampino
    OP
    Woodbury, CT · Member since 2017 · 15 posts · 6 votes
    8y

    @Mark Avery Thank you for the warm welcome, Mark. I'd be happy to discuss some things with you. I'll be sure to be in contact soon as I have a lot of questions!

    0Reply
  • Andrew Sampino
    OP
    Woodbury, CT · Member since 2017 · 15 posts · 6 votes
    8y

    @Dmitriy Fomichenko Thanks for the links and info, Dmitriy. Very helpful!

    0Reply
  • Andrew Sampino
    OP
    Woodbury, CT · Member since 2017 · 15 posts · 6 votes
    8y

    @Aziz Raji Thank you!

    0Reply
  • Sal Morello
    Investor · Middletown, CT · Member since 2016 · 28 posts · 10 votes
    8y

    Welcome, I am new to the forum also and loving all the info you can find on a topic within seconds. 

    I also suggest FHA for the first house like @Michael Noto said.  That is what I did, and I do not regret it one bit.  Move in, and move a roommate in!  It is a great way to really start saving money, and hopefully purchase another house. 

    1Reply
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