New Investor From West Hartford, Connecticut

[Nick Pedrolini]

Hello Bigger Pockets Nation! My name is Nick Pedrolini, I am 23 years old, I grew up in New Hartford, Connecticut and I currently live in West Hartford, Connecticut. I have a full time job as a Project Engineer aspiring to be a Project Manager with a local construction management company. Although I mainly work on commercial, private, and public sector construction projects, I am hoping to use my experience with construction, rehabbing, and contractors to my advantage in residential real estate investing.

I am interested in the residential side of real estate investing and plan to focus on the Buy and Hold and BRRR strategies. Other than being a tenant I am brand new to real estate investing. I have been educating myself on real estate investing while looking to purchase my first property in the surrounding Hartford area for the past few months. I am currently renting out a place now and hope to House Hack with the property we end up purchasing.

My short term goals are currently to educate myself on real estate investing and my areas of interest as much as possible. I am currently trying to work myself through every episode of the Bigger Pockets podcasts listening on my way to and from work, I’m currently on #56 so I still have a ways to go. Fun fact I actually found out about Bigger Pockets through another real estate investing podcast called the Millenial Real Estate Investor. My mid term goal is to purchase a multi family home in the surrounding Hartford area to House Hack in the next 6 months to a year. My long term goal is to establish a real estate portfolio generating about $1500 - $3000 of cash flow a month within the next 5-10 years.

My hobbies are anything to do with sports and the outdoors such as baseball, football, golf, snowboarding, off-roading, and hiking with my dog.

If you could share any relevant advice for a newbie like me starting out in the Connecticut area please let me know. Any help would be greatly appreciated.

I don't know many people who are involved and interested in real estate investing so I am looking forward to networking with others and becoming an involved member of the Bigger Pockets community!

[Michael Doherty]

@Nick Pedrolini congrats on getting started, sounds like your doing all the right things to set yourself up for success. 

I have been house hacking since 2017. I bought my first duplex in New Britain and lived on one side while the tenants paid for my PITI. My out of pocket expense was $200 plus utilities. This allowed me to save pretty much my entire paycheck to afford the next property and so forth.It's a great way to compound capital and save while gaining the first hand landlord experience.

If I had to go back and do it all over again, I would try and purchase as 3-4 family building and really take advantage of the first time home buyer low down loan option. Also, when running your numbers, make sure you run the analysis as if you don't live there. Because some day you wont... and you want to make sure the property will cash flow. 

Fast forward 3 years, my gf who lived with me in that first duplex actually bought a 3 family in New Britain and we are now house hacking her property. I still own the first duplex to this day and have acquired 3 more buildings. I most recently started helping other investors run the numbers and buy and sell Multi-Family/Commercial investments. Let me know if I can be of a resource in anyway. Congrats again!