Connecticut W2 side hustling progress 2022

[William Collins]

Update time on previous threads, mainly as accountability for all y'all CT real estate folks.  

Where are we:  In 2021 we moved lot's of properties and have a better mix.

Beginning 2021 Breakdown summary: 1 sixplex, 1 fourplex, 2 triplexes, and 12 duplexes.  Total units: 40

Beginning 2022: 4 duplexes in  Manchester, 1 triplex, 1 fiveplex, 1 sixplex in Canton, 2 duplexes in Southing, a duplex and triplex in Berlin, and a duplex, a quad and sixplex in Bristol.  Total end units: 43

Goal 1: 50 units total in 2021- missed this.  But on track to surpass it in 2022.  Have a quad under contract. 

Goal 2: Each building cashflows $1000 or more. Each door cashflows $300 as an average. In the progress of weeding/ harvesting equity from duplexes which are good- but not great cash flowers. This was accomplished and is my new mark.

Goal 3: Create $500,000 of equity from forced appreciation. In progress, I have a line of sight to the creation but need to close on some units and start raising NOI. This was accomplished

Goal 4: Controlled real estate passing $3,500,000 of value.  I blew past this one by a mile currently at  $4,900,000 range.

What are my main challenges:

1. The first contractor I had, who did great on half my portfolio went sour.  Did some real halfway work and made me start looking elsewhere.
   1. Found a new reliable GC
   2. Evelevated my handy man crews
2. The town did not accept the hardship to convert a commercial unit to a residential unit. So I was trying to go from mixed-use to residential- and that was blocked.    
3. 1. Not much I can do here, but all units are currently leased!
4. Velocity of money.  I am seeing lots of really decent investments, but having the capital through 1031's is taking time and the personal capital contributions are limited.

What do I need:

• More time.
• More capital.
• A mastermind of folks operating at this level.  I would call it the middle ground, not a rookie- not a mogul. Got a good group together in Connecticut. 

" style="-webkit-font-smoothing: antialiased; margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 1rem; line-height: 22px; font-family: "open sans", sans-serif; vertical-align: baseline; position: relative; overflow: hidden; color: rgb(52, 65, 77); letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; height: 888px;">

Update time on previous threads, mainly as accountability for all y'all CT real estate folks.

Where are we: Currently we are up to 16 properties across Connecticut, but about to 1031 ladder a bunch.

Breakdown summary: 1 sixplex, 1 fourplex, 2 triplexes, and 12 duplexes. Total units: 40

Selling this year: 5 duplexes, 1 triplex. Buying a triplex, sixplex, fiveplex, and two four plexes. Total end units: 49

Goal 1: 50 units total in 2021- Close but no line of sight to that last unit.

Goal 2: Each building cashflows $1000 or more. Each door cashflows $300 as an average. In the progress of weeding/ harvesting equity from duplexes which are good- but not great cash flowers

Goal 3: Create $500,000 of equity from forced appreciation. In progress, I have a line of sight to the creation but need to close on some units and start raising NOI.

Goal 4: Controlled real estate passing $3,500,000 of value. I blew past this one by a mile currently at $4,900,000 range.

What are my main challenges:

• The first contractor I had, who did great on half my portfolio went sour. Did some real halfway work and made me start looking elsewhere.
• The town did not accept the hardship to convert a commercial unit to a residential unit. So I was trying to go from mixed-use to residential- and that was blocked.
• Velocity of money. I am seeing lots of really decent investments, but having the capital through 1031's is taking time and the personal capital contributions are limited.

What do I need:

• More time.
• More capital.
• A mastermind of folks operating at this level. I would call it the middle ground, not a rookie- not a mogul.