Waterbury, Hartford, and New Haven, CT and Hablo Español?

Question

Hello Fellow Investors or aspiring investor,

I am in the process of buying my first multi family property in Waterbury. The numbers look good so far. I just did the inspection yesterday. It looks like the place needs 10k-20k worth of repairs.

Should I negotiate a reduction on the price or just ask for a credit and I do the work?

In addition, I am open to connect with local investor and partner in some deal.

Hamlet

Hamlet J. · Answer

@Moises R Cosme

Hello Moises,

Do you invest in Waterbury?

Hamlet J. · Answer

@Ryan Twombly

Nice! Ryan.

Congrats

Ryan Twombly · Answer

@Hamlet J.

It is going well, I think the city is a great place to invest but there is not a lot of inventory. I am currently househacking a triplex and will soon be closing on another duplex also in Middletown.

Moises R Cosme · Answer

I would invest if the numbers worked.

Hamlet J. · Answer

@Ryan Twombly

Hello Ryan,

How is your investment going in Middletown?

Hamlet J. · Answer

@Cameron Norfleet

ARV 269k

I have it under contract for 253k.

Hamlet J. · Answer

@Ryan Twombly

Thank you!

I appreciate you inputs!

Cameron Norfleet · Answer

Congrats on your first project @Hamlet J.

In order to determine if you should ask for a reduction, we'd have to know what your ARV is and how much you have it under contract for.

Ryan Twombly · Answer

Hamlet, congrats on getting started! My preference is to do the work myslef because I can control whether the work is done well. The caveat is that if you are using a bank loan there is often a limit on how much the seller can credit, 2-3% of purchase price from my experience. If your repairs are over that amount you will have no choice.

I currently live and invest in Middletown. Feel free to reach out if you have any questions or would like to connect!

Moises R Cosme · Answer

Waterbury is a great town!!!  Congrats on the deal!!!