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Updated over 3 years ago,

User Stats

8
Posts
3
Votes
Christopher Fabiany T.
  • Investor
  • Connecticut
3
Votes |
8
Posts

My first house - East Haven/CT

Christopher Fabiany T.
  • Investor
  • Connecticut
Posted

Investment Info:

Single-family residence buy & hold investment in East Haven.

Purchase price: $230,000

Bought my first house on 12/17/2019, down payment 25% because at that time just finished college, did not have the 2 years of employment history so that higher down payment gave security to my lender. House really good conditions, no rehab.
Since the beginning wanted to house hack. Right now the first floor of my house is rented for $1350 being 87% of my mortgage payment (principal+interest+insurance+taxes) plus we split the bills 50/50.
I am finishing my basement that will rent around $850

What made you interested in investing in this type of deal?

House is 2008, big spaces, easy to separate the single family house in different floor apartments. Since the begging saw that I was going to be able to live rent free in this house. At that time did not know all the math involved in a real estate investment, but was able to figure out that this house will pay itself, I living for free.

How did you find this deal and how did you negotiate it?

Saw the sign on the street, called the listing agent but was under contract, so I asked her if she can save my number if something happens. Two weeks later she calls me, the buyer did not get approved for the loan. Same night put an offer for the house.

How did you finance this deal?

I did not know what I was doing, thought that was the only way so went to my bank, Chase. Luckily got approved.
Conventional loan, 25% down payment

How did you add value to the deal?

Since the begging saw that putting one door, I was going to be able to have a 2 bedroom 1 bathroom in law apartment. Also the basement is 9ft tall, completely dry so I am building a studio right now there to get extra income.

What was the outcome?

I love my house, and the craziest part is that I did not know anything about screening tenants. I took the first couple that came to look at the apartment as a tenants, and they are incredible. Really good people and pay on time, but hearing now all this stories of tenants not paying for years, specially here in Connecticut, I will never do that again.

Lessons learned? Challenges?

The biggest lesson I learned is, with your money buy assets no liabilities.
The biggest challenge I had is not having the two years employment history for my lender, but if you just finished college and saved money to buy real estate, don't worry in my case, I only had to proof that the job I currently have is related to my career.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

In my first house I used a Chase bank lender, but for the duplex I just bought I found a really talented mortgage broker. If you are in Connecticut send me a message I will help you with his number right away. Really professional and works fast.