All Forum Posts by: Aaron Ram

@Beau Wollens A bit late to reply, but please tell me you bought this deal. A 3BR, 1.5BA in the South End—just the land alone is worth more than $175K. You could have picked it up, flipped it right back on the market for $300K without lifting a finger, or done a basic builder-grade renovation and sold it for $625K+.

Also, most homes in the South End fall under RMF or R6 multifamily zoning. If the lot is at or near 6,000 sq. ft., there’s a strong chance you could legally convert to a two-family. Right now, the average two-family sale in Stamford is $818K—and that’s not even for a newly finished one.

Good luck if this opportunity is still around. Feel free to reach out if I can help in any way.

@Kavya Veerapaneni

There is a market for short term rentals in Danbury. My client has a property near the hospital where he runs his dental practice and has 6 hospitality units connected on the other end. Mix of both share and entire units. Their units have exceeded expectations over the past two years.

Danbury should be fine for house hacking with having a larger number of mulitfamily properties within the city.

Great that your starting out on biggerpockets. I started my jouney here in 2011 and I am still learning everyday - especially from others on this forum.

My personal portfolio is located within Stamford and Bridgeport. I have a mix of student rentals, multifamily, short-term and SFRs. I mostly buy and hold. Currently selling two SFRs to 1031 into a seller financed 9 unit mixed use property - I am still excited to learn new strategies 13 years later.

I have some of my investments on my profile and some info regarding each. Feel free to reach out with any questions, more than happy to help with any questions you may have. Good luck!

@Devin Peterson Definitely always down to network. I have been to quite a few meetups in the past. However, most tend to get very watered down with sales pitches etc.  Still open to them of course. 
 

@Elio Campiolo Jr  Nice to meet you Elio. Great to see more Stamford investors on here.  

Sorry I've been relying on chatgpt a bit much. It is 7% interest only with balloon at end of 7 year term.

Monthly Interest: $7,875.00

Annual Expenses: $50,000.00

---------------------------------

The NCF in year 1: $26,000.00+

2nd year is when it really takes off at $80,000.00+

 Thank you for the advice on looking at refinance a bit closer.  The property can just about cover the refi in year one.  I looked at the rental trend over the past 10 years, I should be fine in year 7 for the refinance unless rates are totally out of this world.

Your right those rents would be really low for Stamford. This in a desirable town further North.

@Devin Peterson Thanks for the reply and nice to meet another CT investor. What market are you in? It has been tough to find attractive deals in Fairfield County. Relationships are key -this off-market deal was found through a longtime realtor friend and my last seller financed deal was through a landlord/client I worked with for several years. 

Response to your question: This is the last of their portfolio that was sold off over time. Their family has no desire to deal with the property. They suggested 5-7 years and we settled at the 7 for the balloon. I should be able to payoff the note at that time easily with these numbers going in. Hopefully the rates are better.

Hi all,

Posted on biggerpockets my first deal back in 2011, this forum gave me the confidence to get it done. Amazing what this community has turned into. This is my first commercial deal and 2nd seller financed deal. I would appreciate any advice on anything I may be missing with putting this together or should neogotiate before finanlizing.

Negotiated so far:

Property: 9 Unit - 7 Apartments + 2 Commercial Garages (4 unit apt building + 3 unit apt building w/ commercial garage attached + standalone commercial garage on same lot)

Background/Why owner is selling: A seasoned builder of 50 years, the owner purchased the property in the 1970s for around $8,000.00, later developing three apartments and two commercial structures. They acquired the neighboring four-unit in the 1990s for $150,000.00. With everything paid off, they’re looking to slow down but are hesitant to sell due to capital gains considerations.

Purchase Price: $1,750,000.00

Downpayment: $400,000.00 - Will do a 1031 - Selling two of my SF properties for the downpayment (bought for 120k + 146k back in 2017 & 2015). 

Seller financing: Note for $1,350,000.00  - 7% amortized over 30 years with balloon payment after 7 years, interest only. ( I am trying to get the first year at 6% to stabilize then go to 7% remaining 6 years)

Property Condition: Above average. Properties built with steel beams, both roofs less than 10 years, all heating systems under 5 years etc. Walking through, I can see that owner is the type that spares little expense with his own properties. 

Value: I am paying current market value. I will evaluate per building. No 4 unit multifamily has sold in the last 2 years. They are rare. Reviewing comps it would sell quickly at $800,000.00  (conservatively). The 3 apt + 2 Commercial Garages is a unique property. Doing my best to comp, it would be around $1,000,000.00. 

Leases in place: 2 apt Leases will expire in 2026. All others are month to month or expiring this year.

I used a spreadsheet I typically use to analyze a financed deal. Here is a screenshot. Appreciate any advice at all.

Things to note: I have a well qualified plumber tenant for the bigger under house garage already. The garages will have 3% increases year over year once leased. The rent increases are with no added renovation besides typical unit turnover. I expect to outperform these numbers.

@Sam Samandar Great to see you have interest in building a RE portfolio. It can get overwhelming with this much information at your fingertips these days.  I was in your shoes back in 2011 and this forum actually gave me a push to make my first investment purchase. I have a 10 property - 15 unit portfolio between Stamford and Bridgeport. Multis, SFs, Condos and short term. More than happy to offer any advice. Good luck with your journey Sam.

@Eddie Garcia jr Welcome!

Followed that same path since 2011 and it paid off big time. I have a portfolio of multis, SFs and condos within Stamford and Bridgeport. More than happy to share any information. Good luck!

Hi @Todd Hotes

I started my investment journey on biggerpockets back in 2011. It is a great resource and I am sure it will accelerate your passive income goals. 

I started with SF students rentals back then around Sacred Heart University. Now I have a portfolio of multifamily, condos, and single families within Bridgeport and Stamford. The passive income is attainable, the deals are just harder to find and of course harder to make sense with rates. I would not let this market discourage you. I bought my first seller financed 4 family in Stamford this past year. Good luck!

Hi Jonathan, 

A fellow Stamford investor here.

How did your deal turn out? 

I was able to complete my first seller financed deal on a 4 Family in Stamford this past November. I worked for the owner a number of years and was able to get an off market deal done with seller financing. It all worked out better than expected. My attorney played a big part in this coming together successfully.