All Forum Posts by: Adnan Dizdarevic

@Scott Kimberly

All over Connecticut. The entire state. I’ve offered asking price and that didn’t work. I offered $40,000 more then asking price and that didn’t work either. Examples Bridgeport, and New Haven. Whoever got the house I offered $150,000.00 for that was listed for $110,000.00 there is no way they will make a solid profit, the home required at least $100,000.00 to renovate. You’re not having these difficulties ?

@Carl Millsap

I haven’t looked out of Connecticut state.

I have only looked at homes for sale. Where else can I look? Or how can I find anything else ??

Good Morning everyone,

Currently I'm stuck and unable to start BRRRR and here is why:

I have everything in place, I saved the capitol, I have a real estate agent, I have a contractor, I have a hard money lender, I studied the market and area extensively (Connecticut state), the entire state, I have everything planned to the most minute detail whereas I even know which toilets, light fixtures, door knobs etc.., I will be purchasing and from where and at what price. My entire team and plan is set up. However, here is my issue:

Every time I find a good deal that I can BRRRR I initially would offer asking price then we would do highest and best and I would offer more then asking price to the limit that it would still

Be a good investment. I would use the BRRRR calculator to determine this. For example my

Last two offers: 1. $85,000.00 asking price, I offered $97,000.00, I did not get it. 2. $110,000.00 asking price, I offered $150,500.00 and I did not get it. I offered $40,500.00 more then asking price. Any higher and the investment would have been a bad one. I just don't understand where my mistake is. Does anybody have any advice ? Is anyone else having the same issue ? Is there so much competition out there that investors are overpaying for properties just to get them with a terrible ROI?

@Salvatore Lentini

Let’s see! These have been my obstacles:

1. I have made offers on homes to BRRRR. Total renovation homes. I have everything I need. Down payment. A hard money lender. Amazing credit score. Great income in the six figures range. A contractor. A real estate agent. The works. However, every time I bid on a home I don't get it. Last two offers i offered $13000 more then asking on the first and $40000 more then asking for the second one. Now I use the BRRRR calculator and I know my offers are good, better then good. Yet someone just keeps out bidding me or somehow getting the homes I put offers on. Any advise ?

No. Nobody specific yet. I'm looking for a good one. Hopefully I will meet someone at the REIA meet ups.

Good Evening Bigger Pockets,

Where are all the Connecticut Real Estate Investors? I would like to meet every single one of you. When is the next REIA meet up? Anyone recommend any towns in Connecticut for multi family BRRRR? Any information and/or contacts are welcome and much appreciated.

AD

42.85% less then they are offering it for? You have been able to get such deals ? 

One correction to my initial post. Triplex instead of duplex is what I'm looking at now. No other investment. This would be my first. I was thinking going all cash would be best to avoid the interest rates I would have to pay on the HML. And to get a cheaper price on the property. And to avoid the entire process involved in getting the HML. And the risk involved. I figure if I own the property outright and I can't refinance it I still have the property making me money with little expenses compared to having the HML. And I would avoid the having to wait 12 months to refinance because of the banks rules. And the tax benefit. And I wouldn't have an issue putting it on an LLC instead of on my name. But from what I'm understanding is Im tying in to much money into one project when I can disperse that money and invest into multiple projects?

Good Day BiggerPockets,

Out of all of the methods i have looked up, the BRRRR method catches my interest the most. The method seems to make the best strategy in my opinion. However, i have some questions i was hoping i could get some answers to:

1. Cash or HRM Loan? Which would you recommend? and why?

2. If i do a cash deal to buy the property and renovate the property, would i need to wait the 6-12 months to get a home equity loan? Since i am not refinancing, i am only financing would banks still expect me to wait 6-12 months to finance? 

3. Lets say the property i am interested in purchasing is $140,000.00. I want to pay in cash. How much of a lower offer would most of you make? 20% less? or what would be a good number to offer in cash for a $140,000.00 property? Now keep in mind this property needs a full renovation approximately $40,000.00 - $50,000.00, it is a duplex in a neighborhood where most duplexes that are move in ready sell for closer to $200,000.00

Thank you very much for the information Brian.