All Forum Posts by: Angelo Pozzuto

Hi Sarah,

Im in CT too, I would love to connect. @Mat O'Grady I would love to be apart of the meetup as well!

TIA,

Angelo

As long as the testing of the soil is squared away, you should be ok. It may pay to have that done on your dime before you close to make sure you don’t have any issues.

Welcome! Feel free to reach out if you want to chat

Totally agree with Craig. Bridgeport is a tough appreciation market.

Hi Jaysen, 

Submettering works everywhere. Usually the company just takes the water bill and directly bills each tenant a portion based on how many people live there. The only concern I have with it is your rental’s desirability by not including water in the rent. Just something to consider, it’s a pretty easy process.

-Angelo  

I have a house with three different sources of heat, home heating oil, natural gas, and electric heat in Connecticut. If I was building the house over, I would put electric heat in every unit. Easy to maintain and cheap to install. If there is already electric heat that your tenants are paying, I would leave it. That’s just me. If I was living in a unit for a house hack, or if I was already planning on remodeling the house, might be something I would consider. Otherwise it would need to be a strong financial benefit, like a few hundred dollars per month per unit difference for me to do that.

 Have you received the last months rent? Or are you using the deposit? 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $290,000
Cash invested: $80,000

First RE deal. Cash invested included only 20k money out of pocket. Rehab of unoccupied unit cost an additional 15k after labor and material. Still more available rent to be made due to Section 8 tenant still in home at under market rent. Cashflow is net of all costs, including higher interest rate on loan due to two homes on property.

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

Past family history, I knew buy and hold and a strategy would work in the market

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

MLS, negotiated through an agent

How did you add value to the deal?

Total remodel of one unit, added washer and dryer hookups in the basement

I am thinking about getting my real estate salesperson certification in Connecticut. I know many people work as a part time agent, I was just wondering how much of a commitment/obstacles people have had.

Thanks!

I just bought a house in Connecticut that was built in 1880 or 1890 as a single family residence and was retrofitted as a three family before I purchased. A few things I would look out for

Water in the basement

Cracked foundations

Knob and tube electric 

Lead paint

Outside of those some things to always consider would be needing a roof replaced or new siding, those are pretty standard for any home that has been around the block. I am finding that older homes have high ceilings and may even have beautiful woods floors. Due diligence will go a long way, but if the place is renting and nothing jumps out as a big issue, I don’t think the age is much of a concern