All Forum Posts by: Ben Rutkevitz

I agree with all of @Christopher Brainard's answers. I am currently doing my first flip in CT.

1. You can get a conventional or FHA loan but if you have to move quick to secure the property this could be an issue. Hard money or private investor is an option.

2. I intend to make money on my first flip, but would have been happy to break even because what I really wanted with this experience was to learn the process.

3. I have a full time job and am thankful that my business partner has more free time to be at the property. I believe it is important to be at the house overseeing the contractors and making sure they stay on schedule.

4. I would estimate about 5 hours per week if you have contractors doing the majority of the work.

5. My advice would be to try and team up with other investors to diversify your risk and gain experience through the partnership.

If you have any opportunities you would like me to look at, I would be happy to and let you know my thoughts.

Bathroom and Kitchen pics below. 

Below are progress pics of the porch. The porch needed to be redone so that the wooden slats were close enough to meet city regulations. I will post pictures of the rooms, bathroom and kitchen in a following post. 

good luck @angel 

@Angel Rosado, way to be in action. Love the hustle 

hi @Barbara G., we would refinance the house conventionally if we were going to keep it long term. I saw the other BP member's house. I am hoping that our price level will make it easier to attract more buyers.

Our house is a 3br and 1 bath and the other member's house has 3br and 2 bath. Her price is 250k and we are pricing ours at 179k.

great questions @Barbara G., I will post updated pictures shortly. The house is nearly complete. As of today we just need to finish up the kitchen and landscaping. My partners and I have an internal debate going on regarding whether we should sell it or rent it. 

30k Reno budget came from the contractor. His estimate was 22k and we felt that was too low. With the work that needed to be done we revised the estimate to include some contingencies.

The house was built in 1978

We estimate the rent to be $1,500, which is well above the 1% rule.

Taxes are about $4,000. I am getting pre-qualified for a mortgage after which I will be able to do a detailed cash flow analysis.

The Arv value came from the appraiser ordered by the hard money lender. The lender provided 70% of total cost.

I have not seen the other house in Stratford on BP yet, I will check it out and reply on this thread when I do. 

Zillow says the value is 185k.

So there are definite pros and cons about having partners. One of the cons is that you have to compromise and can't do everything you want. It maybe that the numbers make it worthwhile to hold the property and rent it out, but the partner dynamics makes it simpler to sell and move on to the next one. 

thank you @Linval T., yes, I am actively looking for the next one. 

@Barbara G.

I took your advice and started a forum on the progress of the property, http://www.biggerpockets.com/forums/522/topics/212763-stratford-ct---single-family-home---ben-rutkevitz

Dear BP Community,

Due to help and support from this wonderful community I purchased my first real estate investment property. I am now officially a real estate investor and it feels great to take action. 

The property:

1100 SF

3 br, 1 bath

single story

purchased out of foreclosure for $67,000

estimated rehab costs $30,000

ARV - 185,000

The property needs a new kitchen and bathroom along with other cosmetic repairs around the house.

I am a little late posting on this forum as I bought the property with my partners in May 2015. 

I will keep updating this thread with pictures and posts as the work gets done. The current plan is to sell the property upon completion.

Below are pictures of the property before work was started.

The expenses seem low. I would do as much verification as possible. Other than that the numbers look good here. If you like the area for a buy and hold scenario then get this one under contract.