All Forum Posts by: Bryan Scibilia

Hey @Michael Noto, thanks for the input, I ended up pulling the trigger on the HVAC. 4 bd 2 bth & 2bd 1bth duplex, hurts dropping the cash now but numbers say will pay off. Always appreciated.

@Pat L. thank you for the suggestion, that was my fear in the North-West corner of CT as well. I am converting from electric to HVAC, I had the system set up for HW down the road and will convert once the currently working HW heater's bite the dust. Thanks again, good luck out there!

@Patrick Chafe I'm with @Kody Thompson and would take option 3. Just last year I was in the same position with my first SFH, so happy I kept it. You can find more cash for more deals a lot easier than a decently cash flowing property like it sounds you have, especially in MA. Best of luck!

@Gail W. I was In your position about two years ago, I think you're asking the exact right question:

      "I am just trying to get an idea of what I am doing wrong in talking to agents"

@Jonathan Greene gave you incredible advice and that is to find agents who also invest, they will have their finger on the pulse of the deals, get more deals across their desk, and not just concerned about the 'right fit' home for you but the 'right fit' for your portfolio.

What worked for me was finding what top producing agents were working with investors in my area that were doing the type of deals I was interested in and targeted those. I then scheduled about 4 different showings at potential properties and explained what my goals are including where I am currently  and talked to see if our 3-5 year goals were cohesive, this includes asking about their goals and discussed their track record. I also provide a 'bonus' or tip to my agent now in order to make up for the lack of commission they get on helping me get the best deals possible. Remember, when you have a GOOD agent, they will fight for your best interest but every dollar the purchase price is reduced, that typically equates to money not going into their pocket. Good luck!

@Nathan Schiess Thanks for the input! I totally get the rental ceiling and I'm not actually all that concerned with the potential increase in rent. However, the comps are tough in that no other houses have electric heat, but none have HVAC either, mostly converted to oil in the 70's and 80's. The house will be one of the nicer houses in the sub-market but I am concerned that the very expensive electric heating bills will be a deterrent to potential renters despite the upgrades. I think the question is more so what have people seen, from experience, the additional CapEx dollars are from adding HVAC (or at least eliminating electric heat) and has it been an overall net positive experience?

Please, I need advice. I'm wrapping up the remodel on a duplex which is currently set on electric heat, I have the option of adding HVAC for a decent price, each unit will have dedicated equipment. I have no experience with HVAC, especially in an investment property and I'm not sure what the final ROI will be. There should be value added to the property, this should reduce vacancy, BUT do the upfront costs and maintenance $'s added to my CapEx budget negate the added value? Everything is on pause until I decide, what would you do?

Hey Patrick! My name is Bryan Scibilia, a CT native as well and relatively new to this world. Agreed, not too much love in CT but agree there are deals to be found! Let me know if you'd like to connect, always looking to build and develop a sense of 'community'. I just rented out my SFH in Glastonbury and am currently looking for a multi to move into/house hack while I do the value add myself.

@Shay Nir

You sure can find opportunities sitting on the MLS. It's not everyday nor is it easy, but most things worthwhile are neither.

Most of my BRRRR deals have been through the MLS but takes some serious negotiating and knowledge of the area.

At minimum, I would want someone I trusted walking the property, and would not feel comfortable doing a rehab estimate from pictures online.

I always walk the property once with my agent, and once with my main contractor before I make an offer. All of my offers are accompanied by a market analysis and why I am offering what I am, what I plan on doing to the property (at least what I’m planning on spending for the rehab) to justify my offer. So far no one has been offended because I give reasons behind my numbers.

Remember, the answer is always no until you ask.

I just went under contract on an MLS deal I'm planning to BRRR and would be more than happy to discuss my numbers, how I got there, and my planned ROI. If you ever need a boots on the ground investor in CT let me know, always happy to analyze a deal and provide feedback.

All the best,

Bryan

Hi,

Been lingering, but time for my first post.

I went under contract today for a two (maybe three) family I'm planning to BRRRR, it's older than anything I'm accustomed to and wondering if anyone has suggestions on additional inspections to do during my contingency/inspection period.

The house was built in 1890 and has a stone foundation, I don’t know much about stone foundations and not sure the average home inspector will either.

Other structural considerations that experience out there recommends?

I’m guessing I will have to replace most/all electrical and perhaps the same for plumbing, factoring that into my numbers already.

Thanks and looking forward to feedback since I don’t know what I don’t know.

-Bryan