All Forum Posts by: Chad Fagan

@Collin Stewart

This sounds like a great idea, if you were to get a group going, I'd be happy to join.

 Hey @Steve Bracero, I'm definitely interested in being part of the Facebook group. I'll shoot you a PM!

Hello Sammie,

Welcome to Biggerpockets and the Connecticut RE investing community. FHA on a 2-4 family is option for your first deal. You can purchase one with 3.5% down. I purchased a 4-family last year using this method and would do it again in a heartbeat.

Student rentals can be lucrative because they rent by the bedroom, but are hard to come by. In Mansfield, for example, there is a town zoning regulation that allows only 3 unrelated individuals to live together in a SFR. Only a handful of properties in the town have been grandfathered in.

I can't speak much about Norwich or Stafford Springs. Stafford Springs is about 20 minutes from the University of Connecticut and considered less desirable in terms of the commute time for off-campus housing.

Hi Rich, I have a cashflow calculator I've been using (spin off from a user created BP calculator). PM me and I can get it to you.

Also, I will recommend Rick Santasiere as an investor-friendly agent. He has worked with BP members new to investing. I've also got a few mortgage guys that are investor-friendly. Yes, even mortgage people need to be on the same page when it comes to investing. 

@Rick Santasiere

I can confirm that for the University of Connecticut, for a SF you can only have 3 unrelated people living together. The town isn't strict about how they check for it (checking for # of cars in driveway). Some SFR's are "grandfathered in". Still, I would stay away. You need to assume the town could change at any second and become very strict about the whole thing.

Hey all,

Could anyone offer any advice for this scenario?

Primary residence: Owed $6k @ 3.85% worth $515k 

HELOC against primary: $277k @ 4.0% variable, interest only. Repayment period starts August 2018.

Rental 1 (purchased with HELOC): Worth $210k

Rental 2 (purchased with HELOC): Worth $100k

Rental 3 (purchased with HELOC): Worth $100k

We want to buy another property worth $135k. What would be the best course of action? Does it make sense to refinance? How about lumping together the 3 rentals into a commercial loan situation?

Thank you!

Rick Santasiere is an investor friendly agent that BP members have used and can vouch.

I'd recommend meeting with several realtors and vetting everyone out. Make sure you gel together well.

Hi @Michael Doherty, welcome to the world of real estate investing. You will find BP has a wealth of information available. 

Cheers,

Chad

Hi @Stephanie Cabral,

Per our conversation on the phone earlier today, I plan on attending.

Thanks!

Chad

Hi Zora,

Welcome to Bigger Pockets. You will find BP has a wealth of information. CT has a strong and active community of real estate investors. I can recommend you a contractor and real estate lawyer but don't think that information is allowed to be posted publicly (i.e. solicited). Feel free to send me a colleague request.