All Forum Posts by: Charles Hyatt

@Will Dupler I operate mainly out of the Middletown area. Let me know what specific questions you might have. I’m currently in a house hack situation myself. 

-Charles

@Account Closed Do you have a price point in mind? What is your desired net housing cost goal, i.e. mortgage(PITI) less rents for your tenants during the house hack? The answer to these two questions will help you narrow your search area.

@Jacob Caramanna what @Jaysen Medhurst is saying is to focus on a specific strategy.   Wholesaling, fix and flip and multifamily buy and hold are three separate facets of REI and one rarely becomes an expert at all 3.  Take some time to flip through the forums and figure out which strategy fits best with your current lifestyle.

I focus on multi-family buy and holds because my end goal is to grow my passive income, and because single family homes are much more difficult to cash-flow in most CT markets. Feel free to reach out anytime. 

@Jalen Gardner if buy and hold interests you, start researching "house hacking".  I'm doing a house hack right now in central CT and would recommend that as the easiest way to get started.

@Simon Obas The market in West Hartford is one of the pricier areas in central CT for small multi-family.  If the property is in move-in condition, you are looking at $275k - $350k.  Market rents are high as well, $1500 and up for 2br.  Its tough to meet the 1% rule in WEHA, most likely around 0.85% rent:purchase price.

If using a low-down payment loan, I think you should aim for net $800 /month (PITI less rental income).

@Scott Hollister thanks for the link to that other thred.  Great post, it was helpful.

@Cathie Kovacs I've been looking for more resources on this.  Below are some of what I found.

Some articles on water submetering in CT.

https://www.cga.ct.gov/2003/ba/2003HB-06583-R000270-BA.htm

http://www.ct.gov/occ/lib/occ/occ_testimony_hb_5587_re_submetering_at_apts__condos.pdf

https://www.cga.ct.gov/2015/BA/2015HB-06989-R000589-BA.htm

Hello BP,

I was digging into CT laws about sub-metering utilities in multi-family properties and found that before 2016 it was against the law to do this in CT.  It seems that laws have been past within the last couple years that now allow different types of sub-metering.  The main driver is a green initiative to lower utility consumption throughout the state.  The laws also allow operators to use renewable energy sources to bill tenants.

Does anyone have any experience sub-metering in CT or can anyone validate what I have stated above?  If so, what utilities have you sub-metered?

-Charlie

@Paul DeRiu, I am about to pull the trigger on some cabinets made by Fabuwood.  This was the best bang for the buck I could find with quality construction.  Dovetail drawers, wood gussets and beams reinforcing the lowers.  I looked at some with plastic gussets with no extra support and I was not comfortable with that. 15.5' of 36" uppers 8.5' of lowers for $3,500 delivered. Kitchen Cabinet Outlet.

@Joe Morelli these are Bigger Pockets meetups that are organized by members locally.  You should be able to search for them under network>events