All Forum Posts by: Charles Hyatt

@Connor Wallace

Branford can be rather pricey (supported by higher rents) when compared to other markets so instead of doing a condo in New Haven I would jump straight into a owner occupied 2-4 family in Branford using Home Possible by Freddie Mac or FHA (3.5 - 5% down + PMI). From my own experience this is the quickest way to "get into the real estate game". Start running numbers like you were not living there and see if you find any COC returns that meet your criteria. With 3.5% down and PMI, if you can hit >10% COC you are doing okay. Branford is also an awesome town with lots of great shopping and things to do, as well as great location.

@Joe Morelli, my wife an I are in a similar position.  We just bought our first two-family and are living there while making minor upgrades.  We're in Cromwell so let me know if you want to get together to talk.  There is a meetup in Rocky Hill that would be the closest for you which may help with networking.  I particularly like one that is in Wallingford, less formal but good conversations.

@Michael Noto, which improvements will you pull permits for? 

Does anyone have a recommendation for an insurance agent in CT?  I'm trying to insure an old 2-family in Cromwell CT.

Thanks,

Charlie

@Account Closed FHA will usually roll the closing costs into the loan amount. So they will do 3.5% of the total including closing cost. My down payment ended up being close to 1% of the purchase price.

@Jonathan Mueller I have an Ikea real close to me.  I'll check them out, thanks.

@Jerryll Noorden my contractor did recommend RTA as a cheaper option.  Do you just buy them right online?

Thanks @Max T..  I'll shop around, see what I can find.

1,400 sqft, 3/2, $1,500 rent - Replace kitchen cabinets and countertop

My first quote on cabinets came in at $4,800 (just materials).  Believe the manufacturer was Omega and the quality is pretty good, maple with self closing doors.

I'm looking to keep the cabinets under $4k and these seemed expensive.  Can anyone recommend a product for this type of rental?  Planning on going with a lower end granite. 

Thanks,

-Charlie

Hello BP,

My insurance company just canceled my policy for the following reasons (owner occupied 2-family built in 1780 in CT):

1.)  There is a historical plaque on the front of the house and they say there is a possibility the house is on the national historic registry.

2.)  The boilers are >25 years old.

3.)  They are requesting a Lead-free Certificate, which I do not have

Has anyone run into these issues before?  If so, how did you navigate this with your insurance agent?  Any suggestions?

-Charlie