All Forum Posts by: Christian Estrella

Hi Danielle, research the market ins and out, I recently read an article that the Boise market is one of the most overpriced at the moment with people paying a large premium to purchase in the area. Since you live in the area you might have that knowledge already. I would suggest FHA and/or househacking to take advantage of the low down payment.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Bridgeport.

Purchase price: $400,000
Cash invested: $25,000

Purchased a 2 family home in Bridgeport, CT.
2 units - 2 beds/1 bath in each unit. 2nd unit has an enclosed porch and an unfinished attic, which I’d like to renovate!

Basement is used for laundry and storage, which is equally divided for each unit.

Driveway and 2 car garage as well!

What made you interested in investing in this type of deal?

I wanted to take advantage of an FHA loan, which offered a low down payment option, and allowed me to house-hack into my first property.

How did you find this deal and how did you negotiate it?

I found this deal by meeting with a local investor I found on Bigger pockets!

How did you finance this deal?

I used about 20-23K in cash out of pocket to cover closing costs, insurance, PMI, etc.

How did you add value to the deal?

I plan on adding value by renovating the attic, which in turn add living space to the second floor unit.

I’d also like to renovating the kitchen, new countertops, and flooring, as well as new laundry machines.

keep looking for mortgage brokers, they can find a good loan package for everyone. I was denied by all the major banks and a local bank. My mortgage broker made it work and i closed on a multi-family!

I had to switch my market, I was looking in the Elizabeth area and pre-covid the competition was hot, a lot of properties were going for best and highest. Also, a lot of cash buyers kill the competition. I went from NJ to CT and found a much nicer property in a better area than what i found in NJ. Don't get discouraged, i went the FHA route and still found a great deal. Keep looking, make offers, and learn how to leverage that real estate license!

Thank you! I will reach out to them. 

Happy New Years All!

I am in the process of closing on a 2 family property in Bridgeport, CT. The last thing required is home insurance, Can anyone recommend a insurance broker or agent they have had success with? 

I received two quotes ranging from 3500-6000K. Which are way out of my budget.

A few home details:
- Unit 1 - 1,040 Sq Ft Gross Living Area
- Unit 2 - 1,820 Sq Ft Gross Living Area
- Owner Occupied
- First time owner
- Not looking to bundle with auto at the moment

Thank you!

Good Morning All,

 Like the title mentions, I am looking for any recommendations for mortgage brokers, credit unions, or smaller banks that have successfully helped in your real estate investing goals. I am looking to purchase a multi-family property to house-hack in the Bridgeport/Fairfield area using a low down conventional loan.

Thank you in advance!

Evening All, @Kassandra Perez, thank you for starting this thread. I have recently begun looking into the Bridgeport, CT market as I see that multi-families properties are still within a reasonable price for me. I live and work in NYC but I am ready to invest out of state as the asking prices in my area are through the roof. I was looking at NJ but the competition and taxes make these deals not profitable.

I am looking to start as an owner-occupant to get in with 10% or so.

@Craig Bellot I would love to chat with you, I see you are a property manager and I might need one in the future. 

If anybody can recommend a good agent, lender, or just any piece of advice for a newbie who is ready to jump in. 

@Hunter Vigneault

Thank you for clearing that up, makes sense now.

@Hunter Vigneault

Copy that, so the buyer would be stuck purchasing at 325K instead of 288K? Is that something that can happen.