All Forum Posts by: Connor Parker

@Craig Bellot thanks Craig, Appreciate the advice! I’ve been focusing on analyzing deals and have been second guessing my numbers, but the thing I realized is that unless I get my financing in place ready to push the button I’ll never get to the point of offer or take the plunge

Thanks, appreciate the advice!

Thanks Will,

The numbers sounds great! Unfortunately I already own a single family, so house hacking isn't an option (unless I can convince my wife to move). I realize BRRRR can bit risky if you aren't familiar with the cost/time/management of rehabbing a property, but one of my best friends is a contractor, so hoping he can help me avoid any major mistakes. Interesting that you said New Britain as I was looking there - I think I saw it in an article of best places to invest in CT. What do you think of Waterbury? I've been looking there as it's a little cheaper and although rents are less I thought it might provide a lower cost entry point, although I need to look into the market a bit more.

Hi Taylor,

Thanks for the advice. I was leaning towards staying in CT given I'll be able to drive around neighborhoods and get a better sense of what I'll be investing in, so this helps. I've be thinking about what the best strategy will be and leaning towards the BRRRR strategy as if I look for turnkey or almost turnkey properties I'll have to keep coming up with capital for down payment and unfortunately I'm not a multi-millionaire (yet) with lots of cash hanging around! Are you still doing flips or have you slowed down because of the market? I would love to pick your brain and exchange some ideas if you're up for it. I went to a real estate meet up in New Haven at the beginning of the month run by Ryan Luby - met some interesting people - do you ever go to that?

Hi all,

I'm currently looking for my first deal as a buy and hold investment and working out whether to stay local or go out of state. I live in Connecticut and have been looking at Bridgeport as an option, but property prices are on the rise, so wondering if I'd be better going out of state to find something more affordable (and maybe better cash flowing) to reduce the risk if I can't get tenants. Any suggestions would be welcome and would love to Connect with others who are either investing in Connecticut or live in Connecticut and investing out of state...or anyone else that can be bothered to talk to me haha!

Thanks
Connor


 

Haha! Appreciate the answer Alex. I think you're alluding to a good point in that it's risky to mix business and family! I was thinking about some kind joint ownership agreement, but the more I think about it the more complex it starts to sound. I think I'll have to bite the bullet and come up with a plan to get 20% down through a conventional loan or find another way to finance it.

Question - has anyone tried house hacking with an parent/in-law or other family member? My mother in law currently rents her house and doesn't have the credit or funds to buy, so I was thinking about buying a multi family and letting her live in one unit rent free assuming I could get an FHA loan. Then after a year house hack. It may mean the property wouldn't cash flow in the first year, but I haven't looked deeply into it yet. Has anyone ever tried this? Any advice would be greatly appreciated.

Thanks