All Forum Posts by: Dan Giungi

I'm looking for concrete contractor recommendations in the Hartford County area. 

Please DM me with details if you have someone you would recommend.  

Thanks in advance. 

@Morden Walters I use Michael Clinton in Glastonbury. He is great and exclusively represents landlords. 

I’m looking for recommendations for licensed and insured roofers, plumbers and electricians in the Hartford Connecticut area.

I have a handful of projects I would like to contract out as “packages” for each trade. I can PM more detailed information regarding the work I’m looking to have done.

If anyone has any recommendations it would be much appreciated. 

Thanks in advance. 

I just finished the first round of a direct mail campaign. This will be my first property and I targeted towns/properties that I plan on buying as an owner-occupant. 

I was able to generate a few hot leads that I'm currently working on. I mentioned in my mailer that I'm already pre-qualified. One of the sellers I spoke with asked to see a copy of my pre-qualification letter before he shows me the property. I believe I've developed a good rapport with the seller and he admitted that he has never done a deal off-market before so he wants to be cautious. I assured him I would be transparent and act in good faith throughout the process, but I'm reluctant to disclose the full amount I'm pre-qualified for before we move towards any potential negotiations because I believe that would jeopardize my ability to negotiate a great deal as opposed to a good deal. 

I have a pre-qualification letter from a previous offer and my initial thought was to white out the specific numbers/loan type, then scan it and send it to the seller. However, the seller also mentioned a ball park price that he would entertain for an offer, my other idea was to request a second pre-qualification letter based on the ball park price he mentioned. 

Does anyone have any thoughts or suggestions on how to best handle this?

Thanks in advance. 

Does anyone have any recommendations for banks or credit unions in Connecticut that offer programs for a first-time buyer purchasing a multi-family property?

I would ideally like to avoid PMI, put down less than 20% and avoid paying high closing costs.

Thanks. 

Hi Biggerpockets:

I'm wondering if anyone has any experience investing in Plainville, CT?

If so, can you please provide a little insight on what your experience has been with vacancy rates, ROI, tenants, etc...

Thanks,

Dan

Hi Biggerpockets:

I'm wondering if anyone has any experience investing in Plainville, CT? 

If so, can you please provide a little insight on what your experience has been with vacancy rates, ROI, tenants, etc...

Thanks,

Dan

Thanks for all your input, much appreciated. I'm currently looking at a duplex in an area that has a low vacancy rate and is known for attracting higher quality tenants. The duplex is FSBO and they are asking $340,000.

This is significantly more than I initially considered spending. However, both units are currently occupied and the leases expire in May. I did some quick math. I would be able to collect enough rent to cover the mortgage in full and get a small amount of cash on cash return. I would set aside any revenue from the property to bolster my reserve fund. 

Once the leases expire, my plan is to rent the larger unit and move into the smaller unit. I would get a roommate and charge them enough rent to cover the remainder of the mortgage not covered by the larger unit. Even if the property ceased to cash flow at this point, I would be able to live for free and save more money at a faster rate for my next property. 

Do you think this would be a good first step? 

Hi! I'm hoping there's a few people on here that can give me a little guidance. I'm 26 and just starting to seriously look into real estate investing as a vehicle to become financially independent and fund my retirement. However, there's a few different factors in play and I'm trying to figure out exactly how to strike a balance between them. I'll give a brief background below to provide some context.

Through the course of my work I've worked with a number of landlord, real estate investment and property management groups, so I have a strong working knowledge of the fundamentals and I know it's not as easy as many beginners might think. However, the idea of building my own business through real estate and becoming financially independent is intriguing and what I've always wanted to do.

I've been saving money in a standard savings account that accrues minimal compounding interest. 

I don't have stocks or bonds. However, in another year I'll be vested in a pension through my employer and they will make automatic contributions without a required matching contribution from me. 

I have enough money in my savings account at this point to make between a 10-20% down payment on an investment property with enough left over for a substantial reserve fund.

This is my dilemma: I'm stressing out about not having any money invested in stocks and feel like I might be missing out on compounding interest. Should I take part of the money in my savings account and invest in stocks, then build my savings back up to make a down payment on an investment property? Or should I stay the course, hold steady and purchase a quality investment property with a strong ROI and then begin investing in stocks while building equity in the property so I can use a home equity loan in the future to acquire another property. 

Any advice or experience would be greatly appreciated, thanks in advance!