All Forum Posts by: Daniel Riccio Jr.

Hey All,

I was hoping someone could point me in the right direction for a real estate attorney that is well versed in wholesaling. I had some specific questions, but many attorney's that I have spoke with are not well versed enough in that area.  Any help would be greatly appreciated!

Dan

Hey Christina,

Would you be OK with a property that needed work?  I may have something coming up in New Britain, but not sure if you are looking for more turn-key. 

Helpful Home Buyers is a local wholesaling company providing off-market deals in both Connecticut and Massachusetts for real estate investors. We are looking for cash buyers who are looking for another source of deal flow, and ready to purchase. If you are interested in receiving our wholesale listings, please contact me at [email protected] to be added to our buyers list. Please also feel free to check out our website at www.thehelpfulhomebuyers.com  Please feel free to call me to discuss your investment criteria.

Hey Kim,  We have some experience in this area in CT.  I know this is an older post, if you already have this taken care of, Great.  If not feel free to reach out, would love to help if I can!

Investment Info:

Industrial Investment

Purchase price: $600,000
Cash invested: $850,000

Industrial property that was purchased in the "CT Transfer Act". This is for properties that have had some history of either contamination, or had business as tenants that were generators of hazardous waste. Our 24 month projection is for this building to have Gross Rental Income of around $15,000/month once completely subdivided, and renovated with total cash invested of $1M.

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

Off Market Seller Cold Call

How did you add value to the deal?

Property was also very run down, and needed significant repair. Our main objective is to take larger Units(Some 3500 sqft+) and break them down into smaller units with more manageable rental payments overall, while still having increased rent PSF since units, and building will be renovated. This will allow us to not have as much lease exposure to a loss of a large tenant.

Lessons learned? Challenges?

Learned a tremendous amount about this program through this experience, and plan to have this site completely "Verified" within the next 2 years.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $365,000
Cash invested: $525,000

This property was purchased as a 4 family dwelling with a commercial kitchen which was used by the Knights of Columbus. The goal was to turn this into a fully residential use (5 total units). We received the variance and will be installing a parking lot to allow for 2 parking spaces per tenant, Re-siding the building, and converting the first floor space into 2 roughly equally sized 2BR units. Shelton is a great city to work with in all aspects, which is one of the reason we invest there.

How did you add value to the deal?

This process of getting my zoning variance by the ZBA board started in 2018, and was just finally completed in 2020. The totally stabilized finished product will produce roughly $7400 in rental income. My total cost on the project will be $675,000, which is decent, but not great, IMO, and hits the 1% rule

Lessons learned? Challenges?

It was very difficult to get this done, and learned a tremendous amount from the experience. Lesson Learned : Choose your zoning attorney wisely.

Investment Info:

fix & flip investment.

Purchase price: $135,000
Cash invested: $150,000
Sale price: $210,000

This was my first "Pre-Hab" project. I was first explained the thought process behind this from a colleague I met at a conference in Florida. We basically took a property that was totally un-livable and just cleaned out the inside, and cleared out the debris around the house on the outside. We then re-listed for sale to someone who took the Re-hab all the way, or an end buyer wanting to put in sweat equity and live there. Overall solid quick deal!

Lessons learned? Challenges?

This had to be listed on the MLS since at the time I did not have a good network of cash buyers. Lesson learned was If i had a good list of contacts I would have been able to save 10K in realtor fees, and potentially been able to close quicker.

Investment Info:

fix & flip investment.

Purchase price: $135,000
Cash invested: $150,000
Sale price: $210,000

This was my first "Pre-Hab" project. I was first explained the thought process behind this from a colleague I met at a conference in Florida. We basically took a property that was totally un-livable and just cleaned out the inside, and cleared out the debris around the house on the outside. We then re-listed for sale to someone who took the Re-hab all the way, or an end buyer wanting to put in sweat equity and live there. This had to be listed on the MLS since at the time I did not have a good network of cash buyers. Lesson learned was as they say "Your Network is your Net Worth" If i had a good list of contacts I would have been able to save 10K in realtor fees, and potentially been able to close quicker. Overall solid quick deal!

**Sorry for not having good before photo's just google maps, but it was loaded with debris inside**

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $365,000
Cash invested: $525,000
Sale price: $685,000

This property needed a Interior and Exterior Renovation, and floor plan re-structuring to optimize square footage. Finish product was 4 bed 3 full bath. Learned from this project that choice of contractors can greatly effect profitability due to time and cost. Have now created relationships with better sub-contractors and this same project today could be done 20% cheaper and 40% Faster. Choose your contractors carefully, and manage your projects well.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $110,000
Cash invested: $150,000
Sale price: $212,000

Run down single family home in the north end of Bridgeport, CT We renovated kitchens, baths, painted, and did some quick landscaping. Property Listed for $199,900 and sold with many offers over asking within first week. Learned from this project, while CT has market pockets that are slower (Higher End), it seems turn key entry level homes, especially in Bridgeport can be very hot.