All Forum Posts by: Dave Grimson

hello fellow CT investors.  Any interest in an Enfield Connecticut meetup?  My partner and i are thinkin of starting one.  Where are all my Nothern CT people???

@Mat O'Grady - Great advice on the taxes, I hadnt thought about that piece

@Michael Doherty  Financing would be a mix of my own money, private money and hard money lender.  Still working on the lease/tenant/rent info, all i know is all properties are fully occupied at the moment.  I'm not as worried about financing the deal, more worried about letting this one slip through my fingers.  Want to make sure I am approaching the seller in the right way to make him comfortable with my solution - and realistically make it work for both of us.

Also intrigued about the 2 properties on one lot.  They sit on .65 acres so a subdivide is definitely in the cards

OK, here's the deal. The guy who owns a property next door to mine is getting ready to offload his portfolio (he's getting older and has some health issues and his wife is telling him its time) He has 2 Duplex's and another property with a duplex and SFR on the same lot.

I'm still gathering up some of the details on Rents and property condition but I need to move quickly as he is already talking to a realtor about listing them all.  Looking for some advice on how to reel this one in. I already mentioned a possible seller financing option and he seemed interested.

Properties are in Northern Connecticut, If anyone in the area would want to talk about a possible partnership on this please direct message - I may be interested

Anyone use the kwickset smart code models? Started using a couple years ago and no issues so far. When a tenant leaves I have the master code and can wipe all other codes. Also a nice feature I just found out about is I can assign a temporary code for contractors to let them in and code automatically wipes

Get good feedback from the tenants too!

Anyone else using these?

@Luke Saglimbeni I’d be interested in Enfield - I was actually wanting to start one of my own soon. Would be happy to help organize this

@Jim Iorio

Hey Jim! I’d be interested in taking a look as well

I use Tyler and Tyler law in Enfield. Good friends of the family and who I use for everything. They do a great job. Brigid Tyler-Murray is my contact. Let me know if you want me to connect you

If you do end up buying in Erie, I would highly recommend locking in a service contract with an  HVAC / Plumber so that if an issue comes up you will be high on the list to get things fixed quickly. (they will also service your heating systems regularly) I learnt this the hard way when I had heating issues and frozen pipes during a cold snap and all the HVAC companies were booked up for days

Couple of my thougts:

Rents seem very fair for a duplex with 3 beds in each

Notice you dont have  a down payment - how will you get a loan without a down payment for a rental property?  

Closing costs are at 900 - seems pretty low, I would factor in more, something like 3K

Water/sewer seems high - I pay 300-400 per quarter for a duplex in CT

$25 / month for misc - who will take care of the lawn and snow removal?  This is where I classify those items usually at least $100/mo

you should be able to get your insurance for lower - $150/mo would be reasonable 

$200/mo for repairs might be high considering you are putting 50K in for repairs up front

Hard to say how much you should offer without knowing the market and property condition

I try to stay above $200 per door in cash after all expenses - unless i'm taking all or most of my initial investment out at refi

Hope thats helpful!

I read an article recently that said the population in CT is dropping by 1% per year - but those that are leaving are not the renters they are in the A and B neighborhoods and the people who are replacing them are renters - So i'm optimistic in for the next couple of years to be a landlord.

What's your turnover rate in South windsor?  I have a property in the town over - manchester - and dont have a problem, lots of commuters into Hartford from the area

I hold my RE license so I dont have to deal with any agents - sorry dont have any referrals for you!

@Gordon Hurley I try get to the Manchester meetup once in a while - it’s on Tuesday’s. There’s also one in E longmeadow but I think it’s on a Thursday night which never works for me

Sorry I don’t really have any recommendations for brokers. Only thing I would say is talk to a couple and make sure their model works for what you want to do