All Forum Posts by: David Constant

The best thing you can do is to get in touch with a few lenders and walk through your specific scenario. Any good lender will be able to guide you to what will work for your specific situation. Feel free to DM me and we can set up time to chat 1-on-1 more about this.

@Jason Brown Welcome to the community! I'm glad you jumped on here. It seems like you've taken a lot of the steps to educate yourself and you're ready to take action. I'm a CT-based real investor, property manager, and real estate agent. While my local marketplace is the Greater Hartford region, I serve clients all over CT. 

DM if you'd like to connect! You'll find lots of value on these forums.

@Sam Ojo Sounds like you've made a lot of positive moves that have resulted in you having options at this point. While the trucking business may not have worked out like you wanted, I'm sure you've learned lots of lessons. My 2 cents: it sounds like you've got to pick a lane and stay in it, become an expert, and level up in that lane. If you want to build out a portfolio of multi-family rentals that cash flow to the point of not having a W2, that's one thing. If you want to start a fix & flip business that allows for bigger returns but bigger risk, that's another. If you're looking to buy bigger buildings that's another ball game altogether.

My advice: what investing do you feel most confident and excited about? Build a team out that will help support you in hitting your goals and get cranking!

Hey @Michael Klick and welcome to the community! It sounds like you've done a lot of the preparation work required to hit the ground running. I second what has been said about using a HELOC to help fund your purchase and rehab. Part of the reason we have that equity in our homes is to tap into it and turn it into even more wealth. I have a number of clients who have leveraged their equity to purchase a 2nd - or 10th - investment property. If you'd like to connect more, DM me or respond here! I live right in Glastonbury and I serve the greater Hartford area.

Hi @Jeremy H Barton and welcome! Congrats on the pending closing! I'm an agent, investor, and property manager. This community will offer you so much value - don't be afraid to drop your questions here or reach out to any of the folks above directly. Let me know how I can help!

@Anthony Acosta welcome to the community! I live in Glastonbury and many of my clients are buying and selling in East Hartford and the surrounding areas. I second all that has been said above - all of those folks referenced have been really helpful to me and have added lots of value to so many BP community members, especially in our local marketplace.

Welcome to the group @Chris Merchant! I'm located in Glastonbury, so anything in Greater Hartford area and east, please give me a shout and I'd be happy to lend a word or two of advice. I second @Samuel Eddinger's point about meet-ups: go! You'll get so much value out of them!

This is a great conversation here - this is part of why I love the BP community and forums :)

If you're looking for a true BRRRR in this market, you're going to have to source off-market properties. That's just the reality in a market where home prices continue to soar and "highest and best" is being used on virtually all listings.

With that being said, there are still incredibly strong investment opportunities in many of the towns you mentioned:

-Glastonbury, Avon, Farmington: I'm a Glastonbury resident and appreciation is the name of the game. If you're willing to buy, hold, and benefit from long-term appreciation (5-7+ years), you'll reap the financial rewards. For example, the SFH I bought in 2015 is now worth 38% more! That's with me making virtually no material improvements to the property. Other home owners in town are experiencing similar equity growth.

-Manchester & Bristol: both of these towns are more affordable than the 3 mentioned above and they have strong rental outcomes. There are more multi-family and condos in these towns, which means you have a stronger likelihood of purchasing something as a rental that meets the 1% rule. You'll still experience appreciation in these towns, but at a slower rate. As such, it's important to prioritize cash flow in these towns. As a matter of fact, I am in the middle of helping a client secure a condo in Bristol that would meet the 1% rule.

-New London: lots of folks are saying that New London is on a similar trajectory as New Britain a few years back. Home prices are still reasonable, there are lots of multi-families, and cash flow is key. Only time will tell if the New London area experiences the same boom as New Britain has in the last 3-5 years, but given its proximity to the ocean, proximity to a few colleges, its affordability, and its makeup as an old mill/manufacturing town, I think it's a strong place to invest. I have a couple of excellent contacts in the area - a wholesaler and an agent/investor - who I trust and who have had a lot of success there.

@Amir P. I can imagine that this has been a frustrating process for you. It sounds like you've taken a lot of the proper steps to make sure you're in line with local and federal law while operating with common sense and humanity. 

Here are a couple of quick tips:

1. put everything in writing and keep a copy yourself: phone calls are great for additional communication, but make sure your primary mode of communication can be tracked. In the land of landlord-tenant interactions, it's essential you have a paper trail.

2. connect with a trusted advisor - both a real estate agent and a real estate attorney: at the end of the day, your real estate attorney (and agent) are going to know the specific laws, rules, and regulations that are in play in a given scenario. I always advise my clients to work with an attorney they trust who will protect them and their interests. Depending on where you are located, I can point you to a number of attorneys that would be happy to connect with you.

 DM me if you want to connect 1-on-1.

@Kevin Keating your best bet is to pick up the phone and call as many folks directly as possible. I've always had the best success when I call a lender, explain the scenario with as many specifics as possible, and get a quote from them. I'll call as many people as I can to get the best possible rate.

I'd also recommend leaning on your network: ask your agent, friends, partners, etc. or anyone else who has experience investing.

Depending on where you're located, I'd be happy to recommend a few people myself. DM me and we can connect.