All Forum Posts by: David Constant

Hey @Brandon Rush - I appreciate the perspective! I did run the deal through the calculator and it looks good to me - it will cash flow at the current rents even with substantial hold backs to account for operating expenses. 

As I’m sure you probably remember, I’m just a little anxious because this is my first potential deal. I’m going to visit the property Friday: any advice if what to look for or ask of the seller?

To answer your question, I found it by sending emails to Craigslist rental ads. I told them I wasn’t interested in renting but I’d def consider buying if they were open it. This seller responded and here we are.

I’m in the process of kickstarting direct marketing too. I’ve built out a few lists by researching land records and I’ve logged a bunch of hours driving for dollars. Once I’ve got 2000 properties on my list I’m going to start mailers and cold calling. I was trying the MlS for the last few months but didn’t have any luck.

Let me know if you have Any advice for a new guy like me.

Thanks!

Hi BP team - I'm reaching out for some advice/guidance. This is my FIRST deal. Here's the situation:

5-unit off-market in Rockville CT for $260000

-units 1-4 are 1BR and currently rent for $600/month -  market rent is ~$900/month (2units are currently vacant and the other 2 are month-to-month)

-unit 5 is a 2BR and rents for $1050/month (currently rented until March 2022)

-roof, windows, and furnace were all replaced within last 4 years (according to owner - but haven't yet verified by looking at paperwork, etc.)

Owner is interested in seller-financing, but wants to know how much I'm willing to put down to show I'm serious.

Here's what I'm thinking:

-I take ownership of the property by putting 5-10% down. This will leave me with a monthly mortgage payment to the current owner of ~$1500 (principal, interest, taxes, insurance).

-Fully rented, the property will pull in ~$3400 now but ~$4800 after raising rents

After accounting for property management, capex, vacancy rates, etc., I'll still be cash-flowing ~$1000 now and ~$2000 after raising rents. I'm thinking I force appreciation by renovating each unit as I turn them over in the next 1-3 years and then refinance to a traditional lender in order to pay out the current seller before the 5 year balloon payment comes due.

Does this seem like a good plan? Any feedback or advice? Am I missing anything?

Welcome! I’m also new to the BP community and have found everyone incredibly helpful! 

I had a similar question: is there a Hartford area or Central CT meet up? I’d love to network and build relationships within this community even more.

Thanks!

@Cameron Tope I appreciate the insight and advice!

I have a few upcoming meetings with local lenders as I try to figure out who will be a good fit for me and my goals. What key info do I need to leave that meeting knowing? Any questions that I should definitely ask? Thanks!

Thanks @Michael Noto! I see you're an agent in Southington. Do you work with investors? Or mainly people buying for themselves?

Hey team -

I'm just getting started with REI and my plan is to focus on BRRRR. My first step is to build my Core 4.

Does anyone have any strong recs for the following in the Hartford, CT area?

-lenders who provide 75% LTV cash out refi

-contractors

-agents

-property managers

Thanks for any help!!

DC