All Forum Posts by: Erica Redcross

Also guilty. I am former manufacturing engineer who crossed over to the dark side-otherwise known as operations management. I just started in REI last year and I'm working on my first flip. Its not so much a numbers thing for me. I just love the challenge!

@Chelsea Wallace.  I would try painting the cabinet and matching mirror to freshen it up.  Leave the shower as is.  It would come in handy if you happen to rent it out to someone who needs an ADA compliant shower.  As @Jaron Walling stated, make sure the toilet doesn't leak and your probaby in good shape to rent it out.

@Demitrius Halliburton You have a distinct skillset that is very helpful.  If I had your construction knowledge, I'd be killing it! 😃  I'm new to the game, as I started last year, but I would advise you to determine if you are leaning more towards flipping or buy & hold strategy.  I'm an engineer by training, so my thought process is see problem and find solution.  I gravitate towards flipping because I love the challenge of finding a distressed property and seeing what it could be.  This might be an easier path for you because of your construction background, but you and your wife would have to decide what you feel most comfortable pursuing.  If you decide to go the flipping route, make sure you study the market and determine which towns are most desirable (houses don't stay on the market long).  Once you find a couple of good areas, really look for those properties that are too much hassle for the average buyer.  Walk through them and assess the work that needs to be done even if you're not ready to buy.  Once you get into a rhythm you'll start to feel more comfortable.  Let me know if I can help.

@Joe Aiola Thats a great point!

Hi All!  I'm a new investor in CT.  So glad I stumbled onto this thread!  Looking forward to connecting with you all.

@Denise Frazier I'm all in for a masterminds group!

Hi @Kevin Coleman. I did just what you are describing last year. I started my business on my own and purchased my property with a HML. I don't have any regrets, as it allowed me to do this independently. I feel a great deal of satisfaction from that. However, there are some things you should know: most HML lenders won't fund you if you don't have an official business entity (like an LLC) set up. Also, they are cautious with newbies like us. I was able to qualify on my own without an experienced partner or mentor because I had taken steps to make sure my credit was over 800 before forming my company. Your interest rate and points will be higher as a newbie, but it is doable. It might be more difficult to find one who is open to new investors right now because of the pandemic, but if your deal is sound and doesn't require heavy rehab, you should be able to fund your deal. If you have specific questions just message me. Happy to help if I can. Good luck!

@ Reed Meyer. It's likely a single-family with an in-law setup.  Some towns will allow it as a multi-family but some won't.  You would need to contact the zoning department in that town.  I went to check out a similar property in a town that I am focused on for investing.  The owner was renting it out as a separate apartment but when I called the zoning department I found out that it was illegal.  I inadvertently dropped the dime on the owner.  I quickly removed that house from my list of potential investment properties, as the town would not change the zoning to list it as a multifamily.  It's worth looking into.  Good luck!

Hi @ Shiloh Cunningham. I too am having issues with my flip due to the pandemic. My project is at a complete standstill as I need the building department to do an inspection before I can start the demo on the roof and 2nd floor because the power line needs to be detached from the house. Even though the state of CT considers construction essential projects/businesses, the building dept in my town has put a hold on all non-emergency inspections so I'm unable to proceed. I'm continuing to make interest payments on my HML with no recourse. I have a contractor lined up and willing to work but I need the inspection before proceeding.

When I'm viewing properties pre-offer, I always take a video so I can talk through what I think will need to be repaired.  I would prefer option C.