All Forum Posts by: Erik Manley

Hello Emilio, house hacking a multi-family is a great idea and how I bought my first duplex (with a 203k as well). I can look into what you would need but it sounds do-able with a proper letter of explanation, your biggest issue would be if your current house is a single and you are moving up to a 2-4 unit (lenders don't like to see it and it is a red flag). If you sell it, then you can start over no problem. My brokerage specializes in 203k loans and is licensed in FL if you have any questions, you can DM me and I'll send you my cell.

Hello Chaya, I used a 203k for my first house hack on my duplex as a first time home buyer back in Oct 2017. My brokerage specializes in them as well and covers NY and CT. If you have any questions I'd be more than happy to share my experience or answer any questions you may have!

Thank you all the support we got the last meetup, we reached 35 people last meetup!! We invite you to join us again on January 11th for another great night!!!!

@Patrick Bowen Try Sachem Capital in Branford, CT that's who I usually use for all my flips and BRRRR acquisitions and reno's I've done locally.

Ask for Lauren Grady and let her know I sent you. Email is usually more responsive 

Good Luck with the project! 

If you need her contact info, shoot me a message

Yes it is! 

No problem, there’s a little bit of everything here usually, realtors, lenders, flippers, buy and hold landlords, and other wholesalers. There used to be one up in the Manchester area run by Scott Hollister, but I don’t know if it’s still going on. If you have anything, you can always give me a call at 203-520-3536. And yes, it’s at Bad Sons brewery on November 9th. And will be every 2nd Wednesday of every following month. 

Come join Erik Manley and Brian Almeida as they kick off their monthly real estate networking event!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $75,000
Cash invested: $400,000

My first new construction project started out when I broke ground on March 5th, 2020 and the world shut down a week later. The pandemic definitely made things rough and required tons of problem solving, but in the end we finished it up and got it rented out, then BRRRR'd out of it. The first crack at modular construction was a success!
Bought with hard money, then refinanced out conventionally after finishing construction and renting it out.

What made you interested in investing in this type of deal?

At the time I had already done two gut renovations and was looking for the next step. There was a lot of competition for fixer uppers in my market, so I chose to take the path less travelled.

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

Found it on the MLS and was able to negotiate the sale of 3 duplex lots on the same block and had 2 of them seller financed on the condition I bought the first on cash (hard money).

How did you finance this deal?

Local Hard Money Lender

How did you add value to the deal?

GC'd the project myself and hired all my sub contractors individually, built new construction

What was the outcome?

Was able to complete a successful BRRRR, even though I left more money than initially planned in the deal.

Lessons learned? Challenges?

Modular construction has a time and place, but was good for my first new construction project since it basically helped me build with training wheels haha. Stick built the next house from scratch with what I learned from this one.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Schuyler Goines as always was the agent I used, and I used Sachem Capital in Branford for the hard money.

Hello Everyone, looking forward to seeing everyone Thursday night at the library. There's no topic this month, but it'll be great to get together and talk real estate and network as usual. Hope to see you all there!