All Forum Posts by: Fahim Shakie

I have owned properties in New Britain since 2006. What are the units actually renting for currently? I would also find rental comps in that neighborhood and then subtract 5%-10% to know what you can easily, actually rent them for. There are state and federal eviction moratoriums in place. Make sure you fully vet tenants before renting to them. If you are inheriting tenants, fully vet them as well and get copies of all leases.

Comps in the area are $1200-$1300 for same size apartments. I won't be inheriting tenants so will do my due diligence. What process has worked for you in the area for finding tenants? Do you just find a broker to find them for you?

Price Breakdown:

Price: $260K

Downpayment: 20% = $52000

Closing fees: $10000

All in I'm at: $62K cash as of now

Mortgage + Tax = $1500

Unit 1 rent: $1200

Unit 2 rent: $1200

Net Cash Flow = $2400 -$1500(mort + tax) - $240( 10% for Vacancies + repairs) = $660/month

Do these numbers make sense to you? If I'm spending $60K i honestly want at-least $1000 in net cash flow, so maybe a 3-plex is a better option?

Thanks for you feedback!

0 Votes

Currently looking at a 2 family in New Britain Conn, zipcode 06053. Asking is 260K, real estate agent says rental income can be $1600 per unit. 3 bedroom 1 bathroom. Does anyone have experience renting in this area? I'd assume rent would be $1200-$1300 in the area max. This is my first REI property, I'm 24 been saving every since I started working after college. So I'm just nervous, trying to learn as much as possible. TIA.

0 Votes

Originally posted by @Gaetano Ciambriello:

Hi @Fahim Shakie

I like the North End of Bridgeport and Black Rock. Definitely New Britain > Waterbury. Bridgeport is cool because you are close to some cool downtowns (Fairfield/Westport/SoNo/Milford).

Would be willing to talk a bit more about lending? I am currently closing on my first home in NYC where I live. This one will be house hack, as it's a 2 family and I'll be living in one unit and renting the other out. But for purchasing rental properties if I have 20-30% down can I finance it under a LLC? Or would it have to be under my name? I'm trying to just have all rental properties under 1 umbrella and don't have much knowledge on financing.

0 Votes

Originally posted by @Ryan Deasy:

@Fahim Shakie New Britain. I have been investing there since 2012 and I have done well. we have a triplex coming to market soon if you are interested. right now it is off market.

I'd love to get some more, I also sent you a text message let me know if you got it!

0 Votes

@William Collins what are your thoughts on Bridgeport over New Britain ? Bridgeport seems to be more expensive

0 Votes

Hello everybody, currently wrapping up my first year of working after college. I saved 90% of my salary thanks to my parents who let me live with them this past year. I really want to invest in a triplex in New Britain or Waterbury Conn. Does anyone have any experience in these places ? My main goal is rental cash flow over fast equity growth.

0 Votes

All Forum Posts by: Fahim Shakie

Fahim Shakie has started 2 posts and replied 6 times.

Post: Property in New Britain Conn

Post: Property in New Britain Conn

Post: New Britain or Waterbury Connecticut

Post: New Britain or Waterbury Connecticut

Post: New Britain or Waterbury Connecticut

Post: New Britain or Waterbury Connecticut