All Forum Posts by: Israel MarQuez

My mother is actually considering this 30k training that is offered by the Scott Yancey Team (Flipping Las Vegas)

I have read some other threads and have the general consensus of what the BP community feels about these expensive trainings but I would like to know has anyone actually participated in this Diamond Package for 30k and if so how was the experience and what were the results?

Please help she is talking about pulling the trigger on this as soon as tonight or tomorrow.

Thanks,

Thank you everyone for your advice and input. To answer some of the questions these are the numbers given to me by the agent/owner the tenants are section 8 and rent is 1350 per month. The Garages and Laundry are not in writing but this is what the owner claims to collect monthly for the uses of these spaces.

-The purchase price would be estimated closer to 160-170k and with Reno I was estimating 190 all in.

-Yes the taxes are as high as it sounds a few places in New Britain in the 5k and 6k range and this is one of them.

Again I appreciate the input this would be my first purchase and I don't want to buy a bad deal but I also keep letting ones pass me by and watch others purchase them.

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*This link comes directly from our calculators, based on information input by the member who posted.

Hi Everyone,

Here's what I got. This is a large 2 family in the New Britain CT area. Not the most desirable neighborhood but I moved up to New Britain 2 years ago and have a good pace on where to stay away from generally speaking. This home has approximately an additional 2bed 1000+ sqft available on the third level to finish and two current tenants in place on Level 1 and 2. There is also a 4 car garage in which 3 are currently rented out.

My plan is to finish the 3rd level which was partially completed at one point and then live as a 3rd level roommate to the second floor tenant due to this being a Low Money Down Loan.

I will most likely be doing a FHA 203k Streamline for the repairs. The tenants are both long term Section 8 tenants in place for more than 2 years and more than 3 years and do have a portion on top of what Section 8 covers that they pay monthly. I have checked with Section 8 and was told that as long as the repairs are done to code there will be no issue with me as the owner being the 3rd level roommate to the 2nd Level tenant as long as I pay for the 2nd levels utilities while I live there and also spoke with FHA representatives and they saw no issue as long as I would be residing in the property and only adding additional sqft to the 2nd level and not converting to a 3 family to start.

My plan is to remain for one year and then after moving out rent the 2nd and third level combined for additional rental income or complete the conversion at that point to a 3 family and rent out the third unit individually as well! I will be managing the property myself for the time being but I have budgeted for management as well. Please let me know if my estimates for vacancy, repairs, cap ex, etc. are to low I would rather be on the safe side!

The purchase price is already factoring in the finishing of the 3rd level!

The rents are as follows:

Floor 1: 1350

Floor 2: 1350

Laundry Use:

Floor 1: 50.00

Floor 2: 50.00

Garage A: 125

Garage B: 125

Garage C: 125

Garage D: (Vacant)

(There is room in the basement for storage but no current charge or use of the basement from the tenants for storage)

Please comment with thoughts, questions, or any concerns you see that I may be encountering and if I finally have something worth pursuing or should I rock out in my current living situation for another month...lol

Thanks,

Israel

* The purchase price is estimated with the 3rd level finished all in.

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*This link comes directly from our calculators, based on information input by the member who posted.

Hi Everyone,

Here's what I got. This is a large 2 family in the New Britain CT area. Not the most desirable neighborhood but I moved up to New Britain 2 years ago and have a good pace on where to stay away from generally speaking. This home has approximately an additional 2bed 1000+ sqft available on the third level to finish and two current tenants in place on Level 1 and  2. There is also a 4 car garage in which 3 are currently rented out. 

My plan is to finish the 3rd level which was partially completed at one point and then live as a 3rd level roommate to the second floor tenant due to this being a Low Money Down Loan.

I will most likely be doing a FHA 203k Streamline for the repairs. The tenants are both long term Section 8 tenants in place for more than 2 years and more than 3 years and do have a portion on top of what Section 8 covers that they pay monthly. I have checked with Section 8 and was told that as long as the repairs are done to code there will be no issue with me as the owner being the 3rd level roommate to the 2nd Level tenant as long as I pay for the 2nd levels utilities while I live there and also spoke with FHA representatives and they saw no issue as long as I would be residing in the property and only adding additional sqft to the 2nd level and not converting to a 3 family to start.

My plan is to remain for one year and then after moving out rent the 2nd and third level combined for additional rental income or complete the conversion at that point to a 3 family and rent out the third unit individually as well! I will be managing the property myself for the time being but I have budgeted for management as well. Please let me know if my estimates for vacancy, repairs, cap ex, etc. are to low I would rather be on the safe side!

The rents are as follows:

Floor 1: 1350

Floor 2: 1350

Laundry Use:

Floor 1: 50.00

Floor 2: 50.00

Garage Rents

Garage A: 125

Garage B: 125

Garage C: 125

Garage D:  (Vacant) 

(There is room in the basement for storage but no current charge or use of the basement from the tenants for storage)

Please comment with thoughts, questions, or any concerns you see that I may be encountering and if I finally have something worth pursuing or should I rock out in my current living situation for another month...lol

Thanks,

Israel

View report

*This link comes directly from our calculators, based on information input by the member who posted.

View report

This property is located in the New Britain area and would be a House Hack for 1 year.

There is Tenant on the first floor paying under market rent which will be brought up to market value. Newer Roof, Furnace upgrades motor and plumbing, New Hot Water Heaters and 10 year old windows so I am assuming Capital Ex should be relatively low. 

1st level - 3Bed 1 bath

2nd and 3rd combined - 3Bed 2 Bath (And will convert to 4Bed when I move out)

This would be my first purchase so I am very hesitant.

Opinions and advice will be greatly appreciated!

Thanks,

I am currently in the market for a 2 or 3 family located in New Britain. Is this property still available If not do you have any other off or on market multifamily listings in this area.

Thanks,

Hello, I am analyzing a deal and would love some advise or feedback from newer or experienced investors. I have included a link below to the bp calculator. This is my first deal and it will be newly renovated before closing so I may be overestimating the cap ex and repairs etc.

https://www.biggerpockets.com/calculators/shared/7...

The property is a 3Bed 3900+sqft Tri-family with tenants on the first floor at 1150 per month. The second and third floor would rent for 1100 at a minimum and upwards of 1300-1400 with sec 8. Currently the 2nd and 3rd floor are stripped and will be renovated by closing.

My strategy would be a buy and hold and the loan is FHA which means I would have to occupy the property during the first year.

If the link to the calculator does not work please let me know and I will list out the #'s.

If this is a good deal your advise and encouragement would help me pull the trigger. I have viewed and analyzed many, this one seems to make sense.

Your help is appreciated!