All Forum Posts by: Jacob Reilly

@Luke Nelson,

I am looking to do the same thing in Connecticut, and agree with the previous posts.

FHA or 203k loans both require a 3.5% down payment. Perhaps this will allow you to afford a 3 or 4 unit multifamily (4 being the upper limit for this financing).

The neat part about the 203k loan is that you can buy a property that needs some work and use part of your loan to rehab the property.  This will allow you to buy a discounted property, and increase its overall value and rental income by fixing it up. 

The interest rate is slightly higher on the 203K loan, but I was pre approved at below a 4% interest rate!  The less money you put down, the greater your return on investment, and the more money you keep in your pocket for future deals.

Good luck, and feel free to reach out if you have any questions for me.

-Jacob

Central Connecticut Investors,

Myself, @Scott Hollister, and @Melissa Gittens would like to invite you to join us on February 6th at 1:00pm for a BP meet up in Manchester, CT.  David Senna of Principle Properties Realty Group has offered up his office as the meet-up location.  The address is...

406 Oakland Street 

Manchester, Connecticut 06042

David has experience with flipping, and is also a buy and hold investor.  

The idea of this meeting is to bring together all types of real estate investors (new and old) to talk about past, current, or future plans/deals.  This is not intended to be a sales pitch.  If you would like to join us please send me a personal message, so I can have an idea of what numbers will look like.  David said that his office can accommodate 10-12 people, but if we have greater interest we can find a different venue, or change locations for our next meeting.

I look forward to meeting many of you soon.

-Jacob

@Des Shei and @Michael Noto,

Thank you both for your input. I am looking to maximize my cost per unit with an FHA or 203k loan which is similar to CHFA but with a slightly higher interest rate. I looked into the CHFA, but you are required to live in the property for the life of the loan. I am hoping to move to my second purchase after the year requirement for FHA/203k.

Michael, your idea about supply and demand of side by side units also makes sense.

Thanks again,

-Jacob

@Kelly Niddrie,

I am a local in the Windham/Mansfield area and new to real estate investing, but would be happy to meet up or talk with you to try and brainstorm some potential action plans for you.  Being new, I am not sure how much I can help, but would be more than willing to try.  Message me if you would like to talk.

-Jacob

@Anthony Crecco,

Thanks for the advice. To begin, I am going to use an FHA loan, so I am limited to a 4 unit, but I am hoping to scale up to larger properties if I have success.

-Jacob

@Stephanie Cabral

Thanks a lot for your suggestions.  I would love to pick your brain about the 203k process to see if it is in fact the direction I would like to go.  I'll send you a PM. @Melissa Gittens, I will keep you updated with what I learn, and let you know what I find out from the lenders themselves.

-Jacob

@Melissa Gittens

http://www.righttracfg.com/staff/Kit%20Crowne%20-%...

-Jacob

@Jesse Peña, thank you for all of the resources and information.

-Jacob

@Mark Zippo

Thanks for your input and support.  How do you find and analyze you deals?  Is the 2% rule obtainable in your area?  

-Jacob

@Mike Wood @Jason Arcuri @Jeff B.,

Thanks for the responses.  Definitely seem to be benefits to both.  It might come down to the numbers instead of unit type. I was just curious if there was an overwhelming preference for either type.

I could also see families preferring side by side units, so that way sleeping space is separate from living/entertaining space.