All Forum Posts by: Jamila Thompson

You're not going to get any cash flow from a townhome in CT at that price point. You also don't have enough cash to get any loan that is not an owner occupant loan. You sound like you're in a good position to buy a multifamily property though and that's what I would do if I were 23 again and knew all I do now. The area you are looking in is a good one for multis. Nicer areas of Bridgeport and New Haven come to mind, as well as East and West Haven, Ansonia...Actually most of New Haven County. You're going to be priced out further south into Fairfield County. Keep in mind, CT evictions and foreclosures have been in moratorium since March so there is limited inventory now. I do think many landlords in CT will exit the business and liquidate once they can get evict again, and the missing foreclosure inventory will come to market. There will be better deals available at some point soon.

Thank you for your response and your insight, Minna. This is great info. You're right, I am only able to get an FHA loan. I have been looking at Bridgeport for multifamilies, but how do I know which areas are the nicer ones?

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Originally posted by @Adam Cherko:

Congratulations @Jamila Thompson! I got a BS in architectural engineering down at the University of Miami a few years back, and then made my way into project management and investing after designing for a few years. You are definitely going down the right path! And BP is the best place to make those relationships.

I currently live on the new haven line of metro north as well down in New Rochelle, NY and have had a number of clients buying in CT lately along the line so they can still commute to the city when needed. As many people have suggested, I will also support. If you do want to be in the New Haven area, the university could be helpful, but keep in mind we may start to see the in person college trend start changing a bit. The reason I bring this up is more for the consideration of house hacking. It may mean that students are spending more time in their homes and educating virtually, which will put a larger strain on your living situation and utility bills if you are covering them in some way (house hacking of course).

I do agree that townhouses are seeing less competition for sure, and it is better to own some real estate and wait than pay someone elses mortgage while you wait. Just make sure that HOA doesn't kill it. I know if westchester NY, and fairfield county CT sometimes Living in the unit will though the numbers off a bit while you live there at a reduced rate. As long as the benefit in your net worth is positive I think its a great way to get the ball rolling. Our price points are so high that cash flow is not as easy t find when getting started.

You also need to make sure that what ever area you end up deciding on, you get into as many houses as possible so you have a feel for the condition of the area. Just because they are cheaper in some areas, does not mean the product is worth what they are asking. They can be cheap, but require more rehab than they are worth.

I know i didn't specifically answer your are question but hope to keep you thinking!

Also not sure if you heard about the 4th train-line metro north is adding that with go into penn station! its something that will add lots of value to the whole long island sound corridor!

Thank you, Adam. I agree, the college town market is profitable, but at this time can be unpredictable. I was also looking in Westchester, but the HOA fees can be killer. Thank you for the advice, I appreciate it!

And yes! I actually interned for the East Side Access project. You're right, this is definitely something to look into!

1 Vote

Originally posted by @Rui Costa:

Are you looking to purchase a Townhouse and live there while renting out some rooms (househacking)? Or will it strictly be for an investment property? CT can be a tough place for condos and townhouses because of the HOA fees typically associated with these properties. Those additional monthly payments kill the cashflow sometimes. There are of course positives to condos/townhouses, like the fact that exterior maintenance is typically covered by the HOA. I'm not saying it wont be possible, but it will be difficult to find something that financially makes sense and still cashflows. It may make more sense to look for a duplex or triplex? New Haven, Waterbury, Hartford and many other cities still have some pretty nice deals right off the MLS if you dont mind owning in those areas. Good luck to you!

Thank you for your response Rui. My plan was to live there for a year, then rent out the townhouse. My main worry is the HOA fees. I think you are right, it would be more profitable and easier to invest in a multifamily. I will look into this

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Hello everyone,

I am 23 years old. I graduated as a civil engineer last year, but I am currently in graduate school. I would like to use at least 25K-30K for an investment property. My credit score is 790.

I see a lot of nice townhomes in CT between $200,000-300,000. Are they a good start for those looking to build a rental portfolio?

Also, what areas of CT would you recommend looking into? I have mainly been looking along the metro north new haven line, but I would love to hear some recommendations. thank you

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Hi everyone, I would like some advice on a deal. I am 23 years old and I have been holding off my first investment property, but I think now is the time to jump in.The property I am looking at is located in CT, priced at $229,900.It is a 3 bedroom townhome. My plan is to live in it for a year with two others. While living there, I would "rent" it from myself. Then rent it out to others, seeing it's in good proximity to a hospital, to travel nurses or small families. The estimated monthly payment is $1828/mo. (I have attached the zillow estimation). My plan is to use an FHA loan at 3.5%. Assuming a 1.5% of the purchase price for closing costs, my total at closing is $11,494. I am doing a 30 year fixed, assuming a rate of 3.235%. (I am also going to run this through the BP calculator, I am having some loading issues at the moment. I will also be reviewing my rental investing book by BT)Is this a good first investment property? If not, what would make this deal more profitable? Thank you

1 Vote

Originally posted by @Frank Hinck:

@Jamila Thompson

You could look into a Condo or CoOp, not a house hack but can still be a good investment. Just make sure the property allows it.

I went to Fordham so I’m a bit familiar with the area. Westchester can be a good idea too. Duplexes can be hard to come by in good enough areas you’d want to househack. Contacting property managers (saying you’re looking for one for your upcoming property), and they’ll sometimes see properties for sale from their clients first.

Hi Frank,

Thank you for the advice! I agree, most affordable homes I found are in foreclosure or in not so good areas. I think the condo/coop is a great suggestion and one that I have been considering. My main worry is not being able to rent out the condo/coop. Are there any positive sides to owning a condo/coop that will outweigh this? I think a condo in Westchester would be affordable with good appreciation and I believe it would add to my net worth.

Also, I went to Manhattan College :)

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Originally posted by @Brian Ellwood:

Hi Jamila! Whether you rent or buy your personal won't affect your overall financial picture a huge amount, at least not over the next 5 years or so. Maybe wait and see what the market does. Your bigger play is in growing your side business and growing your rental portfolio, so I'd focus on those two things.

As far as market selection, that's a key piece to your success when it comes to buying rentals. Many markets do not work as rental markets right now. I suggest looking at what they call "linear" markets that don't rise or fall too much - there's a lot less competition there and prices still make sense for positive cashflow.

DM me if you want more help, good luck!

Thank you very much Brian, I agree! I appreciate the advice!

1 Vote

Hi everyone, I am 23 years old. I am a civil engineer, but I am currently doing my masters and working on my side business that brings in 6 figures a year. I have saved so far $43K and I really want to invest in my first property soon. According to my lender, I can get a home valued at 400K. The problem? I currently live in the Bronx and there aren't any affordable $400K multifamilies in my area. I am thinking of investing in NJ or CT (Please suggest areas. I am thinking about Bridgeport along I-95 and Newark, NJ).

At the same time, I would like to use a small portion of the money I saved to move to a better area for my family. I am thinking of renting in Westchester while I save extra cash. That rent estimate would be ($3,300-3,700), but my mother thinks the rent sounds like two mortgages.

I am asking for advice because most of you have either a strong financial background or strong real estate background. Do you think it is worth it to purchase a property at this time or to continue to rent? I have Ramit Sethi whispering in my ear, telling me to rent, but I think the benefits differ depending on the person.

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Hello everyone!

My name is Jamila. I am 23 and I graduated from college with a degree in civil engineering. I have been working at a NYC engineering firm for over a year. I will be going back to school full-time to get my master's in construction (as fast as possible). On the side, I have an e-commerce business that made over $50,000 last year and over $50,000 for the first 6 months of this year, so financially I am stable.

I would love to invest in a multifamily either later this year or early next year. My worry is that I would not qualify for a loan because I do not have a full-time job. Is this always the case? What other factors do they look for? With my side gig, I also have my own LLC. Is this beneficial in my case? I need to learn more information on having an LLC in real estate investing, but from my knowledge, I could build my business credit and use that as a driving factor in my eligibility? Please correct me if I am wrong.

For reference, I plan to invest in the Newark, NJ area.

Thank you!

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Hi everyone,

I am a 23-year-old engineer in the NYC area. I have yet to do my first deal.

I am interested in investing in NJ and CT multifamilies. Is partnering on a deal a good start to getting acquainted with the mutifamily investing process or do you suggest buying a multifamily on your own first? I have been out of college for a year and none of my friends are really interested in real estate. I would love to partner on a deal in the near future, but where do I find trustworthy partners? What makes a good partnership deal? In specific terms, how do I know a potential partnership is beneficial for me? I would love it if you can recommend resources.

Thank you

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All Forum Posts by: Jamila Thompson

Jamila Thompson has started 11 posts and replied 20 times.

Post: Looking to Invest in Connecticut

Post: Looking to Invest in Connecticut

Post: Looking to Invest in Connecticut

Post: Looking to Invest in Connecticut

Post: Good Deal? Located in Western CT

Post: 23 YO with 43K, Do I Rent or Buy?

Post: 23 YO with 43K, Do I Rent or Buy?

Post: 23 YO with 43K, Do I Rent or Buy?

Post: Do I need a full-time job?

Post: How to Partner on A Deal