All Forum Posts by: Jason Arcuri

It's so hard to manage a PM company.   Some are great some are horrible. I've had horrible instances with some.  Specifically in New haven.  They claimed to do repairs, left units vacant, and literally let the property fall apart.   By the time I realized just how bad they were, I ended up having to sink 70k into it doing repairs they said they did and more from the neglect. 

That being said, I also have had AMAZING property management companies.  I learned the hard way how to vet them to my liking and I make sure I can fire them at a moment's notice.   Do your due diligence and leave yourself options.  Not a bad idea to take a trip and walk the property yourself every 6 months either.

You have awesome goals but your huge ones I think are scaring you. Make a plan and realize you will have a lot of unexpected things happen good and bad.  You've been researching long enough.   Pull the trigger now! Procrastinating is your worst enemy.   First one is actually the easiest and theres very little chance you'll fall flat onto your face.   Even if you did, it'd be a learning experience and you can always recover.  Personally, if I'm managing them all, i wouldn't want places all over the state.   It stinks driving 45 minutes to replace a lightbulb.   Try to stay relatively in the same area.   Maintenance and yard work will be much easier especially if you have another job. 

More than anything call a realtor today and make it happen.   Groton is pretty solid for rentals so that would be were I started.

Mike Rosa 2035090711....lives in naugatuck about 40 minutes away from Danbury.

Hello,

I'm an investor in Connecticut.   I've focused on new haven for flips recently but own a 6 family in New haven and a 3 family in Naugatuck.   Ansonia has some good rentals but over all the prices in Connecticut's rental market have gone up a lot.  Still great money to be made here but the 2% rule is much harder to find. 

@Matt Charette Is there anyway you could swing a situation where you live in the multi?  They'll count the rents towards your income and if there are extra bedrooms, you can rent those out too..... If not, theres a couple cheap condos in my area called Lantern Park in Naugatuck, CT.  They go between 50 and 80k, the condo association fees are like 200 and the rents are between 1100 and 1300.  Putting only 15% down on a single family investment like that would get you amazing cash on cash return plus then all you have to worry about is really the tenant themselves and not maintaining the property since it's a condo association.  

there's a couple cities in Connecticut that you can buy places like this.   However, I think you should check out other options by you.    The first place you get should really get your feet wet so you can know what to expect.   Maybe a condo that you can but and rent out or a multi that you can live in and put little Down.

Just my two cents

welcome.   Sounds like you are on the right track.   Keep plugging away and keep saving.   

House hacking is the best way to go in my opinion.   You only really get that opportunity once to buy a house for such a low down payment.  Then you can live there for near free to possibly making money while you live there.   

Plus tenants always behave better when the landlord is around.  You can get to know them and build a lasting relationship.  The house I hacked 11 years ago still has 2 of the same tenants.  One literally takes care of the whole property for me.  It's pretty amazing.

This is also one of the only times I recommend maxing out your budget.  If you're approved for 250k loan look for 250k houses.  You get a bigger tax right off and your renters are paying off a bigger mortgage.  I also recommend pushing for a 4 family.  As rents go up your income will go up more drastically and you're also limited your risk.  1 tenant doesn't pay you'll have 3 others that still can.

There's plenty of good spots in Connecticut to find the right home.

There's so much you left out here.  I Can suggest a lender but have you looked into a 203k loan?  If these deals need rehabbing that's probably going to be your best bet.  

Have you spoken with a lender already and they didn't get the job done? 

You said deals,  so are you trying to but multiple properties at once?   If you're working with an agent, did they suggest a lender? 

Sorry so many questions but I'm trying to understand the situation.   If you just want a good lenders name in the area shoot me a message.  

Welcome to the group.   You have quite a list you want to do there.   Had you thought about your first step?   What is the first thing you wasn't to tackle.   I see you're from Waterbury.  My office is  in Middlebury and would gladly meet up and talk.