All Forum Posts by: Jason Pollard

Do you have a lease from closing? It should state who is responsible for utilities. 

Hey Manuel,  

I am in New London and Norwich markets.  Houses are going pretty fast on the market in the Eastern section of CT especially Multi's.  I would consider both these markets to be C markets as long as you have a guide to know what neighborhoods to stay out of.  Of course that is dependent on your comfort level in these markets.  I would be glad to help if you want to have a conversation.

Jason

We are still looking! Things have gotten a little bogged down 

Welcome to BP. I am an investor/agent in the Southeastern CT market.  I currently invest in Norwich and New London.  Would be happy to talk to you about our area and the places that I invest as well as some areas I am keeping an eye on.  Feel free to reach out

Hello All,

I am an investor/agent in Southeastern Connecticut. I have the same partner in four different LLC's that own 12 properties/ 30 doors total. We are talking about asset protection and we started researching Limited Partnerships. We will be talking to an asset protection attorney and our CPA, but has anybody reclassified the partnership LLC to a single member LLC. Our thought is making the Limited Partnership the single member of the LLC. But then when researching Limited Partnerships it states you should not make the General Partner a person but to make it an entity. So in that case we would have a S Corp as the GP? Seems like a lot but we plan to add to our portfolio and scale up so a good foundation is important. Thoughts?

South Eastern CT has some really nice areas that will cash flow.  Let me know if you want to look around New London County. Would be happy to help.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $80,000
Cash invested: $80,000

We purchased this property as a BRRRR. This property consists of two buildings. The first building is a commercial convenience store on the first floor with a walk out basement apartment. The second building is a large two family that is currently vacant. The second floor needs windows and cosmetics and the first floor was gutted and we will start from scratch. Estimated we will invest 80k in the total remodel. We plan to take 100% of our initial investment and remodel out in a refi.

How did you finance this deal?

Paid cash and we plan on refinancing once complete

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $80,000
Cash invested: $80,000

We purchased this property as a BRRRR. This property consists of two buildings. The first building is a commercial convenience store on the first floor with a walk out basement apartment. The second building is a large two family that is currently vacant. The second floor needs windows and cosmetics and the first floor was gutted and we will start from scratch. Estimated we will invest 80k in the total remodel. We are hoping to take 100% of our initial investment and remodel out in a refi. Can't wait to see this cash flowing machine work!!

How did you finance this deal?

Paid cash and we plan on refinancing once complete

I would also try and have a good relationship with the seller.  Keep in touch because payments that go to them should be forwarded over to you as the new owner.  

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $190,000
Cash invested: $47,500

4-Family with the need for some remodel. All apartments are one bedroom units

What made you interested in investing in this type of deal?

The numbers worked especially after remodel!!

How did you find this deal and how did you negotiate it?

This was an on market deal

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

We are fixing some structural issues and remodeling 2 of the 4 apartments

What was the outcome?

On going

Lessons learned? Challenges?

Will let you know

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am an agent so I closed the deal as the buyer.