All Forum Posts by: James McCard

I wondered the same thing and I am doing what most suggested and saving most of that money for a down payment on the next one. Although I am a freak when it comes to numbers. I like things to be even. Right now I owe 127400 on my primary residence and next month I will add just enough extra principle to bring me to an even number. I think that is just me being me though. 

Talk to @Scott Hollister as I know he is affiliated with a good HML in this area. I am not sure if they service where you live but I am sure he can offer some advice.

I am the king of side hustles. I work full time in the automotive industry and when I am not doing that I do the following:

Plow snow 

Dump Runs

Flip cars

Work on cars on the side

Sell cars for other people who don't want to deal with it and take a cut of the sale

Anything I can make really good money at with little risk or time investment I will consider. 

I honestly would not worry about that. I didn't check when I bought my house and I am sure most don't

Congrats my guy. Think of all the car stuff you can do now!

Hi welcome - I am your neighbor right up on 202 in Bakerville. We should meet up and have a chat about investing. 

Thanks for the advice @Mark McClure I have only seen one property sell for a decent price in the first area and it was under contract in under a week. 

Hi folks, 

I am still in the process of finding the "right" multifamily deal and although I am not quite there financially I am at best perhaps a few months away. I am looking to invest in the areas of New Hartford, Canton, Simsbury, Avon. The issue is that in those areas there is not many multifamily properties when compared to a larger city like Torrington or Winsted. 

I have been approached with some deals that just did not work both in regards to price and also the scope of repairs needed. A good example is a 2 family with structural, electrical and plumbing issues on a home that is 100 years old and needs lots of work but the seller was hoping to get 190,000 and currently includes heat, hot water and electric and is only getting 1100 for the side that is rented. 

There is plenty of cheap inventory in Torrington and Winsted, however it is a bit rougher of an area and honestly does not look like it will be improving in the next 5-10 years. There have been home invasions and lots of drug issues in Torrington specifically lately. 

An example of a property I recently looked at in Torrington is a 3 family with off street parking, a 2 car garage and a shared driveway with 2 other properties, older home but it is well maintained. Everything is assigned electrical wise to the tenants so there is no owners meter. City water and city sewer, metal roof. 2 units currently have tenants in them and one of them includes a garage bay in the lease. The house is off a main road and the area that is not shared driveway space is extremely tight. He was asking 159,000 and would perhaps entertain owner financing.

I want to stay in those areas as I will manage the properties myself and driving over 20 minutes to cut the grass or plow snow is not realistic for me. 

I am curious in hearing what other investors have to add, specifically if they know this area and market well. Do I continue waiting for a perfect deal in one of the towns listed or do I take a deal with a little grittier a place?

Wat?

@Marcin Moscicki I am local in CT and if I can be of any assistance please let me know.