All Forum Posts by: Joe Morelli

@Andrew Postell thanks for the info/tips!

I'm considering buy a 3 family as my first investment property. Thought is to owner occupy 1 unit and rent out the other 2.

(Hypothetical Situation)

149k asking price

130k purchase price

50k rehab

ARV value - need to confirm with my agent, but let's say 220k

I'm just beginning discussions with banks so don't have a ton of knowledge, but figured I'd reach out to see if anyone has any advice/thoughts.

1. 203k loan typically requires 3.5% down, PMI and for you to owner occupy for 12 months - is that correct? Also, is the PMI tacked onto the monthly payments?

2. After 12 months, can I re-finance into a conventional mortgage at maybe 75% LTV, pull out the equity since I've forced appreciation up, get out of the 203k loan and then rent all 3 units?

Really love the BRRRR strategy, so trying to consider my options to kick start my investment career.

Thanks in advance for anyone's insights.

-Joe

Charlie and Chris, thanks for the info. I may check out that Wallingford meet.

@Michael Noto - I grew up in Southington - small world!

@Blake Brose - thanks Blake. I hadn't given much thought to remote investing - sounds like a logistical nightmare for a 1st time investor, but maybe i'm wrong

@Charles Hyatt - Awesome, Charlie - We should definitely catch up - Are those meetups run by the CT REIA?

@Andrew Syrios - thanks!

Hi all - wanted to introduce myself. I'm just getting into the world of real estate investing, currently focusing most of my energy primarily on education (here on BP, books, podcasts, and the like).

I don't have any current investments, so just getting going here and really excited to learn the in's and out's for when I eventually pull the trigger on my first one. I'd like to start by focusing on buy and hold rental properties (learning towards 2-4 multi-unit over single homes.)  

I own a house with my fiance and getting married this fall.

The BP community is great and I'm happy to be here with you all!

If anyone knows of any CT connections and/or meetups, or would like to share their thoughts on the CT rental market, I'd love to hear more and/or connect.

Thanks!

Joe