All Forum Posts by: Jose Bernard

@Oliver Alfaro Thanks, Sure send me a message and we can set something up. 

@Alex Dem haha I'm a small fish  in the pond no worries lol.  @Brian Pulaski the property is on the west side of Meriden, is not the best part of Meriden but is a decent enough neighborhood.  

@Stu Basham I used Prime Lending. I work with a local office here in CT for the last 2 years, and they have been pretty good. I'm not house hacking the property.  @Michael Noto yes, that's my plan after 12 months to try to either refinance or look at a HELOC.

Thank you @Mat O'Grady . @Sal Morello thank you I appreciate it, I'm always looking to network with more contractors that I can work with as we scale up and get into more projects. @Mario B. thanks, glad to see other local investors here. 

I’m excited to share the closing on our 3rd multifamily deal. When I say “our” I’m referring to my company and the team I have been able to build over the last 12 months. I still consider myself a newbie and with much more to learn along the way. However, my business background and sales experience have taught me to strategize towards the business we aspire to become in the future.

We acquired an REO Triplex in Meriden, Connecticut. The neighborhood is what some would consider and B- or C+ neighborhood. After negotiating the price, we purchased the property for $92,500. The rehab budget including a 20% reserve is $25,000.00. We got a conventional loan at 4.75% including the rehab loan with 25% down. The property taxes are $3,727, and insurance is $1,854. We started the renovation 2 weeks ago and expect to have the apartments ready for rent within 30 days.

Our analysis on the property forecasts a 28.9% Cash on Cash ROI and an annual cash flow of $11,274.00. I look forward to sharing more success stories about this property, and some others we are looking at in our pipeline.

Hello @Chris Puglisi Thank you for organizing this event. Looking forward to attending. 

I'm starting to look into off market deals in pre-foreclosure and auctions opportunities. I heard in one of the podcast a guest recommend realtytrac.com's subscription as a good source to find auctions, pre-foreclosures, REO listings, sales comps and over all market data. I'm currently trying their 7 days free trial, to make a decision to sign up for their service. But I'm wondering if anyone has any feedback or experience with realtytrac or recommendations of other sites that are better.

@Kyle Schlosser Thank you. It was the same concept of a 203k loan but for an investment property. You are still require a 25%. The money is release directly  to the General Contractor in draws as the job is completed. 

Thank you!

@Sunny Rajvansh no problem. I'm glad it was helpful. keep in mind New Haven is tricky when it comes to rental comps because neighborhoods can completely change from one street to the other. Best of luck on the first deal.