All Forum Posts by: Joseph Jarvis

Did you find anyone yet? 

Thanks guys. @Michael Noto, don't give me too much credit. One of the houses was inherited and the other was a previous residence that I've been renting for a while and have decided to sell to free up some capital. Guys like me don't usually "land" flips in towns like these, but they are giving me great high-end experience. @Rick Santasiere, your guy sounds like just what I'm looking for. I'll contact you tomorrow. 

Hey BP! I am a flipper in North Central, CT and I have two projects going on right now in South WIndsor and Simsbury and both are in need of new furnaces. Both are hot water, one is natural gas fired and one is oil fired. I would love to give my business to a licensed REI rather than a big name company. I am a flipper with a full time job, so I am friendly to those who want to earn a little extra on the side working nights and/or weekends. I can purchase the units and have them ready for you to hook up whenever you can find the time. If this sounds like something you'd be interested in, hit me up here.

I think you mean "ARV", or after repaired value. This is the assessed value of the property after all repairs are done. If the ARV is $100k, your total investment, including your purchase price, materials and labor for the repairs, should be no more than $70k. That would allow you to pull out $30k at resale (or at refinance if you are holding it), minus closing costs of course. Make sense?

Well done Michael! I was late to discovering your story, but I'm catching up. I am about to do the same BRRR strategy on a 4-plex in northern CT. Thanks for sharing your story, it has inspired and educated me. I feel I am more prepared having gone through this with you.

What area are you looking in? I am in the process of doing the same thing. I can share some contacts. As far as contractors, when you find a good one, treat them well and they will travel for you. 

Hey all. I have been a lurker for a while now, never thinking I had anything to contribute, but here goes, my first post and therefore, my introduction...I am looking for my first multi-family BRRR property in northern Connecticut and have become very frustrated. The sellers, who on one these properties (run down multi's) are most likely banks, do not want to get rid of them at a price that makes it worth it for me. I have made many offers, sticking strictly to the 50/20 formula and all have been laughed at, when, however, the real humor is in banks carrying these properties for years and paying more carrying costs than my offer. I just don't get it. Continuing to crunch numbers on building after building, not getting through to the sellers, and then having to walk away is very frustrating, but I am not giving up. I know that my persistence will soon pay off and I will get my first deal that will begin my cashflow portfolio. When the deal strikes, I will let the BP community know and hopefully inspire someone else to keep on keepin' on and not to give up.