All Forum Posts by: Jean Torchon

HEY KEVIN IM CURRENTLY ON A SIMILAR JOURNEY HERE IN CT. IM CLOSER TO NH COUNTY, FROM A STRATEGIC STANDPOINT ALL ROADS FOR ME LEAD TO NEW CONSTRUCTION 2-4 UNITS. WOULD LOVE TO CONNECT AND SHARE HOW FAR I AM IN THE PROCESS AND SEE HOW WE CAN SHARE RESOURCES. FEEL FREE TO PM ME 

Investment Info:

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

Purchase price: $252,000
Cash invested: $50,000

This was a HUD purchase just like my first deal. I was able to utilize the $100 down payment assistance program and only had to pay for my closing and holding cost during rehab. I refinanced out of my first FHA203k loan making me eligible for another. Closing took 8months due to Covid but worth it, especially with the way the market appreciated. Up almost 100k in equity and currently shopping for a HELOC.

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

Was a no brained after the succes of my first FHA 203k loan. Just a matter of finding the right deal

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

I'm a licensed broker so I was able to find this deal on the MLS. Sacrificed my commission to the seller in order to be more competitive

How did you finance this deal?

FHA 203k loan $100 down program

How did you add value to the deal?

Updated both units too to bottom
added 2 full bathrooms
Finished the basement
Converted the attic into a master suite

What was the outcome?

Phenomenal cash flowing property in one of the best areas of town

Lessons learned? Challenges?

Don’t be afraid be aggressive in your offers. If your strategy truly is buy and hold for the long term. No need to penny pinch on the purchase price. So long as it stays true to your numbers and strategy

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

Charlie Masse of mortgage force is the best local mortgage broker I’ve encountered on my journey. Leads with education

Hey Josh, Connecticut is a great place to start investing. Im. a licensed broker as well as Real estate Investor here in Fairfield/New Haven County. Feel free to PM if your looking to get started

@nharai Jordan is correct in her analysis. Although Black Rock and the North End are good locations for Bridgeport. The high Taxes and current market prices do not fall in line with good returns. Two strategies that can work are finding a distressed property in those areas or a tired landlord thats off market. Or dorm housing for Sacred heart students in the Northern part of Bridgeport. Other than that look further north in CT. Im an investor and licensed broker PM if you have any more questions

Completed rehab in 2020 on fully Rented Investment property. 

Current Debt- 153k (HardMoney)

Any great Bank or Lender suggestions would be great during this Covid Time

@Nick C. So true!!! Great advice!! Most Realtors/Attorneys/CPAs I’ve encountered don’t handle most of those transactions because they just don’t see them often. Adding to the fact a wholesale transaction is great for you monetarily not so much for them. Worry about finding the deal and if the numbers are correct the rest will fall into place

@David Smith most multi families in Bridgeport will cash flow. Rents make up for the high taxes, you’ll have a large pool of tenants to choose from. Bridgeport is unique due to its geographic location and low barrier of entry for multi investments. If your strategy is to Section 8 the units out you can make a killing. I’m a local realtor and investor feel free to PM me if you want more info.

@Quynh-Chi Nguyen I was in the same boat as you. Align yourself with a brokerage firm that understands your situation and gives you the flexibility to run your business as you deem fit. I’m with EXP realty as an agent for that reason amongst others. Feel free to to PM if you have anymore questions

@Gabriel Isaac Hazout Bridgeport continues to be a growing market, especially for rentals. The most profitable single family strategy I’ve seen on the North End is renting to Sacred Heart students. Each room can go for $700+!!! If you find the right property with potential to finish the basement or add an addition you can make a killing. Just have to ask yourself if you want to manage college kids and their parents. I’m a local realtor and investor from Bridgeport. Feel free to reach out if you want to talk more about what I’ve seen work.

@Andrew Turnauer great mindset and great answer!!! “ where there’s a deal, there’s a way”.... still a very risky position but you cane with real solutions.