All Forum Posts by: Kyle Maglio

@Drew Sygit Lots of great insight here! Thanks for your tips Drew! I will definitely be sure to study up on PMCs if I decide to invest out of state.

@Doug Spence wow that's impressive. I believe I may have the BRRRR book, but will check out the other. Definitely something worth learning more about. Also, thank you for your service!

Hey @Doug Spence, thanks for the input! Living in Boston while investing elsewhere in the Northeast is the extent of my thought into investing elsewhere. I suppose I could look in other markets, but I haven't studied much about hiring and working with property managers. I'd imagine finding a good one would be crucial, so I'd have to determine how that would factor into any cashflow I'd get from the actual property.

My long term goals include owning enough cashflowing properties to replace my corporate income, which would allow me to explore investment opportunities full time. Ideally, I'd own multiple multifamily properties before diving into larger commercial properties.

Do you have any out of state investments? If so, how has your experience been, and what tips do you have?

Thanks!

Hi Everyone,

I'm in an interesting spot. I want to start my investment portfolio, but my job situation is changing. My original plan was to stay in CT and start investing with an owner occupied multi-family. Now, a new job will bring me to Boston, which is making me reconsider my options.

An owner occupied MF in Boston would be more difficult to swing with the prices being much higher than CT. That said, I'm starting to think about purchasing a multi-family rental in CT or MA first, while I myself rent in Boston. Then after a year or so, I'd buy and move into an owner occupied MF. Can that be done? And has anyone had experience with this before? I'm aware the down payment on a conventional rental would be higher than that of an owner occupied, but I'm thinking this may be one of the better action plans.

Any other ideas are welcome!

Thanks!

@William Collins It's funny you mention Brandon, as I was just at his RE meetup last night! I do have a W2, and my building is in Hartford, although I'm full time remote at this point. I don't see a "workspace" as totally necessary, as I currently work in my bedroom, and don't really have a problem with it.

For hacking, I don't have anyone lined up to live with me at the moment. The plan would be to rent out other unit(s) first, then see if any friends/family want to rent out excess beds in my unit. Otherwise, I'd explore renting those rooms out to others.

As it turns out, I'm actually from, and currently live in Glastonbury, so I'm very aware of what the market is like here. There are VERY few multis here, but I can see how having one here could be beneficial. That said, I am looking to leave the town. It's not because I dislike it, I just need a life change. I'm looking for the best location numbers wise, but being 26, I'd like to be near a livelier area. The property doesn't need to be located in that area, as long as it's within a reasonable driving distance. 

As far as staying in CT goes, I don't necessarily have a long term plan ironed out yet. I can tell you that there is desire to live elsewhere, but I would also hold onto any properties I purchase within CT. Because of that, I don't mind paying over asking price, as in the long-term scheme of things, it won't end up mattering all that much with rental income.

I appreciate you taking the time to share your thoughts!

@Minna Reid Hi Minna! I too have wondered about foreclosures, but do think it would take a while for a lot of them to hit the market, especially with how backed up courts are right now. Also, I'm not sure I have THAT much money to play with, where I could buy a foreclosure and rehab it significantly. I could always find the money, but I don't think I'd be too comfortable grabbing a foreclosure for my first deal. Lastly, I've heard Manchester is good for rents, but prices for multis have gone up, and no longer cashflow as well as they used to. I do think it's an area that'll develop well in the future, but at the numbers have to work at the end of the day. I am looking in a lot of the other towns you mentioned though! Thank you for your insight!

@Scott Hollister Thanks for the response! I actually just met an agent who invests himself. Working with someone who understands the plan is definitely helpful. I agree that "overpaying" for a buy and hold isn't the worst thing right now, especially if my renters are going to be paying the mortgage anyway. Also helps that interest rates are still low of course! Lastly, is there a link to your BP meetup? I'd like to check it out!

Hi Everyone!

I'm an investor from central CT that's having a hard time finding deals, like many others in my area. My initial plan was to house hack a single family home, with cashflow being the main objective. Unfortunately, COVID set the single family market on fire, and finding a deal that works became even harder. I'm now thinking of pivoting to BRRRing a multi-family.

The overall goal is to scale my portfolio quickly, which a BRRR would definitely do. That said, the multi-family market is a tough one in CT as well. In terms of location, I'm thinking Manchester would be the best fit for appreciation AND cash flow, but am open to others as long as the numbers work. I was wondering if anyone has, or is trying to do the same thing, and has any advice for finding suitable properties.

Thanks!

Hi All! I just found this thread and am also looking for multi-family properties in CT. I was originally looking to house hack a single family, but was outbid on all the properties I offered on. Thinking the move now is to BRRR a multi-family, but am having an even harder time finding those. Any advice?

2020 Goals:

• - Buy first property with an owner occupied loan
• - Rent out extra rooms to good, qualified renters
• - Build presence on bigger pockets, and in real estate as a whole
• - Explore opportunities for private lending for additional rental or flip!

Any tips at all would be greatly appreciated!