All Forum Posts by: Manuel Alejandro ruano

hello bigger pockets family I'm an rocky investor out of Nyc , In need of a contractor in Norwalk , CT please if anyone can referral or contact me please do kindly appreciate this is my number 347 - 553- 9882 please text before call thank you 

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $660,000
Cash invested: $47,000

this is my first property I will be house hacking it after my owner occupied period end I will be moving out and rent my unit after that I will be cash flowing $1000/mo.

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

it was some I could afford based on my w2 income also I analyze the deal trough the BP calculator. and the number make sense after I Renovate this property I will be cash flowing $1800 including the garage that is rented as well so I see potential in this deal because is in a great area also appreciation will add up

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

I found it with a agent the deal was on the mls it was a motivated seller he was asking for $685 I wanted to go to $650 but we ended up staying at $660 my agent knew want I want.

How did you finance this deal?

I finance the deal with a FHA loan , I put down 3.5 % this product is not for investments if you planning to to live in the property you can utilize it also you have to stay 12 months before moving once you past that period you can refinance and move out

How did you add value to the deal?

by renovating the units like kitchen ,bathrooms and rooms , adding sq ft to the bathroom also adding more rooms , finishing my basement and remodeling the attic for extra storage

What was the outcome?

I got the property looks in decent shape it can be update which I will be updating to force appreciation

Lessons learned? Challenges?

never work with busy lender , have all your papers on point , have a clear vision , be honest of your Financial. have cash reserve don't get me wrong you can acquire properties creatively.
also if you getting a property with inherent tenants make sure you check their leases in case there are a month to month tenants that was the only challenge and lesson learned

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

I did my attorney is the best I blew up her phone because I wanna do all this process legal also my agents I have two that help tremendeous with everything I needed specially Shanna Vataj she is a member from bigger packets also my lender kept me on track on what I need to speed the process I will recommend them anytime

@Joshua Haynes

Thank for the tip I will take that in consideration

Trying to find a agent which can help me to get a multi-family property in Connecticut to start my journey in real estate investing thank you

@Evan Polaski

Hey good morning thank you for that yea I have 10k extra besides my down payment, I will manage the property my self and when you said third party what do you mean ??

Im excited because I'm getting my first I did the numbers on bigger p calc everything seem pretty good after utilities cash flow will be 477 at month is that good ???

Hey guys I’m think of buying my first investment property for cash flow I already analyze the numbers with gas , electricity, water.

Is a triplex have tenants already once this year past I will raise the rent the property look in good shape but this Monday I will see it in person ask how old is the property and all the details any tips that can help ??