All Forum Posts by: Mario Bellavia

Hi All!

My wife and I have a condo, we are thinking about leveraging our full HELOC for an investment, however we don't have kids yet and may need to buy a house soon. Can I buy an investment via HELOC then create an LLC and refi? I don't want to forfeit buying a home because finances are tied up in the investment. Or, would It be better to buy the house fist, then use the equity for the investment?

Thanks!

@Andres Bernal it was my first investment while I lived at home, purchased in 2009 for $120k, $240 in common charges, $1800 property taxes.  I was getting $950 in 2009 for a few years, then $1150, most recently 2015-2018 I was getting $1450 a month with parking and utilities included.  Electric bill is about $30.  Building includes heat and hot water, parking is $50, I pay another owner.  $250 move in fee, building managment charges.  It's worth $165k now.  

Market just tanked recently with an abundance of buildings opening in Stamford, it's saturated.  My newest teant moved in March 1st, getting $1275, everything included and parking.  It was a cash purchase, I was fortunate enough to have my father be the hard lender, interest free. 

I would say Stamford is a difficult market to find high returns in, but not impossible. 

Rental in Stamford @Andres Bernal recently just did a Mr.Shower door glass door on my studio, new kitchen (counters, cabinets, sink), wood floors, custom closets, recessed lighting, fridge, microwave, paint, a/c.  The market in Stamford is very competitive and shoppers do their homework.  I find that you can rent anythign for the right price, with the right upgrades you can expect to rent for a better return. 

@Liz C. can confrim, @Charlie Nedder is the man, knows his stuff!  Meeting with him Thursday!  Welcome to BP @Charlie Nedder it's an amazing website!

Great thread @Edward Schenkel Thank you for taking the time to do this for the community!

Great connecting with you today!  It was great to meet a local BP in person!  

Awesome job @Michael Noto Thank you for bringing us along for the ride to see costs and labor!  We should talk too!  

Welcoem @Ryan Valenciano Thank you for your service!  Great website to join to do what you want, tons of amazing info and people on here to help.  New London from what I hear is up and coming, trying to make it up there myself to see the hype.  

@Curran D Bishop awesome, thank you for info, really appreciate it.  

Thanks @Curran D Bishop Where did you move from?  What drew you to Milford?  Silver Sands is amazing, such a beautiful park.

Madison, Old Saybrook, and Mystic come up often, all beautiful, but limited options.   I'm thinking Milford, Guilford, New London, and now Stony Creek may be contenders.  We have beach cruisers so a block or so to the beach is no problem.    

Thank you @Karyn S. it's funny, I would like to be close as possible to the water but not in a flood zone or property that requires flood insurance.  A few houses away works for me.