All Forum Posts by: Mat O'Grady

@Account Closed

Just looked up 35 Church Street. It is a great spot for Air BnB. 

Although I haven't walked through it, that doesn't look like too much work from the pictures, mostly cosmetic. Definitely potential, which means there will probably be a good number of people looking at it. If you have everything ready to go, it might be good to get in there ASAP and put in an offer quick.

@Robert Farrow Jr

Hello JR, welcome to BP. This is definitely the best place to learn about real estate investing online. 

What part of CT are you in? You should look in the forums fore people in your area and check to see if there are meetups. One can excel quickly when, they have help from others!

Yeah, I think $3000 may be about right. The big thing is the rebuild value the put on it. It is crazy right now. I'm purchasing a house for $265k and insurance company says it costs $756k to rebuild. 

@Ryan Newport

What did you get that was absurd? 

I have a few policies with @Justin Sloan that are pretty reasonable. 

@Heather Armoogam 

I don't know the average but I paid $875 plus $85 termite and $185 well for a total of $1145. That was in 2017 in New London County. 

@Jill Jay Welcome to BP and to real estate. In order for BRRRR to work, there needs to be a way to bring the value up in the property. It sounds like you think the property is in great condition and that it is at the highest value. This will make it difficult to BRRRR. If it cash flows, that is good. If this is your first investment and you are going to be using it to get into real estate, you don't have to be hitting a home room or doing a BRRRR.

I think you should post more information such as rents, taxes, insurance, mortgage costs, vacancy, cap ex and repairs. 

This will give us all a better idea of what you are looking at. 

@Lee Prete Typically, I would invest more into my retirement than paying of debt, but the interest rate on the debt is high. I would take the company match then put all my cash towards that debt. Paying down the debt would be a 13.9% return which is historically higher than the average return of the stock market.

Another option could be to try and refinance the debt to a lower interest rate and then you wouldn't have to focus on paying it down. 

@Michael Terry jr Most banks are looking for two years of self-employment income, so getting a mortgage will be difficult. You could try looking at businesses such as "Lending Home" and "Lending One." There are lenders who will land based on the income from the property, but I think they try to stay away from properties that are owner occupied. I would say to call every business you fine, tell them what you are trying to do up front and see if they will lend to you. It is definitely going to be an uphill battle for you, but you may find a lender. If not, you can at least keep track of all the information and figure out what you need to get approved for a loan from the companies in the future. 

@Karen F. Thanks for the update. Glad to hear they are at least out of the apartment. 

@Lewis Acosta Good morning, I don't wholesale but I suggest finding a meetup group in your area of CT and network with local investors. Search BP for "wholesaling" and "wholesaling in CT" and you should be able to find some good information. If you are around New London County, we have an investor meetup once a month.