All Forum Posts by: Michael Cianfaglione

Welcome @Tywanna Johnson! I'm in the Old Saybrook area. I am a newbie in the real estate investment markets but I am a Navy Vet and a practicing engineering in CT. I'm not sure how much I can offer you but I'd be interested in at least grabbing lunch sometime and getting to hear more about your plans and strategies. Feel free to drop me an inbox!

-Michael

Hello everyone - thanks for all of the responses and warm welcome!

I am going to look at my first property on Saturday and I'd appreciate any insight or forums to look at and review before I go!

It's a 3 bd, 1 ba on .56 acres. It's priced at 29k over the tax assessment (44.7k below the tax appraisal). It was built in 1850 but has been updated. 1,831sqft of living area which includes a walk-out basement. It's located near a quiet historic downtown with high house prices, but it's also only 2 minutes from the on ramp for the major highway which I believe is a good for commuting to any of the 3 major CT cities that are within a 30min drive from this location.

My intentions would be to do a home hack - buy the house and live in it and rent out the additional 2 rooms. My issue obviously is the lack of bathrooms. I'd like to consider adding 1 or 2 bathrooms to the house if I purchased it. Based on the surrounding area, I think that I could charge at least $900/ tenant, possibly a bit more. I'd be carrying a mortgage payment of about $800/mo (which I could afford if I happened to not have any tenants at a given time.

Any thoughts or directions that you all could point me in to make sure I'm up to speed on what questions I should be asking during the showing and what kind of costs I might be looking to incur that I should be watching out for.

Thanks BP members!

Best,

Michael

Thanks everyone! I appreciate the welcome and will certainly be asking plenty of questions once I get a chance to explore the resources and knowledge available on the site.

Hello BiggerPockets members,

I'm happy to join such a large community of like minded investors. I haven't yet ventured into my first investment property but I've been reading up and researching properties in my area based on what I'm learning. I was born and raised in southern CT and I think I have a good idea of what's what in the area and hope that will be an asset to me in local real estate.

I currently work 9-5 as an engineer at a small design and consulting firm and I'm looking to enter into the real estate market on the side (for now!). I'm gearing up to make my first purchase and I think that my best move right will be to find a 2-3 bed room single family that I can live in personally and rent out the additional rooms. I enjoy learning and I'm fascinated with making good investments for not only myself, but also for the community around me.  

I look forward to getting acquainted with the forum and learning from the seasoned members and eventually contributing my knowledge as I move forward. If you happen to be in the southern CT area as well, I'm always looking to connect with new people and I look forward to hearing from you!

Thanks,

Michael