All Forum Posts by: Michael Doherty

Hi Kasey, 

Have you considered Connecticut? While the market is definitely competitive over here, there are still deals to be found & cash flowing properties.

I started my real estate journey house, hacking in New Britain Connecticut. I had a duplex and rented out the top floor that covered 99% of my mortgage.

I highly recommend house hacking to get started, and as you mentioned taking advantage of low down owner occupant, first time homebuyer loans.

I know the CT market very well so happy to connect with you if there’s any interest! 

Hi Eddie, congrats on getting started. I am located in CT and happy to connect with you and see if I can be of any help. Feel free to DM me! There are a number of real estate meet ups in Hartford County. They are super valuable especially in the beginning of your journey.

Good luck! 

Hi Al- Look what apartments are going for on Zillow, Realtor, MLS, and Facebook marketplace. This will give you an idea of what market rates are. The MLS will also show what apartments actually got rented for once they are no longer on the market!

Hi Jose- I don’t know the MO market but I can offer some advice based on my experience! 

1) Would you be selling a single family you are living in currently and then moving into the duplex? If so, I’d just caution the adjustment of moving from a single family to a multiple family. You will be house hacking, sharing walls, living under the same roof as tenants which has some challenges especially if you are coming from a single family home. I did the opposite, house hacked multi families at first and then bought a single family. I was definitely ready to be in a single family after 3+ years house hacking. 
2) Figure out what your investment goals are and this can help you make decisions. Cash flow? Appreciation? Turn key or brrr? Long term / short term etc. 
3) Look Into creative ways to keep your current home. Can you rent it out instead of selling? Is your current home in both your names? My fiancé and I each bought multi families separately in our names so we could each utilize an FHA low down loan.
4) Talk to a local agent, especially an investor focused agent. They can help you strategize and understand the local market. A good agent can also help you strategize on the funding side of things and ultimately refer you to a lender. 

Hi Michael! I am located in CT too. I’ve used @Ryan Deasy for hard money multiple times. He’s also a local CT guy. 

Hi All,

I am looking to get input from people who file their tax return using the Professional Real Estate Status. Specifically, I want to understand how you track your daily activity and to what level of detail? Are there any apps you use or do you handle it all on Excel? Showing the 750+ hours is not my challenge, but determining how to present it and to what detail is where I'm struggling. 

For example, can I simply say from 10-11 I sent emails or do I have to specify who I sent them to? From 11-12 I had 4 conversations with clients, do I need to specify details of those convos and what clients?

For context, I am a full time real estate agent and investor in Connecticut. I do wholesaling, flipping, and buy and hold rentals. Given I am claiming losses in excess of $25,000, it's important I have detailed logs of daily activity. 

Thank you in advance!

Hi - This may be a tough sell for you as you no have experience yet. Additionally, I don't see any information on your fix and flip deals that could help secure repayment. I can recommend a hard money lender if you want to DM me. Additionally, if you have an active LLC I know of a bank in CT that will loan up to $50,000 with you as a personal guarantee. They wont ask for income, tax statements etc. if its $50,000 or under.

Hi Sarah, Welcome!

I would suggest you "house hack" a 2-4 family as others have mentioned. You can acquire a residential property (2-4 units) with little to no money down if you are an owner occupant. This is how I got started - house hacking a 2 family, with an FHA loan 2.5% down. There are tons of benefits to house hacking, reduced cost of living, property management experience, lower down payment requirements etc.

Start by getting in touch with an agent/lender. A lender can help you understand what you'd be approved for and the agent can help you with your search. 

Hi - I don't have any connections in Las Vegas, but wanted to comment to suggest joining local Facebook pages. I've found great contractor recommendations in my area on these type of pages. 

Hi - Congrats on starting your investment journey! If you ever want to consider the East Coast (Connecticut) I can be an asset for you. I am an investor friendly agent, and also have my own portfolio. 

$100k doesn't go far out here but there are still deals to be had. 2 family, full rehabs in the lower to mid $100k range come my way occasionally. 

DM me if I can be of any assistance to you!