All Forum Posts by: Michael Henry

@Tyron McDaniel 

Very nice job. Sorry if I missed it but how did you fund the purchase and rehab? Hard money, cash, other?

Thanks

Hi,

@David A. 

 This is similar to what I am looking to do.  Thanks for posting your questions I was curious also. My locale is more toward Bridgeport CT but am definitely interested in buying a multifamily and occupying one unit. My idea was to buy all cash maybe a $50,000 purchase in a "B" neighborhood more toward the working class side of Bridgeport.  Maybe another $40,000 in rehab with a $10k emergency.  Then hope to have it appraised for a conservative $120k though I hope it would be more.  Based on an appraisal like that I would hope to pull $80-$90k back out in a mortgage then rinse and repeat.   A 3 unit would be optimal for me to help fully offset or come as close to offsetting the mortgage as I can.  Here is an excellent thread to follow regarding multifamily fix ups. 

 http://www.biggerpockets.com/forums/522/topics/163...

@Karin Crompton 

That was great info!  Was wondering if I were able to perform the above scenario would banks be willing to mortgage that amount to someone who is unemployed?  Meaning would they look at the worth of the home and the tenant income in order to make a decision or would one need to be working for a bank to consider them?

Don't mean to hijack the thread but thought this was in line with the original subject.

Thanks!

Mike

@Michael Noto Very nice job.  I want to do the same thing in Bridgeport.  I have a couple of similar houses I am looking at.  I love your model and thought process.  Would you consider consulting?  I might soon jump in to a multifamily and get my feet wet with the intention of owner occupy.

Thanks!

@Philip Williams 

I must admit with what you have done so far I can see you being ahead of those types of things.  Wanted Ben to come in and drop some golden nuggets, sort of a lead in.  Curious as to what he meant also.  

@Philip Williams 

Congrats.  I am a newbie and very encouraged by your story.  Keep up the good work. 

I think what Ben might have been alluding to is not to grow too quickly where several minor/major events at your various properties could sneak up on you. For instance a roof needs replacing, a furnace breaks, pipes burst and flood wood/carpeted floors.  Tenants feel slighted/resentful stop paying rent, you need a lawyer...  What if all these happened at once and needed $20k thrown at it, how would that affect you?  From what I understand these things WILL happen but if they happen before you have experienced them and if several incidents happen at one time they can potentially break you or put some real barriers in front of your growth if you are just starting out with several properties.

@Ben Leybovich  would love your reason for the comment. (big fan of yours BTW)

Hi, welcome and good luck in your new endeavor. I am also looking to invest in the southern Connecticut area in a month or two's time so maybe we should keep in touch.

Mike

@Michelle Stanish

@Christopher Hunter

What do the Connecticut investors/residents think about Bridgeport and surrounding areas and the practicality of real estate investing there? There is not much posted about Bridgeport here on BP. I am somewhat concerned about the high tax rates and its impact on various real estate strategies. Any insight is appreciated! (Michelle, Christopher please feel free to share your thoughts)

@Trip B

Ok I will.

@Dmi

Thanks!

@Michelle

Thanks!

@Christopher Hunter

Thanks!

Hi everyone, just getting the spine to post here after reading so much. I am from Brooklyn NY born and raised but would like to invest in the Fairfield county (Bridgeport, Norwalk) area and New Haven area. I lived in Bridgeport for about six years so I know a little about that area. My ultimate goal is to flip/rehab houses but will probably start off wholesaling. So that's it but anyone out there who wants to talk or ask questions just shout!

Mike