All Forum Posts by: Mike Parelli

Thanks @Dan Wallace looking forward to connecting. 

Good morning, I'm currently searching to buy a mixed used building in Greenwich, Connecticut. I'm flexible but preferably retail on street level and residential above. The retail space will be used as my real estate brokerage office so I am planning on using a SBA 7(a) loan to secure a property. My wife and I have two BRRRR buy and hold single family homes and now looking to take the next step. I would love to connect with someone who is familiar with the process as I am both a hyperlocal investor as well as real estate broker. Looking forward to learning more for myself and my clients. Thank you in advance.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $770,000

Purchased our 2nd Greenwich Fixer Upper. We plan to live in it while we renovate it to make it into a long term rental. You can follow along on our Youtube Channel Show: Our 2nd Greenwich Fixer Upper

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Investment Info:

Single-family residence buy & hold investment in Greenwich.

Purchase price: $425,000

My wife Dana and I purchased a fixer upper in Greenwich, CT. We lived in and renovated it for almost 3 years. We then refinanced and rented it out. It is currently cash flow positive. Check out our reno recap video here:

Our 1st Greenwich Fixer Upper

What made you interested in investing in this type of deal?

Was the cheapest single family home that year in Greenwich, CT.

How did you find this deal and how did you negotiate it?

I represented myself as an Associate Real Estate Broker.

How did you finance this deal?

Conventional financing with 5% down. Kept money on the side to put into the renovation.

How did you add value to the deal?

Completely renovated the home from the studs.

What was the outcome?

Refinanced home that is cash flowing and increased the value by roughly 75%.

Lessons learned? Challenges?

Pay extra for a general contractor. Time is your greatest asset and for me it was very difficult to stay on top of everyone while selling real estate.

@Kevin McCormack - sorry for the delay. I'll be more active on BP in the new year. Anyway, I currently have an two investments in the Pemberwick/Glenville area of town. Both single family homes. One I am currently living in with my wife and renoing. I follow an abbreviated BRRRR method. The other is rented, but we completely renovated and live in it previously. I think there is lots of upside in Byram. Personally I believe Glenville is poised for a nice run of appreciation. It has limited commercial services (restaurants, etc) and with the new Mill development I believe that will change very quickly. Shoot me a message always happen to connect and discuss further.

Good morning BiggerPockets family. My cohost and I just recorded our 16th episode of the No Snooze Podcast. We talk Real Estate, Fitness, Finance, Family, Mindset and More. It’s about not procrastinating and getting goals done. Would love to hear feedback if anyone has a chance to check us out.

https://youtu.be/FXNjpa8_MuQ

Thank you and love this community of doers.

- Mike Parelli

#SellingGreenwich

Hello BiggerPockets, my first Greenwich, CT investment property was just featured on the Design Network show "Buying Back Home". I tried to post it as an update on my profile to the original deal, but could not figure it out. Anyway if people want to see the renovation on the show and check my profile for the original photos, go check it out. Here is the link to the 13 min show - Buying Back Home - Going to Greenwich

Hey gents, @Michael Junior and @Brandon Rush . I am a full time Greenwich Real Estate Broker. In our pricey area I started the BRRR strategy because cash flowing becomes tight and I feel like forced appreciation is the only way to make decent cash flow. Right now we bought a small single family 5% down that we completely reno'd and live in. We received another appraisal to remove the PMI (probably have around 34% equity)

The gameplan is to live in it for 2 years then move to the next house and rent it out. In our more expensive markets my goal is to max out the cash flow before acquiring the next. At the moment before maintenance we have a $2,200 mortgage (including taxes) and the market rent is $3,000.

Interested to hear what strategies you are applying?

Team!

I am working to sell a HECM (Reverse Mortgage) Short Sale through NOVAD Management. Our appraisal was more than 95% of the loan balance so it was rejected. It is very difficult to get answers from them or anyone on the subject. Can we order another appraisal? Can you resubmit a HECM Short Sale? Thanks in advance!

With all of the many intricate laws regarding soil contamination in the state, most attorneys will not let a sale close without the tank being removed. Speak with your attorney and maybe they can be the one to require its removal. Always good to lean on your attorney for technical matters like this.