All Forum Posts by: Mark Leclair

Thanks guys. Yea the rents would basically be the mortgage because I would be living in one of the 2 units. If I wasn’t living in the unit I could make somewhere in the range of $1000 over the mortgage. I think I’ll save some more let it stay on the market and see what happens. Maybe even wait and get a better deal on this property as well in some time. 

Looking a what seems to be a perfect house hack coming up tomorrow. Mortgage will be what tenant pays $1100 / month payment and lease is until December. Only thing I’m weary about is current state we are in, not having 6 months of reserves after down payment, and property being on market for 130 or so days already.... 

What should I be worried about or look at in more detail going into this showing? Should I be cautioned on this deal?

Hey everyone! Hope all is well and just jumping on here to network some more. Meet some local or out of state investors that are familiar with the CT market, as I am interested in house hacking. I am currently going to as many showing as I can if I feel like it could be a good property and to broaden my knowledge on properties in general. Single and multi family but looking for more of the multi family properties.

Also learning as much as I can regarding lease options and really enjoying everything I have read and will continue to do so until I have mastered this technique of investing. Soaking up all the knowledge, got my finances all in check with excellent credit, low DTI Ratio and now will just be save save save so I can have money for a down payment and good reserves to set myself up for success. Please respond, comment, and we can talk about any teal estate strategies and topics because I am always eager to learn. Stay safe and enjoy the day y'all!

Thanks for the info and I’m absolutely okay with connecting and talking in more detail about this especially since you have house hacked before 

Thanks everyone for the feedback I appreciate it!!! I’m definitely leaning more towards multi family but if I can have a single family act as a multi or work then I will do that. I’m open to both options that would make sense. 

I have a question as I am a new investor and looking to buy properties in the northern Connecticut area from anywhere at Vernon area down to about Windsor locks. Trying to "house hack" my first property either like in law suite or multi family. Now when doing a quick look at MLS properties are there any "Rule of Thumb" that apply like the 2% rule or 1.5% rule or anything like that when looking through. Something that's like hmm okay this may work let me actually take a deeper dive into the numbers?

Is anyone doing this sort of thing for our market? I know appreciation is not very favorable here so I’m curious on thoughts or opinions regarding this topic. Thank you. 

Can you please provide what would or would not qualify a home as agricultural. I have a property I’m trying to see if this qualifies it has 1.2 acres and a barn on the property isn’t in the best shape but I’m sure I would be able to fix it with time. Any information is helpful. Thank you!

Have a Potential property and looking for other buyers or if people know of some buyers that are interested in a high equity position. LMK

Thank you everyone for your input and insight into this. I really appreciate it and learned some more about the HML type of loans. For now I am doing a conventional 5%dp loan and will fix it up as I go. And if need be after the year is over whatever's left to fix up I will just refi and take some rehab $ out and to allow for a purchase on another multi family. That's my plan so far and once again thank you for your time and knowledge as it is always greatly appreciated!🙏🏻

@Ryan Deasy yes this property is in Simsbury ct, I did talk to my lender today and he said that they also do rehab loans. Just waiting to hear back on what the final payments would be if this in included and weighing the options of fixing it up as I live there. I will be there for a year living and already will be going in with lots of equity. I should be closing around 11/23

Ryan thank you so much for the help and assistance with this as well. And FYI if you need any help with anything for your CT properties I would be willing to do whatever you need. This will be my first investment purchase, I’m absolutely a little nervous but that’s normal for my case being first one. Again thank you so much and I won’t be shy about reaching  out lol